What are the MSME loan eligibility criteria?
To make the funds available easily, without any hassle to MSMEs, the MSME loan eligibility criteria have been made pretty basic. Below detailed are the eligibility criteria:
Firstly, to apply and then avail of the MSME loan, the company must register its business as MSME under the MSME Act.
- MSME should be in business operation at least for two years.
- Complete Bank Statement showing that turnover of the business is more than INR 10 lakhs in the earlier year.
- The age of the applicant of the MSME should be at least 25 years.
- The company should have a clear credit history, with no defaults.
- The Income Tax Returns for the previous financial year should be equal to or more than INR 1.5 Lakhs.
- The applicant of the MSME should be owing to a business place.
- The business loan documents for MSME loans are Bank Statement Copy for the previous year, Business Registration Copy, PAN card copy, Aadhar Card copy, ITR copy for the previous 2-3 years.
How to get MSME loan?
It is very easy to submit and thereby obtain MSME loans from Ziploan, whereby the MSME needs to first submit the application form and then upload all the required business loan documents online and within a few working days, the loan amount may be sanctioned.