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MSME Loan

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MSME Loan

MSME loan is a credit facility offered to MSMEs, individuals, startups, business owners, entrepreneurs, self-employed professionals and other business entities for business expansion purposes and to meet day-to-day business requirements. The maximum loan amount offered by Banks/NBFCs is up to Rs. 2 crore (Collateral-free loans) with the repayment tenure of up to 5 years, may exceed as per requirements. MSME loan interest rates shall vary from lender to lender and shall depend as per applicant’s profile and business requirements.

Useful Links
  • GST Registration for New Business
  • Documents Required for GST Registration
  • GST Registration Online: A Guide

Why Bharat Complinaces

  • Superfast processing
  • No collateral required
  • Fair, Transparent
  • Avail business loans sitting at home

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Eligibility Criteria

  • Min. 21 years at time of loan application & Max. 65 years at time of loan maturity
  • Minimum business vintage of 1 year
  • Annual Business Turnover: As defined by the lender, shall vary from bank to bank
  • Good repayment history with financial stability
  • No previous loan default with any financial institution
  • Decent Credit Score and creditworthiness of the applicant shall be considered by lenders
Eligible Entities that can apply for MSME Loans
  • Individuals, Startups, MSMEs, business owners, women entrepreneurs, self-employed professionals, and people falling under SC/ST/OBC category and various other business entities
  • Private or Public Limited Companies, Sole Proprietorships, Partnership Firms, and Limited Liability Partnerships (LLPs) engaged only in the trading, services, and manufacturing sectors

Purpose of MSME Loans

MSME Loans offered by financial institutions can be used for the following business-related purposes:

  • To start a new business/company or expand the existing enterprises
  • Purchase of Plant & Machinery, such as testing or lab equipment/machines, electrical appliances, furniture, spare parts, etc.
  • Construction of building spaces, or acquisition of land/factory or commercial properties
  • Launch of new product range, or paying the suppliers in form of Bill Discounting
  • Meet working capital requirements like paying salaries, purchase of goods and raw materials, stocking up inventory, marketing and advertising purposes, etc.
  • Buying new or pre-owned machinery/equipment or a fleet of vehicles
  • Any additional funding assistance for business-related purposes

Documents Required

  • KYC documents of applicant and co-applicants that include Passport, Aadhar card, Voter’s ID card, Driving License, PAN Card, and Utility Bills (Telephone, Electricity Bills)
  • Proof of belonging to SC/ST or OBC category, if applicable
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