MSME stands for micro, small, and medium enterprises that are involved in the production of goods and rendering of services. Loans are provided to MSMEs tomeet their working capital requirement for expansion and also help them sail through tough economic conditions. However, the tenure of the loan varies from lender to lender. Since these types of loans are unsecured loans, you have to fulfill the eligibility requirements to be able to process the loan faster.
Features of MSME / SME Loans from SMEcorner
There are special loans for both categories of businesses including MSMEs and SMEs who are looking to avail credit options for a shorter period. Such loans are smoothly disbursed online which help businesses meet their financial requirement.
Loan value up to ₹ 25 lakh
MSMEs can avail of a loan starting from Rs 50,000 to Rs 25 lakhs. The loan can come as a breather for micro, small and medium enterprises that are trying to infuse liquidity into their business.
Apply for MSME / SME Loan Online
To give you a smooth experience that does not hamper your business, SMEcorner makes sure that the loans are processed keeping in mind the urgency of your business needs. If the eligibility conditions are fulfilled, then loans are disbursed without any delay.
Secure MSME / SME Loan in Just 3 days
With us, your loan gets processed within three business days because of the faster disbursal process. You can easily avail a loan for an amount ranging from Rs 50,000 to Rs 25 lakh. We try our best to cut down the time taken for processing the loan and ensure the same is made available within the required period.
MSME / SME Loans without Collateral
SME business loans are collateral-free which means it doesn’t require you to provide any property against the loan. This kind of loan offers asset security, eliminating the worry that the property can be held against the loan.
Best Interest Rates for MSME / SME Loans
Some entrepreneurs are discouraged by the rate of interest of business loans in the market. However, we try to offer the best interest rate for MSME loan schemes. The rates are calculated after considering actual factors that are fair apart from accessing your repaying capacity.
Flexible Repayment Tenure
You have a flexible repayment structure for MSME loans which can extend up to 36 months. You have the option to repay the loan monthly depending on your account’s receivables.
No Hidden Charges
There are no hidden charges or costs and the charges are disclosed at the time of loan processing.
In case of prepayment charges of MSME and SME loans from SME Corner, depending on the loan, you have to pay 4% pre-closure charges. Hence in case you are looking to settle the amount before time and are already paying monthly installments, then you can close it too by paying 4% of the loan.
Benefits of MSME / SME Loans by SMEcorner
MSME/SME loans help you to explore the options of growth and expansion or meet any urgent credit requirement of funds. Make the most of the benefits of an MSME / SME loan from an NBFC like SME Corner.
Save time to process the loan
The turnaround time of a loan matters a lot for MSME/SME businesses. We understand the requirement of credit for your business and its urgency. Hence, an MSME loan ensures that the requirement is fulfilled within that time frame without hampering the objectives that are crucial for marketing, production, or expansion of the supply nework.
Remain in control of your business
The MSME / SME loans are unsecured which keeps your valuable assets intact in the event of a Loan default. Such an MSME/SME loan helps you protect your assets at all times.
Help manage your capital better
There are several / many reasons to avail an MSME / SME loan, for instance, to expand your business, you may need to buy a plant and machinery or even start a new outlet/ branch. Such a loan can also be put to use in streamlining the working capital and managing cash flow. It can help you in arranging the capital and manage the short-term investments that can be repaid on time.
Establish credibility in the market
The MSME / SME loans give the required cushion to your business and help achieve profitability. With profitability comes goodwill and credibility which are the most important factors to establish your business in a crowded marketplace. Credit rating agencies also notice the status you hold in the market which raises the prospect of a better credit rating that can open doors for further investment and finance options.
Take a look at the MSME/SME Loan Eligibility Criteria
We’ve kept checklist to avail MSME/SME Loans simple to ensure faster processing of loans. Here are the required documents that you have to provide to ensure that your loan is processed without any delay.
You can apply for an MSME/SME loan if your business has been operational for more than three years.
Minimum turnover of ₹25 lakh will help you in getting the business loan
Also, make sure that the business should not fall under the blacklisted/excluded list for SBA finance.
Trusts, NGO’s, and Charitable Institutions are not eligible for small business loans.
Also, we need to ensure that there is no error in past payments and the business is tax compliant as well.
It is easier for us to determine your business needs; in case you have already received a new credit line.
It becomes all the easier if you have a self-owned property.
Remember, a business loan with a CIBIL score can get the loan processed faster.
In case, you are not sure if your business falls under a restricted category or location, you can always reach us to confirm your eligibility.
Lastly, ensure that the documentation is in order even before you intend to apply for a loan with us and keep the documents in digital format so that it can be uploaded at the time of filling the application.
Here’s how to get a loan in 4 easy steps
Submit a simple application in 2 to 3 minutes
Upload your most recent bank statements
Know your loan eligibility instantly
Get your money in as fast as 3 business days*
Check out the Loan Features
This type of loan is preferable as it can be easily availed by business
Quick loan processing
After all the information is verified by us and the repayment
Faster disbursal of loan
After all the above steps are taken the loan is sanctioned and gets
In our case, the maximum repayment tenure is 10 years.
In today’s times, financing your business is no longer a difficult feat to achieve due to a plethora of options available in the market. We ensure the same through our MSME/SME loans that help entrepreneurs dive into businesses and create world- class products that can compete globally. It’s needless to say that businesses can count on us for their financial needs. However, before availing such a loan, try to determine the urgency of the loan. Once it is clear, just take the first four steps and connect with us to apply for a business loan.