Documents Required for MSME Loan
Before applying for an MSME loan, it is mandatory to keep some important documents ready for the MSME loan. The documents which have to be kept ready are:
- Aadhar Card
- Proprietor's PAN card number
- PAN card made in the name of the industry
- Any of the government-issued ID
- Any residence certificate issued by the government
- One age certificate verified/certified by the government
- Industry Registration Proof
- If the industry comes under GST, then registered GST number otherwise cell tax number
- Last 12 months bank statement
- Last 2 years balance sheet of the industry. It is mandatory to clearly show the profit and loss of the industry in this balance sheet.
Who is Eligible for The Loan Scheme in 59 Minutes?
All those industries which meet the requirements of MSME (Micro Small and Medium Enterprises). Apart from this, no guideline has been set yet.
Here is how to apply for MSME loan:
- First of all, visit the Udyogaadhaar.gov.in website. This is the national portal for registration of MSMEs. Enter the Aadhaar number, Entrepreneur name, and details, then click Generate OTP.
- An OTP will go to your mobile number, it is linked to your Aadhaar card. Fill your OTP and click "Validate", after which you will see an application form.
Enter all the details required.
- After filling all the required details in the application form, click "Submit".
After clicking the "Submit" button, the page will ask if you entered all the data correctly. Click "OK" to confirm.
- Now, you will again get an OTP on your mobile number which is linked to your Aadhaar card. Fill in the OTP and click "Final Submit" to submit the application form.
- Now you will see the registration number, note it for further work.
It should be known that Udyog Aadhaar Portal is a centralized portal for MSME loans. On this portal, you can register your industry once and apply for a loan from the following banks simultaneously.
- State Bank of India
- HDFC Bank
- Allahabad Bank
- Central Bank of India
- ICICI Bank
- Oriental Bank of Commerce
- Union Bank of India
Get MSME Loan from ZipLoan in just 3 Days*
Realizing the need for immediate money for MSME traders, the country's leading non-banking financial company (NBFC) ZipLoan provides business loans up to 7.5 lakhs to MSME traders in just 3 days*, without any collateral. Let us know that the business loan from ZipLoan is pre-payment free after 6 months.
MSME Loan Entitlement from ZipLoan
Many MSMEs are sometimes not eligible to get business loans from other companies and banks. In such a situation, it should not be so that the businessman is not deprived of the business loan due to the high eligibility criteria, that's why the very easy eligibility for a business loan has been determined by ZipLoan. The eligibility is as follows:
- The business should be more than two years old.
- The annual turnover of the business should be more than Rs 10 lakh.
- ITR filed should be more than 1.5 lakh annually for business.
- One of the places of business or home should be in the name of the businessman himself. (It is also valid in the name of self, in the name of parents, in the name of husband and wife, in the name of siblings, in the name of son and daughter.)
Documents ZipLoan Asks You When You Apply for MSME Loan from ZipLoan
ZipLoan considers the importance of time for MSME traders, therefore, no more paperwork is required, but only 4 paper documents provide business loans. The list of paper documents that are sought is as follows:
- Aadhar card and PAN card
- Last 9 months bank statement. (Current Bank Account)
- Copy of ITR filed last year
- Proof of ownership of either the residential or business premises. (It is also valid in the name of self, in the name of parents, in the name of husband and wife, in the name of siblings, in the name of son and daughter.)
Benefits of Taking An MSME Loan from ZipLoan
- Get an instant business loan
- Very few paper documents are required
- Business loans are available without any mortgage
- After 6 months, the business loan is pre-payment charges free
- After depositing 9 EMIs, the businessman is eligible to get a top-up loan
MSME Loan Fees & Interest Rate
A borrower who meets the eligibility criteria completely is least risky for the lender. Thus, he is offered the lowest interest rates as well. And borrowers who are risky to lend are offered loans at high-interest rates. Therefore, the interest rate depends on how well you meet our MSME loan eligibility.