THE NEED AND IMPORTANCE OF BUSINESS LOANS FOR MSME
India is a developing and growing country with boundless business ideas and initiatives ready to be born and grow! Indeed, the MSMEs in India, which comprise micro, small, and medium-sized enterprises, are the growth engines of the Indian economy. They play a critical role in contributing to India’s rapid economic growth, which we have seen during the past few years. There is a presence of about 6.3 crore MSMEs in India that contribute to around 30% of India’s Gross Domestic Product (GDP). Well, the Indian Government recognizes these facts, and that’s why Business loans for MSME are launched with banks, Non-banking Financial Corporations (NBFCs), and Government Credit Schemes.
Most business ideas are never born owing to the lack of knowledge of getting access to the MSME schemes and subsidies, and that’s where the role of financial institutions like Rupeeboss Financial Services Pvt Ltd becomes imperative! They make the procurement of Business loans for MSMEs easy and quick.
MSME Schemes & Subsidies by Rupee boss Financial Services Pvt Ltd
Established financial institutions like Rupeeboss Financial Services Pvt Ltd offer MSME Bharat Manch, a nationwide initiative to resolve the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) in India. Its key features are:
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- Through this initiative, the MSMEs get access to a platform of MSME Schemes and subsidies to get their desired business loans, technology solutions, financial services, and much more that leads to self-reliance and growth!
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- It also pays attention to the upliftment of underprivileged entrepreneurs and women-led businesses through mentorship, access to government schemes, and skill development.
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- It aims to create job opportunities by supporting MSMEs, thereby contributing to the country’s economic growth.
Who can avail of Business loans for MSME?
Through their services, the financial institutions facilitate the procurement of Business loans for MSME for individuals, start-ups, business owners, entrepreneurs, self-employed professionals, and other business entities for their business expansion and also for meeting their day-to-day business requirements.
The maximum amount of Business loans for MSME offered by Banks/NBFCs that you can avail of through the quick services of Rupeeboss Financial Services Pvt Ltd is up to Rs. 2 crore (Collateral-free loans) with a repayment tenure of up to 5 years. To know, click here!
Take a look at the Eligibility Criteria for procuring MSME schemes and subsidies.
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- You should be a minimum of 21 years of age at the time of loan application and a maximum of 65 years at the time of loan maturity.
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- Should have a particular annual business turnover as defined by the bank from where the loan is being procured.
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- Possess a minimum business vintage should be of 1 year.
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- Should not have any history of being a loan defaulter.
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- Possess a decent credit score.
Wrap up!
A Business loan for MSME is a great tool for small business owners to grow and expand their businesses. Look at the MSME Schemes and subsidies by Rupeeboss Financial Services Pvt Ltd and get on the road of your business growth.