MSME loan in North 24 Parganas

Businesspersons can avail an MSME loan in North 24 Parganas directly from a financial institution, or they can opt for loans offered via govt. schemes. Some of the MSME loan schemes are mentioned below.

• Credit-linked Capital Subsidy Scheme
• Pradhan Mantri Mudra Yojana
• Credit Guarantee Fund Government Business Loan Scheme
• SIDBI Make in India Soft Loan Fund for MSMEs
• National Small Industries Corporation Subsidy

Now, let’s take a look at some of the features of an MSME loan/SME loan in Barasat.

Here is a tabular representation of the features of MSME loans. This includes the loan amount, interest rates, fees, etc.

Micro, small, and medium enterprises form the backbone of our country’s economy. As such several financial institutions, as well as the government, extend financing to businesses in this sector to aid them in their growth.

Enterprises can apply for an MSME loan/SME loan in North 24 Parganas to fund a host of business-related expenses such as –

• Overhead costs like rent, salaries and wages, office supplies, advertising expenses
• Purchase of raw material, inventory
• Expansion, diversification, modernisation of business operations
• Purchase or upgradation of equipment

However, a business must meet some requirements before opting for an MSME/SME loan. These are as follows –

• A business with an investment of Rs. 50 crore and a turnover of Rs. 250 crore qualify as medium enterprise
• Businesses with investments of Rs. 10 crores and an annual turnover of Rs. 50 crore are eligible as a small-scale enterprise.
• Micro enterprises can have a maximum turnover of Rs. 5 crores and an investment of Rs. 1 crore

Apart from that, MSMEs need to submit an array of documents during the SME loan online application process. These are listed below –

• Business plan
• KYC documents such as Aadhaar card, Voter ID card, PAN, Telephone and Electricity bills, sales tax certificate, lease agreement, etc.
• Financial documents, like Income tax returns, bank account statements, Balance sheet and profit and loss statement (CA certified)
• Registration documents, partnership agreement, Article and Memorandum of association, statement of creditor or any document issued in the name of the business

Here are some of the ways how enterprises can use the sanctioned loan amount efficiently:

• Purchase Machinery: Financing the purchase of machinery and equipment can be a challenge for many enterprises. To that end, business owners can use the MSME loan amount to purchase machinery, equipment and increase production.
• Replenish Inventory: Once a business is growing at a fast rate, it’s crucial to ensure efficient inventory management. Businesspersons can utilise the loan amount to replenish stock, optimise the supply chain, and more.
• Invest In Marketing: An efficient, well-planned-and-executed marketing strategy can undoubtedly build brand awareness and boost conversions. Moreover, businesses can attract more new customers and penetrate new markets. Nevertheless, both digital and offline marketings are expensive. Therefore, financing such expenses can be challenging for many businesspersons. However, one can avail an MSME loan/SME loan in North 24 Parganas and conveniently finance an effective marketing campaign.
• Expand Operations: Businesses can utilise the loan amount to expand operations. For example, a café owner may choose to open new branches in the city. Moreover, he/she can introduce new items on the menu. This may increase the café’s popularity and attract new customers.

Although the features of an MSME loan might be enticing, most small businesses are unable to meet the extensive documentation procedure for MSME loans. They can consider opting for other types of business loans. For instance, entrepreneurs and business owners can apply for a gold loan offered by Rupeek to meet their business needs.

To avail a gold-backed MSME loan with a low CIBIL score, borrowers only need to submit KYC documents. Moreover, we offer doorstep services that you can avail from the following areas in North 24 Parganas:

• Bidhannagar
• Barrackpur
• Baranagar
• Kamarhati
• Barasat
• Dum Dum
• Madhyamgram
• New Barrackpur
• North Barrackpur
• Naihati
• Titagarh
• North Dum Dum
• South Dum Dum
• Rajarhat-Gopalpur
• Kanchrapara

Existing, as well as new MSMEs looking for quick financing, can, thus, opt for a gold-backed MSME loan/MSME loan in North 24 Parganas from Rupeek to meet their business goals.

Get in touch with us today and receive funding within 60 minutes!