MSME Loans

MSME loans are meant for industries that fall within the purview of MSME, which stands for micro, small and medium enterprises. These companies can apply for an MSME loan very easily.

Applying for an MSME loan is very easy. Every bank or financial institution provides these loans. If you are not being able to get an MSME loan, then consider applying for a personal loan from Airtel Flexi Credit.

MSME loan eligibility criteria depend on factors such as the CIBIL score of the applicant, age of the applicant, citizenship, and the business vintage.

Here are some of the documents needed to get an MSME loan for your business: ID proof, residence proof, business address proof, bank statement, business plan, profit and loss statement, registration proof and MSME certificate.

The maximum amount that you can apply for your MSME, without offering any collateral, is set at ₹2 crores with a repayment tenure of up to 5 years.

The interest rate for MSME loans is kept quite low and competitive with rates starting at just 8.75% per annum.

Once all the documents are provided, you can get an MSME loan in just 48 hours. Make sure you have the right set of documents to get your MSME loan quickly.

Yes, you can always track the status of your MSME loan using the bank or lender’s app.

Yes, there might be additional fees or processing charges associated with an MSME loan. Make sure to check with your lender to know more about the fees on your MSME loan.

You can repay your MSME loans all at once, or with EMI payment options.

Yes, banks usually allow prepayment of your MSME loans, but they will also charge a foreclosure fee. Make sure to check with your bank for the exact fee details.

You should never miss out on repaying your MSME loans. If you miss any deadline, you will have to pay an extra fine for it.

Yes, some banks or lenders allow MSME loan applicants to extend their loan tenure as a one-time loan restructuring process.

The loan amount can be directly credited to the business account if needed.

The minimum amount of turnover required to qualify for an MSME loan is set at ₹10 lakhs per year. Additionally, the business must have a good credit score and an income of more than ₹2 lakhs per year.

Yes, some companies or businesses can enjoy an interest relief of up to 2% per annum under the MSME loan subsidy scheme. For more details, contact your MSME loan provider directly.

Yes, you can apply for restructuring an MSME loan, but it will be a one-time exercise.

Depending on the bank or lender who has provided the MSME loan to you, there are certain mobile apps to help you manage your MSME loan account and the payments.

Get in touch with the customer service desk of your MSME loan issuing bank or financial lender by visiting their official website.

During your loan application process, banks usually take the best possible care while protecting your financial information. You should also ensure not to disclose any information about your loans via calls or e-mail and always approach trusted banks for such loans.