In summary
An MSME loan scheme for new business can help entrepreneurs access funds for setup, working capital and expansion, with Bajaj Finance offering business loans of up to Rs. 80 lakh.
- Loan amount: Bajaj Finance offers a collateral-free business loan of up to Rs. 80 lakh, subject to eligibility and applicable terms.
- Repayment tenure: Eligible borrowers can choose a flexible repayment tenure of up to 96 months.
- Government schemes: Mudra Yojana, CGTMSE, Stand-Up India, and PMEGP offer different funding limits, eligibility criteria and subsidy benefits.
- Eligibility: Government MSME schemes may require an MSME certificate or Udyam Registration, depending on the scheme.
- Application: Bajaj Finance Business Loan applications can be completed online with minimal documentation, subject to verification.
Use the Business Loan EMI calculator and apply online through Bajaj Finance to estimate your repayments before applying.
What is an MSME certificate?
Before diving into the details of MSME loans, let us first understand what an MSME certificate is. An MSME certificate is a government-issued document that certifies a business's status as a micro, small, or medium enterprise.
To apply for an MSME certificate, you need to register your business under the MSMED Act 2006. You can register your business online by visiting the Udyog Aadhaar portal. Once you obtain an MSME certificate, you become ra
eligible for various schemes, benefits, and subsidies offered by the government.Yojana, Stand-Up India, Credit Guarantee Fund Trust for Micro and
Small Enterprises, etc. These loan schemes provide financial
assistance to MSMEs at a subsidised interest rate, making it easier
for them to fund their operations.
MSME loan schemes for new businesses
The MSME loan scheme for new business interest rate is generally lower under government schemes because of subsidies or credit support, while Bajaj Finance offers a competitive business loan rate starting from 14% p.a., subject to eligibility and applicable terms.
| Scheme | Indicative rate | Subsidy/Benefit |
|---|---|---|
| Bajaj Finance Business Loan | From 14% p.a. | No subsidy; collateral-free |
| Mudra Yojana | Typically 8%–12% p.a. | No collateral for eligible loans |
| PMEGP | Around 11%–12% p.a. | 15%–35% capital subsidy |
| CGTMSE-backed loan | Around 8%–14% p.a. | Credit guarantee; no collateral may be required |
How to get a Rs. 50 lakh MSME loan scheme for a small business
For a Rs. 50 lakh requirement, viable routes include PMEGP for eligible manufacturing projects, CGTMSE-backed bank finance, and a Bajaj Finance Business Loan of up to Rs. 80 lakh.
MSME loan scheme eligibility criteria for new businesses
An MSME loan scheme for new business generally depends on age, business vintage and credit score. For the Bajaj Finance Business Loan, eligible applicants must meet the following criteria: Indian nationality, at least 3 years of business vintage, CIBIL score of 650 or higher, and the applicable age requirement.
| Parameter | Requirement |
|---|---|
| Applicant type | Self-employed individuals, including eligible proprietors, partnership firms and private limited companies |
| Business vintage | At least 3 years |
| Age | 21–80 years; age should be within the limit at loan maturity |
| CIBIL score | 650 or higher |
| Collateral | Not required; collateral free business loan msme |
| MSME registration | Udyam registration may be required for applicable government-backed schemes |
Government-backed MSME schemes may have separate eligibility requirements, including Udyam registration, so check the specific scheme before applying.
How to apply for an MSME business loan scheme online
You can apply for an MSME loan scheme for new business apply online through the Bajaj Finance website in under 10 minutes, subject to eligibility and verification.
- Visit the website: Go to the Bajaj Finance Business Loan page.
- Start your application: Click ‘Apply’ and enter your mobile number.
- Verify your number: Complete OTP verification.
- Enter details: Provide your PAN, business vintage, turnover and personal information.
- Upload documents: Submit relevant ITRs, bank statements and Udyam certificate, where applicable.
- Receive approval: Your application is assessed and approval is provided subject to verification.
- Get the funds: Accept the applicable terms and receive the approved amount in your bank account.
Check your eligibility and apply for an MSME loan scheme for new business with Bajaj Finance online.
Bajaj Finance Business Loan
Apart from government schemes, financial institutions also offer business loans to MSMEs. Bajaj Finance offers collateral-free business loans that provide funds up to 8000000 to eligible entities. The loan is available at a competitive interest rate, and the application process is hassle-free and quick.
Benefits of Bajaj Finance Business Loan for MSMEs
Here are some of the advantages of availing of a Bajaj Finance Business Loan for your MSME:
- Collateral-free loan: Bajaj Finance Business Loan is a collateral-free loan that does not require you to pledge any assets as security. This means that you can avail of the loan without having to worry about losing your valuable assets.
- High loan amount: Bajaj Finance Business Loan offers a high loan amount of up to 8000000. This makes it easier for MSMEs to fund their operations and scale up their business.
- Flexible repayment tenure: Bajaj Finance Business Loan offers a flexible repayment tenure of up to 96 months. This means that you can choose a repayment tenure that suits your business's cash flow and repayment capacity.
- Competitive interest rates: Bajaj Finance Business Loan offers competitive interest rates that make it easier for MSMEs to repay the loan without facing a financial burden.
- Hassle-free application process: Bajaj Finance Business Loan offers a hassle-free application process that is easy and quick. You can apply for the loan online by filling out a simple application form and submitting the necessary documents.
Starting a new business is not easy,and financing it can be a significant challenge. MSME loan for new business provides the necessary financial assistance to kick-start your venture. Whether you opt for government schemes or Bajaj Finance Business Loan, MSME loans offer easy access to funds, low interest rates, tax benefits, and a boost to the economy.
If you are planning to start a new business and are looking for financial assistance, consider applying for a Bajaj Finance Business Loan for MSMEs. It could be the push your business needs to take off.
