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MSME Loan/SME Loan Features and Benefits

MSME refers to micro, small and medium enterprises. Such enterprises have diversified needs like purchase of inventory, buying new equipment, paying salary to the staff or maintaining the cash flow. MSME/SME loans come as a handy financial solution to fulfil all these requirements.

A collateral-free loan for MSMEs, this credit facility can be easily availed by small businesses at an affordable rate of interest. With easy-to-meet eligibility criteria and less paperwork, this SME finance option can help small business owners, women entrepreneurs and start-up owners fund their planned and unplanned expenses.

Convenient and quick, the Bajaj Finserv MSME Loan/SME Loan is designed to help growing businesses meet their financial requirements in a timely, easy way with funds up to Rs.45 lakh.

You can get an MSME loan without collateral, which means no assets need to be pledged to secure financing. Along with an attractive interest rate, this loan offers a unique Flexi facility and approval in just 24 hours. Our MSME or SME business loan is the ideal source of hassle-free MSME finance for your enterprise.

What can an MSME/SME loan be used for?

  • Invest in your firm’s infrastructure
  • Meet working capital requirements
  • Install new plant and machinery
  • Pay for several overheads

Top Features of MSME/SME Loan:

  • MSME/SME finance up to Rs.45 lakh

    High loan limit of Rs.45 lakh to finance all your business needs.

  • Quick processing

    Collateral-free funds with an easy online application process and approval in under 24 hours.

  • Flexi Term Loan facility

    Flexi loan facility

    Borrow and prepay funds to suit varied business requirements as MSME/SME funding is now made flexible with Bajaj Finserv. As you make multiple withdrawals from your loan sanction, you only pay interest on what you use, thus lowering your EMIs by up to 45%*.

  • mortgage loan calculator

    Minimal documentation

    Getting SME/MSME finance has never been easier as you only need to submit a few documents to our representative, who comes right to your doorstep to collect them.

  • mortgage loan interest rates

    Flexible tenors

    Tenors ranging up to 84 months, to fit your budget.

  • mortgage loan emi calculator

    Online fund management

    Manage your loan account with just a few clicks and access your funds easily.

  • Preapproved offers

    Grow your business with SME/MSME funding from Bajaj Finserv. Check out your pre-approved offer to avail a loan without waiting for it.

MSME Loan/SME Loan Eligibility Criteria:

If you have a small business and need urgent funds to meet your firm’s expenses, there’s an easy process to avail this loan after fulfilling the following MSME business loan eligibility criteria:

  • You must be a resident citizen of India aged between 24 to 70*
    (*Age should be 70 years at loan maturity.)
  • You must have a running business for a minimum of 3 years.

Fees and Interest Rates for MSME Loans

Bajaj Finserv offers MSME loans at an attractive rate of interest. Here is the list of applicable fees and charges on an MSME loan for new business.

 

Types of Fees Applicable charges
Rate of interest 17% p.a. onwards
Processing fees Up to 2% of the loan amount (plus applicable taxes)
Document/statement charges

Statement of account/ repayment schedule/foreclosure letter/no dues certificate/interest certificate/list of documents
Download your e-statements/letters/certificates at no extra cost by logging into the Customer Portal – Experia.
You can get a physical copy of your statements/letters/certificates/list of documents from any of our branches at a charge of Rs.50/- (inclusive of taxes) per statement/letter/certificate.
Bounce charges Up to Rs.3000 (inclusive of applicable taxes)
Penal interest (applicable in case of non-payment of monthly instalment on/before the due date) 2% per month
Document processing charges Rs.2000 + applicable taxes

Documents Required for an MSME Loan:

A collateral free loan for MSME by Bajaj Finserv requires minimal paperwork. To avail this loan, you simply need to submit the following documents:

  • KYC documents – Aadhar card, PAN card, Voter ID card, driving licence or any other government-approved KYC document.
  • Address proof – Apart from KYC document, documents such as your electricity bill, rent agreement, passport may be used as a proof for your address.
  • Financial documents - Copy of your income tax returns, GST returns, bank account statement and profit and loss statement.
  • Business ownership proof – The registration documents for your business.

SME/MSME loan FAQs

What are the documents required for SME/MSME loan?

Bajaj Finserv requires only a few significant documents to process your SME/MSME loan-
 
  • KYC documents
  • Bank account statements
  • Profit and loss statement and ITR
  • Proof of business vintage
You may be asked to submit additional relevant documents if required.

Who is eligible for an SME/MSME loan in India?

Applicants running a business for at least 3 years are eligible to apply under the SME/MSME loan scheme in India. They must also be within the age bracket of 24 to 70 years* (*Age should be 70 years at loan maturity).

How can I get an SME/MSME loan?

To avail an SME/MSME Loan, you need to fulfil the eligibility criteria and have a minimum credit score of 685 with no records of default.

Who can avail SME/MSME loan?

Entities, self-employed professionals and self-employed non-professionals like proprietors, retailers, traders and others can avail an SME/MSME Loan from Bajaj Finserv.

What is the interest rate for a collateral-free SME/MSME loan?

With Bajaj Finserv, get nominal interest rates on SME/MSME Loan starting from 17%.

How to apply for an SME/MSME loan without collateral?

The process to apply for an SME/MSME loan is simple.
 

What quantum of funding can I get instantly with an MSME business loan?

If you have a business that has been in operation for the last three years and meet the other eligibility criteria, you can apply with Bajaj Finserv and get a high-value MSME loan of up to Rs.45 lakh.

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