| LendingKart | Rates as decided by lender |
| Fullerton India | 17% Onwards |
| Mahindra Finance | Rates as decided by lender |
| Muthoot Finance | Rates as decided by lender |
| LoanTap | 18% onwards |
There are several other government schemes available for MSMEs.
Mudra Loan – This is a scheme offered for MSMEs under Pradhan Mantri Mudra Yojana. Under the Micro-units Development and Refinance Agency scheme, borrowers can borrow from INR 50,000 to INR 10,00,000 on the basis of Shishu, Kishor and Tarun categories.
There are several sub-schemes like-
- Micro-credit scheme
- Refinance scheme for banks
- Credit for micro-finance
- Mahila Uddyami scheme
- Mudra card
- Equipment Finance Scheme
- Credit guarantee scheme
There are other government schemes available, such as –
Credit Guarantee Funds Trust for Micro and Small Enterprises
Prime Minister’s Employment Generation Programme
How to register for the MSME scheme
- You will need to go to https://udyamregistration.gov.in/Government-India/Ministry-MSME-registration.htm.
- Click on New Entrepreneurs who are not yet registered as MSMEs or those with EM-II (Entrepreneurs Memorandum Part – II ).
- You will need to provide your name and Aadhaar details and get it validated to generate a one-time password that will be sent to your mobile number.
- Use the OTP to authenticate your identity and provide details of your PAN, name of your enterprise, etc., and validate details.
- You will need to provide personal details and industry details in the next step.
- Once all details are filled in, click ‘Submit’ and ‘Get Final OTP’ which will be sent to your mobile number. You will need to enter this OTP which will confirm the successful registration of MSME.
MSME Loan from LoanTap
LoanTap offers MSME loans from INR 50,000 – INR 10,00,000 for tenures ranging from 12 to 36 months in less than 24 hours. You can use this loan to meet the working capital requirement of your business, buy new machinery, meet business expenses or any other need that may crop up. The MSME loan terms and conditions are very simple at LoanTap.
To qualify for an MSME loan from LoanTap, you will need to
- Be an Indian citizen or resident
- Be over the age of 21 years
- Have filed the latest Income Tax Returns
If you meet these requirements, congratulations! You can apply for an MSME loan from LoanTap.
Just download the LoanTap app on your smartphone and fill out an online application. You will need to upload the following documents –
- PAN Card
- Aadhaar Card
- Income Proof
- Bank Statement for the last 6 months
- Income Tax Returns
Once the system verifies your documents, your loan is approved, and the amount will be automatically credited to your account within 24 hours. You can foreclose the loan after 6 months without any prepayment penalty.
LoanTap MSME loans are quick, efficient, simple and seamless. What’s more, there is no physical paperwork and only minimal documentation to deal with. The entire process is online, and you need not visit the lender even once.
Conclusion
LoanTap understands the funding needs of small entrepreneurs and endeavours to resolve these issues for them by providing convenient loans that can be repaid over 36 months. This can be a great relief to small business owners who may get stressed out due to fund shortages which could bring their ventures to a sudden halt. With LoanTap MSME loans, you don’t have to worry about finances anymore. LoanTap MSME loans will help you carry out your daily operations in peace.What are you waiting for? Download the LoanTap app and enjoy the LoanTap advantage.
