SME Loan is basically offered to small and medium-sized enterprises to fulfill their business need or business expansion purpose. Majorly SME Loans are availed by start-up enterprises and small and medium enterprise and business owners. You can easily avail SME Loan India Online. You can easily avail SME Loan Online. Once you met the SME Loan Eligibility your fund will be soon processed to your account. SME Loan Interest Rates are lower than other business loan interest rates. You can opt for SME Loan Apply Online after fulfilling the SME Loan Application Form. SME Loans provide a low cost and simple way to borrow for business ventures. SME Loan India will help entrepreneurs to fill the gaps in finance and it will cover various business expenses without any delay. Micro, small and medium enterprise loans will boost the cash flow of your business and it will help you to grow it. SME Loan Interest Rates are low so repaying the SME Loan won’t be a problem.
SME Loans Interest Rate
Every Bank and NBFCs provide a different kind of SME Loan Interest Rate to its customer, but the approximate SME Loan Interest Rate is 11.20%* onwards. The SME Loan Interest Rate will be depending on your SME Loan Eligibility. Also, the SME Loan will depend on different conditions like provision of collateral, loan amount, and tenure of the loan.
SME Loan Documents required
- GST returns of the last 12 months.
- List of owners/ shareholders
- ITR documents for the last three years.
- KYC documents for the business and the business owner.
- Business bank statements for the last six months.
- Loans or overdraft sanction letters (if any).
SME Loan Eligibility Criteria
- Self-employed individuals, proprietors, partnership firms, private limited companies engaged in the business of trading, manufacturing, and services
- Age group will be 21 years to 65 years.
- At least minimal annual income of Rs. 1.5 lacs.
- Minimum turnover of the business is Rs. 40 lacs.
- Profit should have been making for at least two years.
- At least five years of business experience.
What kind of business needs can be met by SME Loan India?
SME Business Loan can be used for business or commercial expenses. Most of the applicants apply for SME Loan for various purposes. Here are the reasons.
- For expanding enterprise in a new location.
- For renovating the office/ shop or showroom space.
- For purchasing new types of equipment or upgrade of technology.
- For replenishing inventory.
- For invigorating market campaigns.
- For creating a financial cushion during the lean season.