Business Loan for MSME in India up to ₹50 Lakh
Micro, Small, and Medium-scale Enterprises (MSMEs) form the crux of India’s socio-economic development, contributing heavily to the country’s GDP growth. However, these MSMEs often face a major challenge in figuring out how to get a Business Loan to conduct their day-to-day operations smoothly. Luckily, they can avail of MSME Loans in India, which are a form of unsecured Business Loan that is offered to such enterprises to fund business expansion or other expenses.
Poonawalla Fincorp provides collateral-free Business Loans for SMEs and MSMEs. Our SME/MSME loans come with lots of attractive features and benefits, such as a simple application process, flexible tenure, favourable interest rates, and quick loan processing.
Reasons to Apply for a Business Loan for MSME
SMEs and MSMEs need funding from time to time to continue running their business operations smoothly. They need sufficient funds to meet various requirements.
Here's why you should consider taking an MSME/SME Business Loan from Poonawalla Fincorp:
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To meet planned and unplanned expenses
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To consolidate your debts
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To procure inventory
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Pay for emergencies
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Invest in business marketing
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Upgrade business infrastructure
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Install new plants and machinery
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Pay overhead costs
MSME Business Loan EMI Calculator
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EMI Amount = *
MSME Business Loan Interest Rates
| Types of Fees | Applicable Charges |
| Rate of Interest | 15% to 28% p.a.* |
| Processing Fees | Up to 3% plus applicable taxes |
| Repayment Instrument Dishonour Charges | ₹1,000 per bounce plus applicable taxes |
| Default Interest | 3% per month |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Lowest EMI per Month | Starting from ₹2,783* per Lakh for 48 months |
| Loan Tenure | 6 - 48 months |
| Prepayment/Foreclosure Charges | 0%* if paid from own sources & 4% If paid from other sources |
| Stamp Duty | At actuals (as per state) |
| Penal Interest | 3% monthly on the defaulted EMI amount |
Eligibility Criteria of Online MSME Loan
Our MSME Loan eligibility criteria are designed to enable different small businesses to fulfil their specific financial needs. The requirements are listed below:
Age
24 to 65 years
Nationality
Indian
Business Vintage*
At least two years
Annual turnover
More than ₹6 Lakh
*Business vintage determines how long your business has been operating and when it was registered. It is a significant eligibility determinant for procuring an unsecured Business Loan.
Note: The above-mentioned eligibility criteria are indicative. Additional information may be asked by the Poonawalla Fincorp team during loan processing as per policy.
Documents Required
You don’t have to worry about time-consuming paperwork and running into funding delays due to multiple documents. With Poonawalla Fincorp, you can access quick financing for your business with minimum documentation.
Below is the list of required documents for availing of our SME/MSME Business Loan:
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Proof of Address (PAN Card/Aadhaar Card/Voter ID/Driving Licence/Passport)
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Business Address Proof (Rent Agreement/Utility Bill)
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Financial Documents (Bank statements/IT Returns)
Note: This list of documents is indicative. We may need some additional documents during loan processing.
Features and Benefits of MSME Loan
The features and benefits of our Business Loan for MSME include:
Poonawalla Fincorp provides MSME Finance in India that comes with a host of industry-best features and benefits, such as:
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Hassle-Free Loan Approval
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Simple Eligibility Criteria
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Up to ₹50 Lakh Loan Amount
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Flexible Repayment Tenure
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Minimum Documentation
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No Collateral Required
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Competitive Interest Rates
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Convenience of Online MSME Loan Process
Hassle-free Loan Approval
With Poonawalla Fincorp, you can apply for an MSME Loan online and get quick approval. This is especially helpful when you're in urgent need of finances.
Minimum Documentation
To speed up the loan processing, we only require you to submit basic MSME Loan documents.
Simple SME Loan Eligibility Criteria
Accessing quick business finance is easy with our Business Loan for MSMs, thanks to simple eligibility criteria and only basic business Loan documents required to get started.
No Collateral Required
Our Business Loans for SMEs/MSMEs are unsecured loans, which means you can avail of this loan quickly, without pledging any business or personal assets.
High Loan Amount of Up to ₹50 Lakh
With our MSME Business Loan, you can access capital of up to ₹50 Lakh and fund any business-related expenses.
Competitive Interest Rates
Get competitive SME Loan interest rates on our MSME Business Loan, starting from 15% per annum.
Flexible Repayment Tenure
Our MSME Business Loan comes with a flexible repayment tenure of up to 48 months, allowing you to manage your loan repayments efficiently.
Convenience of Online MSME Loan Process
Apply for an online SME Loan in just a few simple steps. Get quick approval and have the funds credited to your bank account without any delays.
Apply for an Instant MSME Business Loan within 5 Minutes
Apply
Online
Apply Online
Click on Apply Now and enter your contact details.
Business
Details
Business Details
Enter your annual business turnover and other business details.
Verification
Verification
The application will then proceed for verification and assessment
Frequently Asked Questions
You can conveniently apply for an online SME loan with Poonawalla Fincorp by following the simple steps mentioned below:
- Step 1 – Visit our website, check your MSME/SME loan eligibility, and click on ‘Apply Now’.
- Step 2 – Complete the loan application form.
- Step 3 – Submit the required documents with the application.
Post successful verification, the approved loan amount will be disbursed to your bank account.
You can also call our toll-free number at 1800-266-3201 before you visit our branch to find out which documents are required.
Poonawalla Fincorp provides SME/MSME Loans with easy eligibility criteria and minimal documentation. All micro, small, and medium-sized enterprises with a business vintage of more than two years and an annual turnover of at least ₹6 Lakh can apply for our Business Loans for SMEs and MSMEs. For more details, please visit the Business Loan eligibility criteria section on our website.
While the interest rate for an SME/MSME loan varies across lenders, Poonawalla Fincorp provides Business Loans for SMEs and MSMEs at competitive interest rates, starting from 15% per annum.
We levy a nominal processing fee of up to 3% + taxes on the loan amount to counter the administrative charges and provide best-in-class services to our customers.
Not at all! Our SME/MSME Loans are collateral-free. It means that you are not required to pledge any security to avail funds for your business. Additionally, it helps us disburse your loan as quickly as possible.
You can use our online EMI calculator for SME/MSME Loans to determine the amount for your monthly loan repayment. All you need to do is enter your loan amount, interest rate, and tenure, and click on the ‘Check Repayment Schedule’ option.
*Terms & Conditions Apply
