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Micro, small and medium enterprise (MSME) loans are unsecured loans offered by several financial institutions to help entrepreneurs meet various business-related expenses.

MSME Business Loan

In India, MSME stands for Micro, Small, and Medium Enterprises. An MSME business loan is a financial product designed specifically for these types of businesses. Here's a breakdown:

  • Micro Enterprises: Firms with investments up to Rs. 1 crore and turnover up to Rs. 5 crore.
  • Small Enterprises: Firms with investments up to Rs. 10 crore and turnover up to Rs. 50 crore.
  • Medium Enterprises: Firms with investments up to Rs. 50 crore and turnover up to Rs. 250 crore.
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MSME Business Loan-

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Nature of Loan
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Following are the procedure steps:

1. Prepare Your Business Plan:

Before applying for a loan, it's essential to have a detailed business plan outlining your business goals, financial projections, and how the loan will be utilized.

2. Check Eligibility Criteria:

Ensure that your business meets the eligibility criteria set by the lending institution. This includes factors such as the size of the business, turnover, and creditworthiness.

3. Choose the Right Lender:

Research and compare the loan offerings from various financial institutions such as banks, non-banking financial companies (NBFCs), and government schemes specifically designed for MSMEs.

4. Gather Required Documents:

Prepare all the necessary documentation required for the loan application. Typical documents may include:

  • Business registration documents
  • Business plan
  • KYC documents of promoters
  • Financial statements (Income statement, Balance sheet, Cash flow statement)
  • Projected financials
  • Bank statements
  • Existing loan documents (if any)

5. Complete the Loan Application:

Fill out the loan application form provided by the chosen lender. Ensure that all details are accurate and up-to-date.

6. Submit Application:

Submit the completed application form along with the required documents to the lender. Some lenders may allow online submission, while others may require physical submission at their branches.

7. Loan Processing and Evaluation:

The lender will evaluate your application, including your creditworthiness, business viability, and the purpose of the loan. This may involve a thorough review of your business plan and financial statements.

8. Loan Approval:

If your application meets the lender's criteria, they will approve the loan amount and provide you with a loan offer letter detailing the terms and conditions.

9. Loan Disbursement:

Upon acceptance of the loan offer, the lender will disburse the approved loan amount to your business bank account. Ensure that you understand the disbursement process and any associated charges.

10. Loan Repayment:

Make timely repayments of the loan as per the agreed terms and conditions. Timely repayment will help build your creditworthiness and may make it easier to secure future financing.

Why choose Livanity for MSME Business Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For MSME Business Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a MSME Business Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking MSME Business Loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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