In today’s age of growing entrepreneurship and the emergence of fresh ever-competitive ideas, do not let a lack of capital prevent you from pursuing your entrepreneurial dreams. According to the MSME Ministry, India has approximately 6.3 Crore MSMEs, contributing significantly to GDP growth. However, these MSMEs frequently face one challenge – obtaining a Business Loan and funds to run their day-to-day operations. With Poonawalla Fincorp’s Business Loan scheme for Small and Medium-sized Enterprises (SME) Loans, you can avail a hassle-free experience in procuring SME loans.
Poonawalla Fincorp provides you with loans up to ₹30 Lakh with attractive interest rates, collateral-free financing, and quick approval. With an accessible Business Loan scheme, you are just one step away from acquiring your SME Loans and gear forward toward your entrepreneurial dreams. The Business Loan scheme has no hidden or concealed charges or costs. Complete transparency is maintained in all loan transactions, and the relationship with all borrowers is highly valued. Poonawalla Fincorp’s simple SME Loan eligibility criteria make it simple to obtain quick business financing. To start, business owners only need to meet the simple standards and submit essential Business Loan documents to avoid delays and speed up loan processing. This complements the ability to apply for an MSME Loan online at the Poonawalla Fincorp website and provides all business owners with a quick and easy solution.
The loan eligibility requirements are intended to save the clients’ time and position for success at every step to ensure no difficulties or problems are encountered during the loan procuring process. Poonawalla Fincorp wants to help SMEs and MSMEs grow their businesses without worrying about their financial drawbacks. As a result, MSME Business Loans are provided with clear and concise criteria. Here are the top 5 factors that make you eligible for an SME Loan, effective immediately –
1. Age and Nationality – The loan can be availed by Indian nationals between the ages of 22 and 62.
2. Business Vintage – Business Vintage describes how long a business has been operating and when it was registered. It is a significant eligibility factor for many business financing products offered by formal lenders, including Unsecured Business Loans. All applicants must have a business vintage of at least three years to be considered for an SME loan.
3. Annual Turnover – The applicant’s company must have a minimum annual turnover of ₹20 Lakh.
4. Business Documents – Applicants must submit essential documents devoid of time-consuming paperwork to access financing for their business with minimum documentation. The three primary documents required are –
KYC: Company PAN Card, Director/Proprietor/ Partner PAN Card, Aadhaar Card, Passport.
Proprietor/Partner/Director PAN Card, Aadhaar Card, Electricity Bill/Rent Agreement/Passport.
Business Address Proof: Utility Bills/Rent Agreement
Financial Documents: Applicants must provide their bank account statement for the past six months or Income Tax returns to be considered for an SME loan.
5. Credit Score – To qualify for an SME Loan, applicants must maintain a good CIBIL score. Typically, a Bureau score of at least 650 is required for loan applications. However, applying with a Bureau score of 750 or higher is recommended to get the best loan terms.
With those above-mentioned clear and concise criteria, business owners can avail of SME Loans with a hassle-free experience by either applying online with Poonawalla Fincorp or by going to a local bank and asking for an application form.
SME Loans have specific eligibility requirements that must be met for business owners to receive the benefits. Poonawalla Fincorp offers SME Loans of up to ₹30 Lakh to help businesses meet their immediate financial requirements. It has minimum eligibility and documentation requirements to make loan processing easier. This loan has a low-interest rate and can be paid back over time. For a small fee, businesses can prepay or close their loan accounts with Poonawalla Fincorp before the term expires.
To ensure a smooth experience, meet the above criteria and submit the required documents for a new Business Loan. This will prevent inconsistencies in the loan application process and ensure that your application is approved quickly. The SME Loan procuring process has never been more straightforward. Apply effectively to get verified and get your Business Loans immediately.