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MSME Loan

 

Eligibility & Documentation


MSME loans are a helpful resource for entrepreneurs looking to get funding for their businesses. Before applying for an MSME loan, you should ensure that you meet the MSME loan eligibility criteria. To qualify for the MSME loan, you must be an existing micro, small, or medium entrepreneur.

It is critical to remember that bank requirements vary from institution to institution, depending on the type of scheme offered. 

With the help of My Mudra, you can get an MSME loan, and the funds will be credited to your account once your MSME loan is approved.

 

MSME Loan Eligibility Criteria

 

 

 

Self-Employed Individuals

Business / Company

Entitled Borrowers

Proprietor /

Partners / Directors

Partnership or Private Limited firms engaged in Manufacturing, Servicing, or Trading

 

Self Employed Professionals such as Chartered Accountants, Company Secretary & Doctors

 

Age

Applicant must be a minimum of 24 years of

age at the time of application and should be

a maximum of 65 years at loan maturity.

Proprietor / Key Partner / Main Director must be a

minimum of 24 years at the time of loan application

and should be a maximum of 65 years at loan maturity.

Experience / Vintage

Minimum vintage of 3 years.

Minimum vintage of 3 years.

Work History

No defaults in the previous 24 months.

No defaults in the previous 24 months.

CIBIL score

A credit score of 650 or above.

A credit score of 650 or above.

Residence / Office Stability

Must own the premises, or have a valid lease agreement with the owner of the premises.

 

Must own the premises, or have a valid lease agreement with the owner of the premises.

 

Citizenship

Individuals with Indian citizenship

Proprietor / Partners / Directors with Indian citizenship

 

 

Documents Required To Avail MSME Loan

 

 

Self-Employed Individuals

Firm / Company

Identity Documents

· Aadhaar Card

· Passport

· Voter's ID Card

· PAN Card

· Driving License 

· Firm/Company PAN Card, GST Registration

Certificate (If applicable), and Other Applicable Registration

· KYC of Partners / Directors PAN Card and Aadhaar Card

· PAN Card

Address proof

· The electricity bill for owned premises

· Rent agreement for Rented premises

· Passport

· The electricity bill for owned premises

· Rent agreement for Rented premises

· Passport for Partner / Directors

Income Proof

· Income Tax Returns along with computation for the latest 2 years

· Profit/Loss statement and balance sheet for the latest 2 years 

· Income Tax Returns along with computation for the latest 2 years

· Profit/Loss statement and balance sheet for the latest 2 years

· GST Returns 

Bank Statement

Account and balance sheet copies of last 2 years.

 

Other

document

Other documents may require, and bank requirements vary from institution to institution.

Projected balance sheet, projected report, etc.

 

*The aforementioned list of documents for an MSME loan is suggestive. Extra documents may be needed at the time of loan processing.

 

 

eligibility

How to improve your MSME Loan Eligibility?

Follow these tips to improve your MSME Loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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