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MSME

Avail our MSME Loan for Business Finance

An MSME loan at a competitive interest rate can help in growing your business fast. Now there are banks and financial institutes like Aavas which offer easy small business loans. The online process to apply for an MSME loan in 2021 is simple but before applying it is always recommended to check your MSME loan eligibility. You can use the online Loan Eligibility Calculator to find out your loan eligibility status and apply online as well. Because once you know the loan amount then whether you are starting a new business or expanding your existing business, you will be able to do a better planning.

Features of Aavas MSME Loan

  • You can use this for business expansion, purchase of equipment, working capital, etc.
  • The interest rates on MSME Business loan starts at 14% p.a
  • Tenure of up to 15 years
  • Integrated branch network that facilitates loan servicing at a branch convenient to you.

Aavas MSME Loan Clients Experience:

To expand my Kurti business I needed some cash and I approached Aavas for MSME loan. The sanctioned loan amount has not only helped me in expanding my business but also brought financial stability to my life. The loan process was simple and convenient

Moni Ben from Gujarat

MSME loan FAQs

Why Should You Take MSME loan?

MSME loan will empower you to grow and take your MSME venture to the next level. In fact, there are various government schemes as well, which have an aim to encourage small businesses to grow at a rapid pace. And if you can get MSME loan with these available government schemes then you will fast-track your small venture.

What are the documents required for MSME loan?

The following documents are required for an MSME loan-

  • Id proof- Driving License, Passport, Voter Id card OR PAN card, Aadhar card
  • Residence proof- Driving License, Passport, Voter Id card OR Ration card, Aadhar card, Electricity bill, Water bill
  • Financial documents- Last two years ITR, Balance Sheet of the firm OR Profit and Loss statements, Last 6 months bank statements
  • Business proof- Registration certificate, Certificates of business existence OR Memorandum and Articles of Association
  • What is the Eligibility Criteria for SME/MSME Loan?

    Self-employed individuals who have been running their business for at least 3 yeas are eligible for MSME business loan and fall under the age category of 25 to 55 years. An IT return filed by the business for at least 1 year is also necessary.

    How to apply for an SME/MSME loan?

    Fill out your details on "Apply for MSME Loan" form. You are done. Our representatives will get in touch with you for your MSME loan requirement, and it will be disbursed soon with minimum paperwork involved.

    How long does it take to get an MSME business loan?

    If your documents and profile is eligible, then the minimum time to get an MSME loan is 7-10 days to process your application. But in cases of applications asking for a huge amount of money may take more than the usual clearance time.

    Is credit score (CIBIL) important in getting MSME business loan?

    Yes, credit score/CIBIL score is important for getting an MSME loan as a good CIBIL score let the lenders take faster decisions for approval of the applicant's loan request. As the company's CIBIL rank is near 1, the better are the chances of getting approval for the loan.

    How much MSME loan can I get?

    An applicant can get a loan of 50,000- 10 lakhs depending on the size of the business. Different institutions have a different capacity of providing different amounts to the various applicants. You need to mention the required amount at the time of filling up the application form.

    What determine my MSME loan limit, and how can I increase it?

    Your credit score, your income, your age and the nature of your work are the prime factors in determining the size of your loan. Settling your previous debts and improving your credit score may help you immensely in building a better credit score.

    What is the lowest rate of interest for MSME loans for new business?

    The lowest rate of interest for MSME loans varies from bank to bank or financial institution. It is recommended that you check for a low interest rate while applying for MSME loan.

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