What are documents required to apply for a MSME Loan?
|Proof of Identity||PAN card, Aadhaar card, Voter’s ID, passport|
|Proof of Residence||Rental agreement, ration card, utility bills|
|Proof of Business Address||Rental agreement, lease agreement, utility bills|
Moreover, can a new MSME get loan?
The Scheme covers collateral free credit facility (term loan and/ or working capital) extended by eligible lending institutions to new and existing micro and small enterprises up to Rs. 100 lakh per borrowing unit. The guarantee cover provided is up to 75% of the credit facility up to Rs.
In this way, does MSME require GST registration?
The government issued a notification dated 26.06. 2020, which specified that GSTIN (GST Identification Number) is mandatory for registering MSME on the Udyam registration portal. It stated that with effect from 01.04. 2021, the PAN and GST of the enterprise are compulsory.
How can I check my MSME loan eligibility?
Simple MSME loan criteria along with minimal documentation help avail the funds without any hassle.
|KYC documents||Aadhar card, Pan card, Voter ID card, driving license or any KYC document approved by the government|
|Business ownership proof||The registration documents for your business|
Below is the extensive list. Application Form:
- Pan Card.
- Aadhar Card.
- Voters Id Card.
- Driving License.
5 Government Loan Schemes For MSMEs & Startups In India
- MSME Loan in 59 Minutes – Launched by SIDBI. …
- Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE) …
- Credit Facilitation Through Bank by National Small Industries Corporation (NSIC) …
- Credit Link Capital Subsidy Scheme (CLCSS) for Technology Upgradation.
The MSME registration is free of cost and is categorized under two main categories, such as manufacturing enterprises and service enterprises.
MSME registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded for registering an MSME. Only Adhaar Number will be enough for registration. … Having PAN & GST number is mandatory from 01.04.
MSME/Business Loan without Collateral/Security
Collateral-free MSME loans are offered at competitive interest rates with flexible repayment options. Loan amount up to Rs.
- Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
- Credit Card Loans: …
- Home Loans: …
- Car Loans: …
- Two-Wheeler Loans: …
- Small Business Loans: …
- Payday Loans: …
- Cash Advances:
List of Documents
- Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
- Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Latest 3 months Bank Statement (where salary/income is credited).
- Salary slips for last 3 months.
Documents Required for Availing SME Loans
|Identity Proof||Passport, Aadhaar Card, Driving License, Voter’s ID, PAN Card, etc.|
|Company Financials||Provisional/audited financials – tax audit reports, balance sheet, profit and loss, VAT returns, etc., for the last 3 years|
|Bank Statements||For the last six months|
Aadhaar Card and PAN Card are the only documents required for MSME registration. MSME registration is fully online and no proof of documents is required. PAN and GST linked details on investment and turnover of enterprises will be taken automatically by the Udyam Registration Portal from the Government databases.
Eligibility Criteria for Mudra Loan
The minimum age of the applicant must be 18 years and the maximum Mudra Loan age limit is set to 65 years. Loans can be availed by non-farm income-generating businesses in trading, manufacturing and services. The requirement of credit must be ₹ 10 Lakh or lower.