CredAvenue – MSME Loans
Getting an MSME Loan
Getting a medium, small, micro-enterprise business loan(msme loan) requires you to meet specific eligibility criteria. Firstly, your business needs to fall under the category of a micro, small or medium enterprise as per the government’s definition. Furthermore, the MSME loan is granted only after evaluating the business’s financial health, revenues and annual turnover. This is done to evaluate the ability of the business enterprise to repay the loan and reduce the risk of the lender. Let us learn about MSME loans in detail.
The Fastest and Cheapest Way to Get an MSME loan!
What are medium, small, micro-enterprise business (MSME) Loans?
Financial institutions offer unsecured loans to startup owners and women entrepreneurs to meet their business needs. These loans are generally provided at lower and affordable interest rates with flexible loan repayment options. Moreover, these loans do not require complex documentation and time-consuming application procedures. MSME loans can be broadly categorized into two types: working capital loans and term loans. Depending on your requirements, you can opt for either of them. For instance, if you need funds to carry out your day-to-day business operations and meet your short-term needs, you can choose to get a working capital loan. Similarly, if you need money to fund your long term requirements, you can opt for term loans.
Who is Eligible for medium, small, micro-enterprise business (MSME) Loans?
If you want to apply for an MSME business loan, you need to meet the following criteria –
✓ Your business should have been operational for at least 6 months prior to applying.
✓ The turnover of your business in the previous 3 months immediately preceding the date of application must be more than 90,000.
✓ The business should not be blacklisted or be a part of the SBA finance excluded list.
✓ You should not be a trust or an NGO as they are not eligible for MSME loans.
✓ The location of your business should not fall under the negative location list.
In addition to the above eligibility requirements, as per the MSME loan scheme 2021, SMEs can also get a subsidy of upto 15% on a loan amount of a maximum of 1 crore. This MSME loan subsidy is available only to specific sectors or technologies.
Why Choose CredLoan to Get an MSME Business Loan?
CredLoan is the largest debt marketplace in India. This marketplace helps both borrowers and lenders to find each other and select the best options based on their needs and requirements. Being trusted by more than 500 lenders, CredLoan is one of the best places for your requirements.
Here are the unique features offered by the CredLoan Platform –
Find the Best Match:CredLoan uses AI/ML technology to find your best match in terms of lenders or borrowers. The platform facilitates connection with 1000+ lenders and 500+ using CredMatch. Interoperability: It provides integrated solutions for different customer life cycles. Moreover, it provides access to different debt instruments with a single click.
Quick Decision Making: It uses advanced decision-making technologies like CredAutomate and CredAnalytics. These suites make decision making 5 times faster than the market and make the entire loan application and approval process faster and easier.
Automated Reports:CredMonitor helps you keep a track of your portfolio and maintain a high quality of assets. The platform segments 100s of data points and creates custom reports, custom alerts and early signals of warning.
This platform has helped many businesses scale their operations by helping them find cheap loans based on their requirements. One of the most significant benefits of this platform is that it makes the loan application process quick and easy. CredLoan is trusted by 1000s of SMEs as it has helped small and mid-sized organizations meet their fund requirements.
How Does CredLoan Platform Make MSME Loan Application Easier for You?
CredLoan is a large debt marketplace that allows you to choose from multiple credit-based products depending on your needs and requirements.
Here’s why you should choose CredLoan MSME platform –
✓ It provides credit for a tenor of 3 months to 180 months
✓ The loan amount can vary from as low as Rs. 5 to as high as 500 crores.
✓ The entire process or loan transaction time is 5 times faster than a normal marketplace.
In addition to the above, CredLoan is a fairly easy-to-use platform that helps you get a customized experience. This platform is trusted by over 500 lenders, and this provides the borrowers with a diverse choice. They can simply match the MSME loan details with their criteria and make their decision.
How to Get MSME Loan Through CredLoan?
Now that you have selected the lender and loan type, the next step is to make an application. Here are the 2 simple loan application steps that you need to follow –
Step 1.Fill the form on this page or visit the CredLoan page
Step 2.If you visit the CredLoan page, A basic survey form will pop up. Fill this form and click on submit.
Once you have submitted either of the forms, a representative from CredLoan will get in touch with you either through an email or a call to explain the further process.
So, follow the simple steps mentioned above and Get your loan now!
FAQs
Is MSME loan Interest-free?
No, the MSME loan is not interest-free but is unsecured. However, the rates of interest on MSME loans is lesser than corporate loans.
Does applying for MSME loans have a certain age limit?
Any person applying for an MSME loan should be 25 years old or more.
Is a CIBIL score necessary for MSME loans?
Although CIBIL score is not necessary, some institutions might consider it as a criterion for approving loans.