North 24 Parganas

MSME Loan in North 24 Parganas

North 24 Parganas, a highly populated district of West Bengal, shares its borders with Nadia in the north and Bangladesh in the east. The district is further sub-divided into five central regions, namely Barasat, Bashirhat, Bidhannagar, Barrackpore and Bongaon.

It is renowned for several tourist attractions such as Adyapith temple, Chandraketugarh, Dakshineshwar, Eco Park, and Annapurna Mandir. Apart from that, this district is also home to one of the major IT hubs of West Bengal, located in Salt Lake Sector 5.

The IT hub, while contributing to the economic growth of the district, has also encouraged several small, medium, and micro enterprises to set up shop in the area. These enterprises can opt for financing options such as an MSME loan/SME loan in North 24 Parganas to meet their day-to-day expenses as well as expand their operations.

Where To Get An 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.

What Are The Features Of MSME Loans?

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

Feature

Description

MSME Loan Amount

The maximum amount that businesspersons can obtain varies from one loan provider to another. Usually, lending institutions sanction unsecured MSME loans of up to Rs. 1 crore.

Type Of Loan

MSME loans fall under the category of unsecured loans. Individuals do not have to pledge collateral to raise funds for fulfilling their business-related objectives.

Loan Tenure

The loan repayment tenure is based on the choice of the MSME loan provider. Generally, the loan repayment period can range from 12 months to 180 months. Individuals must keep in mind that in some cases, there can be an extension.

Rate Of Interest

It can be anywhere between 8% and 22%. Make sure to check interest rates carefully before opting for a specific MSME loan provider in North 24 Parganas.

Processing Fee

The processing fee for an MSME loan can go up to 4% of the loan amount.

Part-payment Charges

Similar to processing fees, this varies. It can be up to 4% of the approved loan amount.

Cancellation Charges

Usually, loan cancellation charges depend on the policies of the lending institution.

Foreclosure Charges

MSME loan foreclosure charges are applicable to the outstanding loan amount. Financiers can charge up to 5% of the outstanding sum if closed before a specific period. 

Why Should Enterprises Opt For An MSME Loan?

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

How To Use MSME Loan Amount?

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!

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Benefits of Gold Loan over MSME/SME loan.
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We offer the highest per gram rate on our gold loans.

Today’s max loan value/gm () **

Today’s max loan value/gm ()
**
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters MSME / SME Loan Gold loan
Interest Rate 2.39% .79%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
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Frequently asked questions

  1. How to apply for an MSME loan?

Individuals can initiate the MSME loan Barasat apply online procedure by placing a request online. You can search ‘MSME loan provider near me’ to explore the nearest lenders. Alternatively, you can visit the loan provider’s nearest branch.

  1. Is there an overdraft facility on MSME loans?

Yes, there are some MSME loan providers that offer overdraft facility on MSME loans. However, the overdraft amount varies from one lender to another.

  1. Can I use an MSME loan to finance my child’s education?

No, you can’t avail an MSME loan/SME loan in North 24 Parganas to finance expenses that are not related to your business as the funds come with end-use restrictions.

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