Lucknow provides a huge number of business opportunities in all sectors, ranging from retail to manufacturing. Lucknow a hotspot for many business owners. With a number of businesses operating in Lucknow, the need for an MSME loan in Lucknow is also very high. We offer quick business loans in Lucknow to small business owners up to Rs. 7.5 lakhs at minimal documentation and essential eligibility criteria.
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ZipLoan is the Lender of Choice for Small Businesses.
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No Prepayment Charges
After first 6 EMIs
Receive Funds Within 3 Days*
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What is MSME?
MSME full form is Micro, Small, and Medium Enterprises. The Government of India has introduced MSME or Micro, Small, and Medium Enterprises in agreement with Micro, Small, and Medium Enterprises Development (MSMED) Act of 2006. These enterprises primarily engaged in the production, manufacturing, processing, or preservation of goods and commodities.
ZipLoan, one of the best MSME loan providers in Lucknow, is an RBI registered NBFC and offers SME loans ranging from Rs 1 to 7.5 lakhs. The following are the features of the business loan offered by the NBFC:
Loan up to Rs. 7.5 Lakhs: We offer MSME loans ranging from Rs. 1 Lakh to Rs. 7.5 Lakh to the eligible MSME business owners. The wider loan window offered by us helps the business owners get access to funds to meet all their various business requirements, such as business expansion and growth.
Online Processing: We have an online business loan application process for applicants to apply for a loan through mobile or laptop/PC. So, there is no need for you to visit us in person.
Faster Processing: We have a fast process wherein we process the application and disburse the loan amount in just three days*. lThe online loan application saves time as there is no time between your filling the loan application and us processing it. Besides, we try and inform the borrower about his eligibility on the same day he applies for the loan.
Flexible Repayment: We offer flexible repayment offers to our borrowers. You can choose between 12 months, 18 months, and 24 months, and 36 months as per your business financials.
No Hidden Costs: We don’t have any hidden charges or costs. We levy a one-time processing fee. No prepayment penalty after the payment of 6 EMIs
MSME Loan Interest Rates
Let’s now take a look at the factors that affect MSME loan interest rates of all the business loan companies in Lucknow:
Business Existence: The longer the business is in operations, the better it is. The minimum business vintage required is two years. With two or more years of business vintage, you are able to provide ITR, bank statement, and other documents to prove the financial stability of your business.
Yearly Turnover: The yearly turnover depicts whether the business is making profits or incurring losses. In short, it plays a key factor in determining the eligibility of your business. Many times business turnover fluctuates. However, it is imperative to maintain consistency in it.
Credit Score: It helps in determining your and your business’ creditworthiness numerically, based on the credit history. In case, if you have availed of loans in the past and have paid all EMIs on time, it will impact your score positively. However, if you have defaulted on the EMIs, your score will be impacted negatively.
Business Nature: There are several sectors that the loan lenders term as risky. Hence, they don’t lend to them. Therefore, business nature and sector also play a major role in interest rate, as if the borrower operates in risky nature, the interest rates would be high.
Why avail MSME Loan in Lucknow?
We are one of the best NBFCs in Lucknow for business loans as we offer MSME loans. The following are the benefits of our business loans:
Types of Unsecured MSME Loans: you have several options to choose between when availing of unsecured loans. You can avail of a machinery loan, term loan, working capital loan, and capital loan.
Simple Process: We have a fast and simple application process. You can fill the loan application in as little as just 10 minutes. Just check your eligibility criteria on our eligibility calculator and fill the loan application. Besides, we require minimal documentation for the processing of the application. And you can submit the documents online – upload their soft copies (pictures or PDFs).
Fast Disbursement Process: Our disbursement process is fast. We approve the loan application the same day and disburse the loan amount in just three days*. We are a technology-enabled lending platform, which is the main reason we accelerate the lending process. Our unsecured loan product further quickens the lending process.
Shorter Repayment Tenure: Our loan repayment tenure is short, ranging from 12 months to 24 months, and 36 months. You can choose one that suits your pocket. This helps you get access to the necessary funds without indulging in long-term liability. In addition, the short debts also help you in keeping your cash flow positive.
Frequently Asked Questions
What is an MSME loan?
MSME loans are business loans offered by several financial institutions to meet various business-related expenses. MSME full form is Ministry of Micro, Small & Medium Enterprises.
Who is eligible for an MSME loan in Lucknow?
All the business owners in Lucknow who are running a business for more than two years and have a business turnover of more than Rs. 7.5 lakh can apply for a loan quickly with ZipLoan.
How can I apply for an MSME loan from ZipLoan?
To apply for an MSME loan with ZipLoan, check your eligibility for the loan through our EMI calculator. If you are eligible, fill the loan application, and our executive will contact you shortly.
How can I check my MSME loan status?
To check the status of your MSME loan application, you can visit http://prep-customer.ziploan.in/login. By logging in to your account, you can check the application status, pay EMIs, view remaining EMIs, and download the EMI statement.
How can I get a loan from MSME?
The process to apply for an SME/MSME loan in Lucknow is simple.
1) Fill up the online application form of SME/MSME loan to apply.
2) Submit all the relevant documents to complete the process.
3) Get money in the bank within 3 days* after document verification.
Solving Real problems
I have been running my business for over twelve years but have not been able to undertake expansion activities. I applied to Ziploan and they cleared my loan application in a very short span of time.
I approached Ziploan for an equipment finance loan. Their eligibility criterion was easy to fulfill because it required only 2 years ITR and 10 lacs of annual banking credit.
I always thought that loans and credit facilities were only available to large businesses with significant turnover. I never thought I would be eligible to qualify for a business loan too. Ziploan is boon for small enterprises like me.
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