8 things to know before applying for an MSME loan

Aug 20, 2023 Girish Khurana

For Priority sector lending, you need to register on Udyam platform

[{"selector":"#anim-80ff85be-e454-4ad4-9fd3-7589424f9e15 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Must have AADHAR, PAN card along with trade license

[{"selector":"#anim-a495892b-2329-491d-8145-c1a814526590 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.42187489333662%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Your CIBIL score must be around 700

[{"selector":"#anim-2768a658-1827-4993-af8d-961c6cfa0ae4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.42187489333662%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Apply for loan scheme that suits your business

[{"selector":"#anim-77b13ee6-5059-4c04-83e0-2a523263bed7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Annual turnover below Rs 50 crore for micro, small businesses

[{"selector":"#anim-312ae9fc-1995-47db-8bc8-490d818c0482 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Investment in plant & machinery under Rs 10 crore

[{"selector":"#anim-d18253d5-3ff9-4e68-bccd-40d636a4b7cd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.470702897273686%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Business plan, registration proof, bank statements to showcase business viability

[{"selector":"#anim-9eaa26bf-ddbf-4627-b689-af2541c2a89e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.470702897273686%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

No previous loan default with any financial institution

[{"selector":"#anim-8915b9e3-8035-4de3-955c-e40be78ba52e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

8 things to know before applying for an MSME loan

(Source: Pexels)

For Priority sector lending, you need to register on Udyam platform

(Source: Pexels)

Must have AADHAR, PAN card along with trade license

(Source: Pexels)

Your CIBIL score must be around 700

(Source: Pexels)

Apply for loan scheme that suits your business

(Source: Pexels)

Annual turnover below Rs 50 crore for micro, small businesses

(Source: Pexels)

Investment in plant & machinery under Rs 10 crore

(Source: Pexels)

Business plan, registration proof, bank statements to showcase business viability

(Source: Pexels)

No previous loan default with any financial institution

(Source: Pexels)

SWIPE UP TO KNOW MORE