business loan for msme and sme

Unsecured Business LoanReach a new milestone

Loan up to 30 Lakhs | Attractive Interest Rate | Zero Foreclosure Charges

Poonawalla Fincorp: Business Loans for SMEs & MSMEs

Collateral Free Financing | Quick Processing | Zero Hidden Charges | High-value Loans

Micro, Small, and Medium-scale Enterprises (MSMEs) form the crux of the socio-economic development of India. As per the MSME Ministry’s data, there are approximately 6.3 crore MSMEs in India, contributing heavily to the country’s GDP growth. However, these MSMEs often face one challenge that is the lack of finances to conduct their day-to-day operations.

To help the small and medium-sized businesses in India, Poonawalla Fincorp provides collateral-free Business Loans for SMEs and MSMEs. Our SME/MSME loans come with a host of attractive features and benefits such as flexible tenure, zero foreclosure charges, competitive interest rates, and quick approval.

Various Reasons to Take SME/MSME Loan

All SMEs and MSMEs need funding from time to time to keep running their business operations smoothly. They require timely finances to meet various financial requirements, such as procuring inventory, paying wages to staff, closing the supply-chain gaps, and maintaining a healthy cash flow.

    Here's why you should consider taking an SME/MSME loan from us:
  • Meet various planned and unplanned expenses
  • Consolidate your debts
  • Procure inventory
  • Pay for emergencies
  • Invest in business marketing
  • Upgrade business infrastructure
  • Install new plants and machinery
  • Pay overhead costs

Poonawalla Fincorp provides MSME Business Finance in India with simple eligibility criteria and minimum documentation. Our prime objective is to ensure that the lack of finances never stops a business from expanding to greater heights.

    Below are some striking features and benefits of our SME/MSME loans:
  • Hassle-free loan approval
  • Minimum documentation
  • Simple eligibility criteria
  • No collateral required
  • High loan amount of up to ₹ 30 lakh
  • Competitive interest rates
  • Flexible repayment tenure
  • No hidden charges
  • Doorstep services

We aim to empower SMEs and MSMEs so that they expand their business without facing any financial crunch. Hence, we offer SME/MSME loans with simple eligibility requirements.

Below is our eligibility criteria for SME/MSME loans:

    The applicant should -
  • Be a citizen of India
  • Be between the ages of 22 to 62 years
  • Have a business vintage of at least three years
  • Have a business turnover of more than ₹ 20 lakh

Documents Required

    With Poonawalla Fincorp, you can get access to quick financing for your business with minimum documentation. Below is the list of required documents for our SME/MSME loan:
  • Company PAN card or Director/Proprietor PAN card
  • Proof of address (Aadhar card/Voter ID card/Passport)
  • Business Address Proof (Rent Agreement/Utility Bill)
  • Financial documents (Bank statements/IT Returns)

But remember, this list of documents is indicative. We may need some additional documents during loan processing.

    You can conveniently apply for SME/MSME online finance with Poonawalla Fincorp by following the five simple steps mentioned below:
  • Step 1 – Visit our website or your nearest branch
  • Step 2 – Check your eligibility for our SME/MSME Loan
  • Step 3 – Fill up the loan application form
  • Step 4 – Upload or submit the required documents
  • Step 5 – Get the loan amount in your bank account post verification

Who are eligible to apply for SME/MSME loan?
Poonawalla Fincorp provides SME/MSME loans with easy eligibility criteria and minimal documentation. All small and medium-sized enterprises with a business vintage of more than three years and an annual turnover of at least ₹ 20 lakh can apply for our business loans for SME and MSME.

What are the interest rates applicable for SME/MSME loans?
The interest rate for an SME/MSME loan varies across the lenders. Poonawalla Fincorp provides business loans for SMEs and MSMEs at competitive interest rates starting from only 15% per annum.

What is the processing fee applicable for SME/MSME loans?
Poonawalla Fincorp’s Business Loans come with complete transparency and zero hidden charges. We levy a nominal processing fee of 2% on the loan amount to counter the administrative charges and provide best-in-class services to our customers.

Do I need to provide any collateral for availing of an MSME loan?
No. Our SME/MSME loans are collateral-free. It means that you are not required to pledge any security to avail of finances for your business. Additionally, it helps us in disbursing your loan as quickly as possible since it compresses the verification process.

How can I calculate the EMIs I need to pay for my MSME loan?
You can use our online SME/MSME loan EMI calculator to know the EMIs you need to pay for your loan repayment in advance. All you need to do is enter your loan amount, interest rate, tenure, and click on “Check Repayment Schedule”.

Interest Rate

APR ranging from 15% to 26% | One-time Processing Fee up to 2% plus taxes.

Repayment

Flexible repayment tenure from 1 year to 3 years with pre-payment charges of 5% on principal outstanding plus applicable taxes.

Example

Loan Amount Rs.10 lakh, Interest Rate: 15%, Tenure: 3 years, equates to EMI of Rs. 34,665 per month.

This rate of interest is prone to fluctuation basis our internal credit and risk policy, and as per an algorithmic multivariate score card.
*T&C Apply

Apply for Business Loan Online in 5 Easy Steps Arrow Logo

Semi Circle Logo
Laptop Logo
Apply
Online

Apply Online

Visit the application form and fill in the details.

Semi Circle Logo
Document Required Logo
Submit
Documents

Submit Documents

Provide your KYC and Income documents.

Semi Circle Logo
Verfied Logo
Verification

Verification

The application is then processed for loan verification

Semi Circle Logo
timer logo
Quick
Approval

Quick Approval

Get your loan approval in quick TAT

Semi Circle Logo
Payment Confirmation logo
Instant
Disbursed

Instant Disbursed

That’s it! Loan is credited in your bank account.

Explore Types of our Business Loan Arrow Logo

Related Products for you Arrow Logo

Insightful Blogs Arrow Logo

Cash Flows
How to manage cash flow in business?

The key to a sustainable business is its financial and cash flow management! Your working capital helps you define a realistic business growth plan, goals and grab the opportunities on your way. Whether you want to scale up the operations, expand the existing structure, purchase state-of-the-art machines and equipment, or need help in maintaining your day-to-day capital, cash flows management plays a crucial rule for all of them.

Loan Against Property
Advantages of Loan Against Property

A Loan against property is a secured loan granted when you offer your existing residential or commercial property as collateral. These loans are sanctioned by housing finance companies and banks, usually at a lower rate of interest than other traditional forms of loans.

Contact Us logo Get a Call Back Apply Now logo Apply Now