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Avail Our MSME Loan for Business Finance

An MSME business 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 for business in 2021 is simple but before applying it is always recommended to check your MSME new business 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 business 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.
avas MSME New Business Loan Clients Experience

Aavas MSME New
Business Loan Clients Experience:

To expand my Kurti business I needed some cash and I approached Aavas for MSME business 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 still remains one of the tried and tested options to get the funds to expand your business in 2021. It even takes your MSME unit to the next level.

In fact, the online process has also made it remarkably simple to apply for MSME loans

Even during this pandemic, one can apply for the MSME loan from the safety and comfort of one’s home. The online loan process, apart from being convenient, is faster too. You will be amazed with the simplicity carried by the entire process. Just login to have a 'white glove' experience!

Some interesting facts on MSME Business Loan

  • There were 13.22% of prospects who applied for a loan with Aavas in the last 30 days, looking for MSME loan in one form or the other.
  • In Rajasthan, Jaipur has witnessed a notable hike in the number of people demanding an MSME business loan.
  • Applicants with the avg. age of 41 years were looking to expand their business with the help of MSME loan.
  • 4% of MSME business loan applicants were women and 9.2% of applicants were men, who wanted to start some business of their own.
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MSME Loan FAQs

MSME business 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.

The following documents are required for an MSME loan for business-

  • 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

Enterprises who are running businesses for at least 3 years are eligible for MSME loan for business, provided they are in the 25 to 55 years age category. An IT return filed by the business for at least 1 year is also necessary.

If your documents and profile is eligible, then the minimum time to get an MSME loan for business 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.

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.

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.

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.

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.

Yes, if you are ready to give the self-occupied property evidence. Self-occupied residence property mortgage is also required.

Yes, the loan amount will depend on the valuation of the property. You need Self Occupied Residential Property (SORP) for the same.

Yes, residential property mortgage is a must even if you are ready to give commercial property as additional collateral.

Yes, in case the customer is mortgaging his residential property too for rechecking.

Yes, if evidence of self-occupied and self-commercial use is specified.

Yes, it must be taken even if the customer has GST.

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