MSME Loan in Kanchipuram

With several loan schemes introduced by the Central MSME Department, small scale industries are getting more flexibility in terms of capital and interest subsidy, and other financial assistance.

Some of these loan schemes introduced are:

• New Entrepreneur cum Enterprise Development Scheme (NEEDS scheme)
• Credit Guarantee Trust Fund for Micro & Small Enterprises (CGT SME)
• Unemployed Youth Employment Generation Programme (UYEGP)
• Prime Ministers Employment Generation Programme (PMEGP)

Business owners can also gather funds from private banks and NBFCs. Individuals can simply voice search ‘MSME business loan provider near me’ to check the lenders offering this credit option. Private financiers offer such funds under several product categories like a working capital loan, bank overdraft, letter of credit, merchant cash advance, accounts receivable factoring, and bill discounting, among others.

These small business schemes come with a number of convenient features that provide an opportunity for small business owners to grow. These are as follows:

• MSME loan/SME loan in Kanchipuram aims at facilitating better cash flow in the new and small manufacturing and service units. With easy access to external funding, entrepreneurs can obtain advanced machinery to increase production and sales.
• Business-owners can avail both secured and unsecured funds for their MSME/SMEs, depending on their loan requirement, eligibility, and the lender.
• These financial products come with a long tenure, allowing borrowers to repay in small and affordable EMIs.

Despite such beneficial characteristics of MSME/SME loans, acquiring one can be a hard nut to crack, provided its elaborate requirements.

Following are some MSME loan features that can be a matter of concern for many entrepreneurs.

• High Rates Of Interest

Banks and NBFCs, offering unsecured business finance, charge strikingly high MSME loan interest rate. These are accompanied by substantial processing charges, making these financial products an expensive borrowing option.

• Stringent Eligibility

Applicants need to meet the following MSME loan eligibility criteria to qualify for MSME/SME financing.

• Businesses must belong to the manufacturing or service sector with maximum investment and turnover not exceeding Rs. 20 crore and Rs. 100 crore, respectively.
• Applicants must be Indian citizens aged between 18 to 70 years.
• Entrepreneurs must have a sound repayment history with a 750+ credit score.

Besides, applicants also need to provide an array of documents to support their eligibility claims. The documentation is even more extensive for government-aided schemes.

• Long Processing Time

A long-winded verification process naturally results in extended processing time. This can delay loan disbursal significantly and might not make such MSME funds a great option for emergencies.

The above characteristics of an MSME loan/SME loan in Kanchipuram can pose significant inconveniences for entrepreneurs facing irregular cash flow, having a poor credit history, or lacking adequate revenue. A high borrowing cost over a long tenure can also hamper new businesses instead of helping.

Thus, as an alternative, one can choose a gold loan that comes with numerous benefits without imposing additional hassles. Also, with Rupeek, these benefits can be maximised to a great extent.

• Walajabad
• Sunguvarchatram
• Ayyampettai
• Pannur
• Madipakkam
• Chromepet
• Uttiramerur
• Sriperumbudur
• Irungattukottai
• Ambattur
• Enathur
• Palayaseevaram
• Medavakkam
• Tambaram

While a conventional MSME loan/SME loan in Kanchipuram is customised to help small businesses grow and expand their operations, Rupeek’s gold loan makes a better substitute with affordable interest rates and instant access to funds.

So make use of the Rupeek app and online portal to support your business with its compelling benefits.