India's booming economy has deliberately paved the way for numerous SMEs and MSMEs to come into existence. Besides, it has become extremely easy to avail of SME/MSME loans to meet the requirements of your business's working capital.
An MSME loan is provided to MSMEs, startups, individuals, entrepreneurs, business owners, self-employed professionals, and other business entities. This credit facility is granted for business expansion, upgrading the company's infrastructure, purchasing raw materials, repairing factory machinery, etc.
.You can easily avail of SME/MSME loans at Piramal Finance to expand or set up your business. Please note that the MSME business loan interest rate will vary according to the applicant's profile.
You can experience plenty of benefits if you choose an MSME loan and apply online through Piramal Finance. Some of the key features of availing SME loans at Piramal Finance are:
The MSME loan eligibility criteria differ from one loan provider to another. However, you need to fulfill some of the MSME loan criteria to become eligible for availing of an MSME/SME loan. They include:
Eligible entities that can apply for an MSME business loan include:
While you apply for an MSME/SME loan for your business, you need to submit the following documents:
You need to submit your Aadhaar Card, voter ID card, or passport as proof of your age and identity.
You can submit your telephone, electricity, or any other utility bill that will prove your residential address. Providing your Aadhaar card, passport, or driver's license will also suffice.
You are required to provide a valid certificate proving your business's existence. You must also submit your previous financial year's income tax filings and your profit and loss statements for the past three years.
Please note that you must also provide two passport-size photographs and your duly completed application form.
The MSME loans initiated under the Ministry of MSME (MoMSME) are offered explicitly to MSMEs and SMEs by numerous banking and non-banking financial companies. Here, we have listed some of the popular MSME schemes offered by different financial institutions and initiated by the Government of India:
Go to the Piramal Finance MSME Loan page. Read the features and eligibility criteria, and start the application process.
Click on Apply Now
Fill in the required Personal details such as Name, Contact Number, Birth Year, and MSME Loan Amount.
Choose the employment type 'Salaried' OR 'Self-Employed'
Add your monthly income
Select the State and branch (enter the branch by city) and Submit the MSME loan application form.
Wait for a call from the official representative to move ahead with the processes.
Here are a few things that you should remember before applying for MSME Loans:
Having an MSME registration is absolutely voluntary. However, most businesses opt for MSME registration only to take advantage of the potential benefits offered by the same. By registering as an MSME, you can scale up your business. In return, it will save you from inconveniences, including permissions, taxes, legal issues, employee-related issues, etc.
Both self-employed professionals and self-employed non-professionals can apply for an MSME loan at Piramal Finance. This means retailers, proprietors, traders, and others can easily avail themselves of MSME loans.
If you wish to apply for the booster SME loan scheme, you can do so on Piramal Finance's website. All you need to do is fill out the application form by providing all the requisite details as asked of you. Once you have successfully submitted your application form, you will be provided with a unique registration number.
You can follow a very easy procedure for an MSME loan application online. Firstly, you need to fill out the online application form for an MSME loan at the website of Piramal Finance. Then, you need to submit all the requisite documents and complete the application procedure. Once your application has been approved, your loan amount will be disbursed to your bank account within 24 hours.
Having a good credit score is always important when it comes to acquiring any loan. A credit score above 750 is an added advantage when applying for an SME business loan. However, Piramal Finance provides loans to applicants with low credit scores.
Yes, it is offered to MSMEs, uprising entrepreneurs, and existing businesses.
Both existing MSMEs and salaried professionals should submit their previous year's GST return when starting their new businesses. So before applying for SME financing, make sure that your previous year's GST returns have been completed.
With Piramal Finance, you can avail of an MSME loan interest rate starting at 17% per annum.
There isn't any cost associated with SME/MSME registration. In fact, you can easily obtain an MSME certification absolutely free of charge.
You can foreclose your SME/MSME loan at any time during the tenure after you've paid your first EMI. Please note that you will not be charged with any extra charges or penalties for foreclosing your SME loan.