MSME is the heart and soul of the Indian economy. They are the second largest employer after agriculture and contribute about 24.6 percent of the country’s service sector GDP. Their contribution to the economy is outstanding. Financing in the form of loans can help them leverage, seize opportunities and ensure they thrive in today’s competitive business scenario. You can easily apply for a business loan in ahmedabad with the help of this article.
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What are the advantages of choosing the MSME loan?
- There are attractive repayments periods at your convenience that range from 12 to 60 months, and foreclosure options are available if you wish at no additional cost.
- MSMEs can take advantage of business loans at interest rates between 17 and 21 percent. Operators can take out loans at an interest rate starting at 11.99 percent. Interest expenses are calculated based on various parameters from income, location, loan to be paid, etc.
- You can access tools such as a business loan qualification calculator to calculate your properties and review necessary documents, for example, to help you reassess your needs and help you better plan your finances.
- There are also a number of schemes by the Government of India that have been introduced specifically to help Indian indigenous industries and MSMEs. Such loans are distributed by the government.
What are the eligibility criteria for the MSME loan?
- Individuals should be at least 22 years old at the time of applying for the loan and up to 65 years at the time of maturity.
- The private company, business owner sole Private companies engaged in the trade, manufacturing, or service sectors is eligible to apply for SME loans.
- Applicants should have been involved in a relevant business for at least 3 years and at least 5 years of experience in the business.
- The business should generate a base income of at least Rs. 2 lakh per year, the turnover should be at 3,000 baht, 10 lakh per year and it should be profitable for at least two years.
- Businesses should be registered as MSME in the Udyaan portal and an MSME registration certificate should be provided.
How will you apply for the MSME loan?
The steps to apply for msme loan are given by,
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- Log in to your credit provider’s website and fill out the application form by filling in the required details correctly. An agent designated by the loan provider will contact you shortly with all possible permutations and combinations relevant to your loan and the option most suitable for your needs.
- After considering your qualifications you will be required to submit documents for review. The required documents can be scanned and sent online.
- You can choose to go the offline route and ask your credit provider to collect copies of the relevant documents. Finally the relevant documents have been gathered will be sent to the relevant team for review.
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After reviewing your documents and the approval of your loan Credit providers create and share loan agreements. After signing the agreement funds will be paid to the applicant’s account within 48 hours.
