| Bank Name | Maximum Loan Amount | Monthly EMI ( Principal amount only ) |
|---|
| Bank Name | Min Interest Rate | Processing Fee | Max Tenure (Month) | Insurance Cover Fees | Forclosure Charge | Chances of Loan Approval | |
|---|---|---|---|---|---|---|---|
HDFC Bank Ltd
|
8.50% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Small Industries Development Bank of India (SIDBI)
|
8.00% | 1% | 84 | 1.50% - 2.00% | 1% |
|
|
Bank of Baroda
|
8.50% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Axis Bank Ltd.
|
8.00% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Standard Chartered Bank
|
13.50% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Bank of India
|
8.00% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Bank of Maharashtra
|
8.50% | 1% | 12 | 1.50%- 2.00% | 1% |
|
|
Canara Bank
|
8.50% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Central Bank of India
|
8.00% | 1% | 12 | 1.50%-2.00% | 1% |
|
|
Indian Bank
|
8.00% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Indian Overseas Bank
|
8.00% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Punjab & Sind Bank
|
8.50% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
Punjab National Bank
|
8.50% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
State Bank of India
|
8.00% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
UCO Bank
|
8.50% | 1% | 12 | 1.50%-2.00% | 1% |
|
|
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Union Bank of India
|
8.50% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
United Bank of India
|
8.00% | 1% | 12 | 1.50% - 2.00% | 1% |
|
|
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 CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Eligibility Criteria
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.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
MACHINE QUOTATION
ORDER IN HAND
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR& SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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Yes, enterprises to enterprises it may vary as below given: -
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You are required to request loan application form it can be done online & offline both, Fill the required details with correct values, upload online or submit offline with form to get approval & sanction quickly.
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MSME Loan is provided to those businesses which come under manufacturing & services industries. Therefore, make sure your business is involved in such industries.
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There are various benefits offered by the government to msme business loan borrowers.
It provides multiple subsidy beneficial schemes to micro small medium enterprises.
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Almost all government banks have similar rates & terms which considered to be the best banks for msme business loan.
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This type of credit facility comes under unsecured category & offered by several financial institutions to MSME Sector business to meet specific requirements.
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The applicant's age should be between 22 - 60 years and business existence should be at least 1 year old with a minimum annual turnover should be 24 lacs.
CA Vikas Jain - Our Mentor
9863-02-02-02