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Home to the famous Meenakshi Temple, Madurai is an emerging automobile hub of India. Industry leaders like Isuzu, Volkswagen, Mahindra, Toyota, and Tata, among others, have units in and around the city. Along with that, agriculture is a significant contributor to this city’s economy.
Madurai also hosts numerous micro-and small-scale companies. To compete with the industry giants in this city, sustain, and grow, businesses need adequate funds at all points. An MSME loan/SME loan in Madurai can significantly benefit enterprises in that regard.
An SME loan is tailored to meet the unique monetary requirements of micro, small, and medium enterprises, the primary contributors to this nation’s economy.
Here are a few features of this financial product –
These benefits of MSME loan/SME loan in Madurai can be obtained under several fund schemes offered by government and private financial institutions.
India’s government has launched several loans and subsidy schemes to address small businesses and start-ups’ financial requirements. Some of these are as follows.
Besides these government-aided schemes, entrepreneurs can also benefit from small business finance offered by banks and NBFCs. Individuals can choose from variants like equipment finance, working capital loans, letter of credit, overdraft, and term loans.
To avail of theses beneficial schemes, businesses need to fall under the categories specified by the MSME loan scheme 2020. These are:
Enterprises falling under these categories can proceed with the MSME loan process of application.
Potential borrowers can follow these steps to get an MSME loan online.
Step 1: Visit the official website of the lending government body or any other financial institution.
Step 2: Select the loan scheme that best suits your business requirements.
Step 3: Fill in the online application form with accurate information.
Step 4: Submit all necessary documents for loan approval.
Besides documentation, enterprises need to meet the following criteria to qualify for an MSME/SME loan in Madurai.
Sl. No. |
Eligibility criteria |
Requirements |
1 |
Credit Score |
Higher than 750 |
2 |
Business Vintage |
Minimum 6 months, but lenders may prefer a higher bona fide vintage |
3 |
Business Type |
Sole proprietorship, Partnership, LLC, Private Limited and Public company |
4 |
Yearly Turnover |
Minimum Rs. 25 lakhs, but can vary depending on the financier. |
Based on the fulfilment of these MSME loan eligibility criteria, lenders decide whether to accept or reject a particular application. However, meeting such stringent norms can be a challenge for some. In such instances, enterprises can bypass it by opting for a gold loan.
Gold loans, being secured in nature, offer less stringent eligibility norms and more favourable loan terms. Furthermore, with lenders like Rupeek, you can enjoy a smooth gold-backed MSME loan procedure at your doorstep.
Enjoy our instant doorstep MSME loan/SME loan against gold in and around the following localities –
Avail an instant MSME loan/SME loan in Madurai to address all cash flow woes. Enjoy our doorstep service, lowest interest rates, substantial loan, and top-notch collateral safety with just one click!
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You can apply for an unsecured business loan with a bank or NBFC without submitting any collateral. Specific government schemes do not involve any collateral either.
The Prime Minister Employment Generation Programme (PMEGP) is a government-aided credit-linked subsidy scheme that aims to generate self-employment by providing 15-35% of the project cost as subsidy. The Khadi & Village Industries Commission (KVIC) is responsible for implementing this scheme at the national level.
Invoice financing can come in handy when customers delay payments after product delivery. To compensate for cash crunches during this period, entrepreneurs can use unpaid invoices to realise their outstanding at a discounted rate. This is repaid once customers make payments.
You can acquire a MUDRA loan online from any of the empanelled financiers’ websites. Search for ‘MUDRA loan near me’ to view the financial institutions facilitating this scheme and proceed accordingly.
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