SMEs/MSMEs, business women, traders, manufacturers or service enterprises can check their CIBIL score before applying for a Business Loan.
To check your CIBIL score online, you can visit www.cibil.com and receive your credit report. As per RBI guidelines, every individual is entitled to receive a free credit rating check once a year. After you submit the request, you would be needed to provide the requisite identification and address proof documents and make a payment to CIBIL for the credit report, if you have already availed a free check in the year.
To know your score offline, you can visit the bureau or apply for a credit report through post. While applying via post, you may have to furnish your documents. Once these are verified and authenticated, your credit report is sent to you by mail.
With a good CIBIL score and easy-to-meet eligibility criteria, qualifying for a customised Business Loan becomes very simply. You increase your chances of getting a better interest rate, higher loan amount, longer tenor and quicker approval. Bajaj Finserv offers all these benefits with easy, quick and hassle-free Business Loans.
MSME stands for Micro, Small and Medium Enterprise. It was introduced by the Government of India in agreement with the Micro, Small and Medium Enterprises Development (MSMED) Act of 2006. As per this act, MSMEs are the enterprises involved in the production, processing or preservation of goods and commodities. Vital for economic growth, this sector contributes around one-third of the country’s GDP and generates employment for around 110 million of the population.
It also plays an important role in the socio-economic development of the country as many of these enterprises operate in rural India. According to the Government's annual report of 2018-2019, more than 6 lakh MSMEs operate in the country.
Initially, MSMEs were classified based on two factors - investment in plant/machinery and an annual turnover of the enterprises. However, the Ministry of Micro, Small and Medium Enterprises has recently revised the classification by combining these two factors into a single criterion.
The MUDRA loan is provided under the Pradhan Mantri MUDRA Yojana (PMMY) to non-farming and non-corporate micro and small enterprises. These enterprises can avail loans up to Rs.10 lakh under the MUDRA (Micro Units Development & Refinance Agency Ltd.) scheme.
We have discontinued this product (MUDRA Loan) at this time. Please reach out to us on +91-8698010101 to know more about the current financial services provided by us.
|Loan amount under Shishu||Up to Rs.50,000|
|Loan amount under Tarun||Rs.50,001 to Rs.500,000|
|Loan amount under Kishore||Rs.500,001 to Rs.10,00,000|
|Processing fees||0.5% for Tarun Loan, nil for others|
|Eligibility criteria||New and Existing Units|
|Repayment period||3-5 Years|
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