Get Ready to Fund your Business with these MSME Loan Schemes

The Micro, Small and Medium Enterprises (MSME) are growing at a significant rate. From a few, in the beginning, today, this sector has stepped into almost every possible Industry to expand operational activities.

Although there are several individual investors who are ready to put their money in these businesses, attracting and compelling them is one of the toughest jobs to do. Thus, several banks and non-financial institutes have come up with MSME loan schemes.

This post covers the top loan schemes that you can acquire to fund several activities of your business. Read ahead to find out more.

Best MSME Loan from Top Banks in India

1. Bajaj Finserv MSME Loan

Quick and convenient, this MSME loan for new business offered by Bajaj Finserv has been designed to help to grow, and evolving businesses meet their financial needs seamlessly. The best thing is that this one is a no-Collateral loan, and the amount to acquire is up to Rs. 20 lakhs. Along with other benefits, this loan also provides 24-hours approval and the Flexi loan Facility. Basically, this is an ideal option for:

• Investing in the company’s infrastructure
• Meeting requirements of working Capital
• Installing new machinery and plant
• Paying for overheads

Eligibility

Following is the eligibility criteria for Bajaj Finserv MSME Loan:

• 3 years in the business (minimum)
• The age group of 25 – 55 years
• IT returns of past 1 year
• A Credit Score of 750 with no past defaults

2. ICICI SME Loan

Undeniably, ICICI is one of the major banks that can be relied upon when it comes to availing an MSME loan without collateral. Thus, specifically for the MSME sector of the country, the Bank has come up with this flexible collateral loan. This means, whether you have a security or not, you can easily acquire a satisfactory amount to meet your business requirements. Some of the facilities offered with this loan are:

• Term loan for buying commercial assets and expanding business needs
• Bank guarantees meeting financial responsibilities and performance obligations
• Export credit must provide post and pre-shipment finance
• Cash credit or overdraft for meeting the requirement of working capital finance
• Liquid securities / industrial property / commercial property / residential property is accepted in the form of collateral

Eligibility

Following is the eligibility criteria for ICICI SME Loan:

• Sole proprietorship firms
• Partnership firms
• Private limited companies
• Public limited companies
• Micro, small enterprises (traders excluded)

3. HDFC SME Loan

Another viable option for those operating a micro business is this SME lending facility by HDFC. This specific bank provides an extensive Range of financing options to help business owners grow substantially. Whether you wish to invest in the innovation of your company, expand the business, or raise working capital, this option can cover almost everything. Moreover, under the SME sector, the HDFC bank provides a gamut of financing options, such as:

• Working capital finance
• Term loans
• Business loans
• Healthcare business finance

The amount to be raised, interest rates, processing fee, and other aspects vary according to the loan type you choose.

Eligibility

Following is the eligibility criteria for HDFC SME Loan:

• Sole proprietorship firms
• HUF
• Partnership firms
• Private limited companies
• Public limited companies

4. Lendingkart MSME Loan

Lendingkart is the finest and most reliable lending institution. Keeping in mind that this platform believes in encouraging small and micro business owners, it offers an extensive range of financial help. Available in more than 1300 cities, Lendingkart has sanctioned more than Rs. 13 crores in loans so far. Some of the noteworthy features are:

• 72-hours processing
• No collateral required
• 1.25% interest per month
• Flexible repayments

Conclusion

Gone are the days when it was difficult for the MSME sector to acquire a loan. In the present era, there are several such non-financial and financial lending institutes that are ready to provide the required amount. Find out more details about the MSME loan from top banks listed above and fund your growing business today.