Where to get an MSME business loan?

Where to get an MSME business loan?

Kfis offers MSME business loan for small and medium-sized enterprises desiring financing options. Let’s see a brief overview of potential sources.

Potential source of MSME Loan

  1. Financial companies and banks are direct sources of MSME Business loans. They suggest several loan product types customized to enterprises’ requirements.
  2. Non-banking Financial Companies (NBFCs) are alternative funding choices for MSMEs. These loan options include invoice funding and lines of credit. NBFCs also have flexible borrowing criteria compared to traditional banks.
  3. Government Programs and Schemes are mainly created to guide MSMEs. These MSME schemes focus on beneficial terms and conditions, government support sectors, and competitive interest rates.
  4. Fintech platforms and online lenders are digital lending solutions for MSMEs. They provide fast and suitable access to funding. In fintech platforms, the loan application procedure and acceptance process are simplified using innovative technologies.
  5. Microfinance companies offer services to micro and small businesses regarding their financing requirements. Those who cannot access traditional banking services might get MSME loans from microfinance companies.
  6. Credit unions and cooperative banks are another type of member-governed financial companies. They can provide MSME business loans to their fellows at lowered interest rates.
  7. Business associations and industry organisations partner with financial companies, which helps MSME businesses obtain business loans.

It is essential to evaluate your business requirements. You can compare the MSME loan options and cautiously examine the terms and conditions of the loan. This is the foremost step to making an informed decision. Additionally, you can analyse the aspects of an MSME loan, such as the importance of customer service, eligibility criteria, and repayment tenure.

MSME business loan

Benefits and Features of the MSME Business Loan Scheme

Quick loan processing

MSMEs can apply for the loan scheme by Kfis. We provide businesses with a fast application procedure that requires minimal documentation.

Flexible repayment options

Kfis offers a comfortable repayment tenure of 48 months for MSME/SME loans.

Accessible Funding

The Kfis provider sanctioned the loan amount based on the business requirements. You can acquire a maximum loan amount equal to your monthly sales volume.

Easy loan application

To secure finance through Kfis, you can apply for MSME funding or an SME loan, which requires just a few essential documents.

Loan management through digital platforms

 Kfis provides convenience for loan management by reviewing EMI in your loan account online.

Quick disbursal process

The loan scheme commonly has a simplified disbursal process within 48 hours, allowing MSMEs to obtain funds quickly.

Competitive interest rate

The lowest interest rate, at 9%*, is provided to make acquiring the loan more attractive and cost-effective.

MSME unsecured loan for existing businesses

You can obtain an MSME unsecured loan for an existing business in Kfis. It is an excellent financial solution for your micro, small, and medium-sized established businesses. 

You can avail of a loan without collateral, so you need not pledge any property as collateral. This MSME / SME loan is created to help businesses handle their working capital expenses.

You can acquire this loan at a lower interest rate within 48 hours of disbursement. This MSME / SME business loan is a simple financial solution for enterprises.

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Types of MSME business loans

  1. MSME business loans are available in several forms, such as

Term loan

A term loan is a standard type of MSME business loan. This financial solution provides for a fixed term with a pre-agreed repayment schedule. It allows companies to plan their cash efficiently. Businesses can align their financial requirements by repaying the loan over a certain period.

Additionally, it offers sustainability and reliability while planning your cash flow management. Terms loans are specially created for MSME business loans, delivering a strategic financial solution for stability and business development.

Working Capital Loans

Working Capital Loans signify the finance required for a business’s day-to-day functional expenses. This loan option is essential for your company to sustain itself in the business environment.

Commonly, this type of loan covers business expenses like inventory purchases, rent repayment, and salary. To maintain cash flow management and allocation of working capital, ensure accessible business functions. By observing and improving working capital, businesses can boost their cash flow and promote enduring growth.

Equipment Loans

Equipment loans cater as an essential financial solution for your businesses. It enables them to obtain the machinery, vehicles, and equipment needed for their business functions. Also, this loan option allows you to invest in critical assets.

Further, it improves your business productivity and competitiveness in your respective sector. This financial solution promotes your business that can easily access finance for purchasing equipment.

Additionally, it provides a customized repayment plan for your business’s cash flow, fosters industry development, and improves functional efficiency. Finally, equipment loans are essential in assisting your business’s growth and long-term success.

Business credit lines

Business credit lines are a proper financial solution for companies, providing a revolving credit facility for businesses. That allows companies to borrow funds as required and repay them depending on their cash flow.

This type of financing helps enterprises to control their finances efficiently. Moreover, it enables access to funds fast for several purposes and sustains a robust cash flow. By using business credit lines, businesses can capture development opportunities.

It supports achieving short-term financial obligations. Also, it can help you navigate cash flow fluctuations in your business. Collectively, business credit lines play a vital role in maintaining the economic stability of your company and contribute to your business success and growth.

Documents required for MSME business loan

  1. Business registration documents & Company KYC
  2. Promoters KYC.
  3. The last 12 months of GST returns.
  4. The 12 months of bank statements.
  5. Last 2 years IT Returns.
  6. Business Vintage must be 24 months.

Eligibility Criteria for MSME business loan

  1. The business should have been in operation for one year.
  2. The minimum monthly GST sales turnover starts from 10 lakhs.
  3. A good credit score.

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