“Who is eligible for MSME loan” is a common query among businessmen nowadays. An MSME loan (Micro, Small, and Medium Enterprise Loan) is a type of loan that one can get if they are an entrepreneur or own a business.
An MSME loan offers you working capital which you can use for several purposes like paying your staff their salary, buying new inventory, aiding yourself in expanding your business or purchasing new equipment. There are various lenders in India that provide MSME loans to their customers.
Who is Eligible for MSME LoanTo get approved for an MSME loan, you’ll need to fulfill the eligibility criteria specified by your lender. The requirements can vary from one bank to another, and even change with the type of scheme provided. Check out the general criteria you’ll have to meet:
Credit score of 700 or above
Business Turnover: Minimum Rs. 12,00,000 for existing enterprises, varies from one bank to another
Minimum business vintage of 1 year
Financial stability and good repayment history
No previous loan default
Public or Private Limited Companies, Partnership Firm, Sole Proprietorship, and Limited Liability Partnership engaged only in trading, services, and manufacturing sectors are also eligible.
Self-employed professionals, women entrepreneurs, business owners, MSMEs, individuals, and people falling under ST/SC/OBC category.
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How to check home loan eligibility? How to calculate mortgage loan eligibility? How to check loan eligibility in SBI?I hope I cleared all your doubts regarding who is eligible for MSME loan.
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Authors Of The Question
Who is eligible for MSME loan?
Eeshan
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2 Year
2022-03-23T18:11:12+00:00 2022-03-28T18:14:54+00:00Comment
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