What you mean by MSME loan Eligibility Criteria?
MSME Loan for new business & existing business, you can avail this type of loan
for development of infrastructure, to meet day to day operational capital,
purchasing new equipment & machinery. The best part of the loan is you don’t
require to pledge any collateral or assets.
MSME loan Eligibility Criteria
Eligibility Criteria depends on various factors like age of individual, repayment
history, business sales/turnover, total work experience & Creditworthiness ...etc.
- • Age Limit of Individuals - 22 to 60 years
- • Individuals, Proprietary concerns, Partnership firms, Companies (Private &
Public), Trusts (Private Trusts), Limited Liability Partnerships
- • Minimum 2 years of business continuity
- • Minimum 1 years of audit by registered chartered accountant
- • Minimum turnover of business should be 90,000
Note: - It would range from minimum 5 Lakh to maximum 1 Cr.
What are the factors generally affecting MSME loan Eligibility Criteria?
There are top factors that generally affects construction loan eligibility criteria as
given below: -
Lack of good credit report: - Your past financial behavior going to determine your
future financial stability. Therefore, if in past years missed to do payments on
timely manner, then probably you will looser the chances of getting loan.
Bad cash flow: - Lender want to check know about your company cash flow
management, whether you are managing well or not, if it seems to be bad cash
flow then possibility of chances gets lower.
What are the ways to increase MSME loan eligibility?
To increase eligibility, you need to consider Top points as given below, this will aid
you in increasing your eligibility level.
Maintain good record credit: - Lender usually check whether you are maintaining
good credit by making payments on time & avoiding having multiple credit cards,
if you are practicing these methods to maintain good record of credit, it will
enhance your eligibility towards getting a loan.
Do paying tax on time: - This is one of the major methods to increase eligibility,
take initiate to do paying tax on time to build credit score improve as well as
lender confidence level increases.