Hello everyone this is Pritam and welcome back to the blog. Today in this blog I am going to talk about the MSME loan eligibility in 2021? MSME loan interest rate? How to apply? There are so many people who are in search of the right loan platform from where they can get the loans at affordable interests. Here I am going to talk about MSME loan eligibility. Here I am going to mention some of the checks lists through which you can know you are eligible or not for the loan. I will also talk about the interest rate and the whole process to apply for the loan. Moreover, I will also share some of the tricks through which you can easily approve your loan with the MSME. Now I think this is a sufficient overview of the article. Now, let’s start the article without wasting any time.
Also, read- Top best indian goverment plans to help people
In the previous article, I have mentioned the top best government plans that are really helping the minorities people. If you also want to take the benefits then surely you should check out.
What is MSME?
It is a government body that is providing the service of Manufacturing Enterprises and Enterprises rendering Services and in another sector also. This is available for the three-sector of the manufacturing companies ie. Micro, small and medium. Now I am going to share the Composite Criteria: Investment in Plant & Machinery/equipment and Annual Turnover.
- Micro– Investment in Plant and Machinery or Equipment:
Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore
- Small- Investment in Plant and Machinery or Equipment:
Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore
- Medium-Investment in Plant and Machinery or Equipment:
Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore
MSME loan interest rate?
Now we will talk about the MSME loan interest and how much you can take the loan and we will also discuss the tenure.
If you are taking the loan of 50,000 onwards then you will be charged the interest of 7.65% p.a. onwards. This will be available for the tenure of 15 years. Moreover, when it comes to the processing fee of the loan it will be dependent on the lender. This data may vary from the actual calculation so for this you can visit the official website.
How to apply for the MSME?
The first thing that you will have to do is to make the purpose of taking the loan. What you are going to do with the loan. Then you will have to collect all the required documents for the loan such as PAN CARD, AADHAR CARD, BANK DOCUMENTS, and many more. Once you have collected all the data then simply you can visit the official website and from there you can easily apply for a loan.
Summary (MSME loan eligibility)
In this article, I have mentioned the MSME loan eligibility in 2021? MSME loan interest rate? How to apply? I have tried my level best to share the exact information about this loan. I hope that you might get help in getting the loan. If so then do share it with your friends and families.