Medium and Small Enterprises have emerged as the backbone of the Indian economy making the government take initiatives to push their growth. The Union Budget 2024 emphasised the important role of MSME in transforming India into a developed nation by 2047 .
For over a decade, Lendingkart MSME Loan has been committed to empowering small and medium enterprises by providing easy access to capital. With over 3,00,000 loans disbursed, totalling more than ?19,000 crores, Lendingkart has revolutionised MSME finance, making it simpler and more accessible, helping businesses grow and thrive in today’s competitive market.
Keep reading to learn all about the MSME loan application, eligibility criteria, and features that can help the business grow.
Understanding MSME Loan at Lendingkart
MSME loans provide financial support to micro, medium, and small enterprises. These loans can be offered by financial institutions like banks or non-banking finance companies. MSME loans at Lendingkart are designed to ensure the free-flowing growth of these businesses by providing a stable cash flow through their comprehensive credit facilities.
Lendingkart’s MSME loan helps businesses in a variety of things like setting up factories, purchasing machinery, marketing, expanding their base and many more.
MSME Loan Features: What’s in it for You?
MSME loans create ultimate financial reliability and with Lendingkart’s seamless application, unsecured borrowings and flexible tenure, every entrepreneur can dream big.
Let’s take a look at the key features:
- Access to Financing
Applying for MSME loans online is a simple process that can be done while sitting in the comfort of your home.
- Flexible Amount
Under MSME loan, entrepreneurs can borrow loan amounts ranging between ?50,000 to ?35,00,000. 2
- Minimal Documentation
Borrowers are free from the stress of assembling unreasonable documents. Lendingkart requires minimal documentation.
- Instant Disbursal
Borrowers can expect a disbursal of the loan amount within 3 days of getting approval.
Everything You Need to Know about MSME Loan Application
MSME loan application at Lendingkart is a streamlined process that demands minimal work from the borrower. Here’s everything you need on how to apply for MSME loan:
The Eligibility Criteria
- Duration of Business Operation: The business must have been in operation for at least 6 months before making a loan application.
- Financial Requirements: The business must have a turnover of a minimum of ?90,000 three months before making a loan application.
- Industry Eligibility: The business must not have been blacklisted on the SBA finance list.
List of Documents Required
- PAN Card: To verify the applicant’s tax status.
- Aadhaar Card: To verify the applicant’s personal details.
- Bank Statement: To get an insight into the financial health of the company/business.
- Registration Proof: Helps in establishing the existence of a company/business.
Apart from these, there are certain specific documents required for different business types like a partnership deed and company PAN card for partnership firms, LLCs and private limited companies.
Step-by-Step Guide to MSME Loan Application
- Online Application:
You can apply for an MSME loan by visiting the official website of Lendingkart.
- Fill in the Details
Fill in the application form with relevant details of your business/company.
- Upload your Documents:
Upload all the required documents. You can take reference from the above-mentioned list of documents to avoid last-minute hassle.
- Wait for a Verification:
Wait for the lender to verify the eligibility of your application form and documents.
- Loan Approval and Disbursement
Once verification is done, you will receive a sms or email of approval or rejection of your application. If approved, the loan amount will be disbursed within the next three days.
Wrapping Up
Lendingkart MSME loans are designed to promise a wholesome approach to helping businesses grow that goes beyond just funding. Entrepreneurs can avail of different types of MSME loans like Term loans, working capital loans, overdraft facilities and a lot more to meet their requirements at attractive interest rates. The simple online application and instant approvals ensure the hindrance-free growth of MSMEs in India.
References
- https://m.economictimes.com/news/economy/policy/msme-important-in-realising-vision-of-2047-finance-minister-nirmala-sitharaman/amp_articleshow/112718455.cms
- https://www.lendingkart.com/msme-loan/#
https://m.economictimes.com/news/economy/policy/msme-important-in-realising-vision-of-2047-finance-minister-nirmala-sitharaman/amp_articleshow/112718455.cms
https://www.lendingkart.com/msme-loan/#
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