MSME stands for micro, small and medium enterprises, sometimes it is also shortened to SME for small and medium enterprises. But, in essence, MSME and SME Loans are the same and are offered to businesses that fall under these two categories. Mostly, these loans are given to startup owners, small business owners and women entrepreneurs on a short-term basis. The duration of MSME / SME loans varies from lender to lender. As MSME loans are unsecured MSME / SME Loans, there are some minimum eligibility requirements in order to reduce the risk for lenders.
Features of RapidLoans MSME / SME Loans from RapidLoans
RapidLoans has special MSME loans and SME loans for businesses looking for quick finance in India. These loans are approved through an online process which helps in speeding up the financial vehicle delivery. RapidLoans also allows several customisations to its financial products which makes them ideal for today’s competitive business environments.
We have a flexible ticket size for MSME and SME Loans that starts at ₹ 50,000 and goes all the way up to ₹ 2 Crore. This makes RapidLoans business loans a veritable option for micro, small and medium enterprises.
All business loans approved by RapidLoans are unsecured. Meaning, there is no requirement for collateral to get an MSME or SME loan from us. And so, no need to worry about asset security when getting a business loan.
We use financial data analytics to calculate the best available interest rates for your enterprise. There is no manual intervention in the whole process and hence the rate you get is fair and as per your business’s ability to repay the MSME / SME Loan.
RapidLoans MSME loans give you ample time and options to repay your business loan easily. Our loan tenures start at 1 month and go all the way up to 36 months. Additionally, you have the option to repay in monthly or bi-weekly instalments or EMIs. This allows you to repay your debt in sync with your account’s receivables.
Benefits of MSME / SME Loans by RapidLoans
MSME / SME Loans by RapidLoans help your business’s growth potential and opportunity exploitation ability. Here are the benefits of an MSME / SME loan from an NBFC like RapidLoans
– Move quickly from planning to execution
Our superfast turnaround time means that you can take things from planning to execution within a matter of days instead of weeks or months. An MSME loan from RapidLoans allows you to get ahead in product marketing, boost production and expand your supply network in no time at all.
– Remain in control of your business
Our MSME / SME loans are unsecured, keeping your valuable assets protected in case there is a loan default. Similarly, we do not take control of your credit policy in return for investment, so that you remain in charge of your precious enterprise at all times.
– Manage your company capital better
Our MSME / SME loans can be used for a number of purposes. You can either use them to expand your operations by buying plant and machinery or opening at a new location, or you can use the loan for streamlining your working capital and general cash flow. Our MSME / SME loans help you in balancing your company capital through short-term investments that can be easily repaid.
– Raise your credibility in the market
With RapidLoans MSME / SME loans, you can give your business a much-needed boost and hence improve your profitability. This, in turn, will reflect in your books and create goodwill and credibility for your business in the market. Credit rating agencies will also take note of your improving prospects and raise your business’s credit rating accordingly, opening the way to increased investment and business finance.
Eligibility Criteria for MSME / SME Loans
RapidLoans has kept the eligibility requirements to the bare essentials in order to process MSME / SME loans faster. We do not require too many documents or unnecessary paperwork that can hold-up the loan approval process.
- An established business that has been in operations for more than 12 months
- A minimum turnover of ₹ 50 lakhs.
- The business should not fall under blacklisted / excluded list for SBA finance.
- The physical location of your enterprises should not be in the negative location list.
- Trusts, NGOs and charitable institutions are not eligible for small business loans.
If you are not sure if your business falls under a restricted category or location, you can contact us to confirm your eligibility.
3 simple steps to your MSME / SME Loans
Simply enter your personal, business and financial info to receive a MSME / SME Loans offer.
Upload digital copies of your documents in a single step process for verification.
Receive your MSME / SME Loans approval and disbursal within 3 working days.