What is a small scale industries loan?
India’s small-scale business segment is a major contributor to the country’s Gross Domestic Product (GDP), and it is a key source of employment and income. However, the SME sector is highly competitive and to stay profitable, business expansion is the key. Entrepreneurs have to scale up, innovate and upgrade their existing setups strategically, which requires a significant amount of funding. In such situations, business owners can either rely on government loan schemes such as the Pradhan Mantri MUDRA Yojana (PMMY) or choose to borrow from private lenders.
In the case of the latter, a small scale industries loan from Bajaj Finserv is a smart offering that can be used to meet the need for external financing. With this offering, you can get approved for an ample sanction of up to Rs. 50 lakh* (*Inclusive of Insurance Premium, VAS Charges, Documentation Charges, Flexi fees and Processing Fees) and receive funds in just 24 hours* of approval. This SME and MSME loan has other features that add value to the borrowing experience and give you the ability to optimise repayment to match your financial goals. You get access to a flexible tenor of up to 96 months and an attractive interest rate to ensure cost-effective borrowing.
Eligibility criteria and documents required for small scale industries loan
With an SME / MSME loan, you only have to meet the following eligibility criteria and submit just the essential documents.
24 years and 70 years*
(*Age should be 70 years at Loan Maturity)
Minimum 3 years
685 or higher
- KYC documents
- Proof of business ownership
- Other financial documents
How to apply for small scale industries loan
To apply for our small scale industries loan online, here is a simple 4-step guide to follow.
- 1 Click on ‘APPLY ONLINE’ to open the short application form
- 2 Enter your basic details, and the OTP sent to your phone
- 3 Fill in your personal and business details
- 4 Upload the last 6 months bank account statements and submit the application
Once submitted, our representative will contact you for further loan assistance to get the funds in your bank account.
** Document list is indicative