Benefits of SME Loan Scheme from ZipLoan
The following are the benefits of availing an MSME loan from us:
- Manage Working Capital Efficiently: Our SME loan will help you accelerate your business growth by purchasing new machinery, office revamping, and streamlining your working capital.
- Control Your Business: By availing collateral-free MSME loan from us you won't have to mortgage your personal and business assets. So, you can focus on other areas of your business.
- Business Expansion: With an unsecured MSME loan from ZipLoan, you can get ahead with production, product marketing, and expand your supply network as well.
- Improve Credibility: With our MSME loan scheme, you can boost your business and deliver the order on time that will increase your credibility in the market.
Eligibility Criteria of MSME Loan
Our MSME loan eligibility criteria are simple to let more and more business individuals avail the loan amount.
- An established MSME with a proved business vintage of more than two years.
- Minimum annual turnover of Rs. 10 lakhs in the last year.
- The business must not have any default history.
- The income tax filed during the last year should be more than Rs. 1.5 lakhs.
- The borrower should own either house or business place.
Documents Required for an MSME / SME Loans
| ||Proprietorship||Partnership||Pvt. Ltd. / LLP / One Person Company|
|Bank statement (12 months)||✓||✓||✓|
|Business registration proof||✓||✓||✓|
|ITR of the previous two years||✓||✓||✓|
MSME / SME Loans Fees & Interest Rates
|Customized Interest Rates||Yes|
|Loan Tenure||up to 36 months|
|Pre-closure charges||Nil** after paid first 6 EMIs|
|Collateral||Not required for unsecured business loans|
|Eligibility Criteria||Annual turnover more than Rs.10 lakh|
|Loan Amount||₹ 1 Lakh – ₹ 7.5 Lakh|
How to Calculate MSME/SME Loan EMI?
Here is the formula to calculate MSME Loan EMI
EMI = P × r × (1 + r) n/ ((1 + r) n – 1)
P: Loan amount, r: interest rate, n: tenure in number of months
How to Apply for MSME/SME Loan
Here are three steps process to apply for MSME loan online from ZipLoan:
- Submit Application - Simply enter your personal, business and financial info to receive an MSME / SME Loans offer.
- Upload Documents - Upload digital copies of your documents in a single step process for verification.
- Get Sanctioned - Receive your MSME / SME Loans approval and disbursal within 3 working days*.
How to Use MSME/SME Loan?
SME loan scheme is a great way to fund your business when needed. Here how you can utilize the fund of MSME/SME finance.
- Inventory Management – MSME loan is a great way to secure your supply chain. With a fund of MSME finance, you can buy new stocks, and products, etc.
- Buy New Machinery – You can use unsecured MSME loan to buy new machinery and equipment. Machinery loan up to 7.5 lakhs from Ziploan will help you expand your business without draining your capital fund.
- Working Capital Management – You can maintain your working capital management with our collateral-free MSME loan.
- Repay Small Debts – One of the great advantages of availing MSME loan is you can repay small debts.
- Invest in Marketing – MSME finance can be used to market your product or services to new consumers. Because marketing needs lots of funds that can be fulfil using MSME loan.