SME (Small And Medium enterprise) Loans
For companies, getting the required capital for their business from traditional lenders can be an uphill battle. Also, with the market saturated with lenders claiming to offer the best SME loans, making a choice can be an arduous and lengthy process. As such, we at Real Money Solutions can help you pick the right SME funding options as well as help you get quick approval & disbursement on SME Loan with minimal paperwork at an attractive rate of interest.
As a funding option for small and medium-sized enterprises, SME is similar to a personal loan. It is a type of unsecured business loan where the interest rate and the EMI is fixed. SME loans are also an affordable option compared to business overdrafts or credit cards. Industries who can apply for SME loans include but is not limited to manufacturers, retail stores, hotels, wholesalers, healthcare, beauty salons, childcare centres, etc. It is also a collateral-free loan option, and the repayment terms can be customised to suit individual company’s cash flow model.
We understand that operating a small business is a tough task and without the required funds, it can be difficult to achieve your business goals. Thus, we bring to you SME business loans that are competitive and flexible with no hidden fees/charges whatsoever. So don’t wait and take appropriate steps today to grow your business via SME loan. Contact us for more details!
SME Loans Can Be Used For;
- Expanding business.
- Refurbishing office premises.
- Purchasing equipment/stocks.
- Payment to debtors.
- Working Capital
Eligibility For SME Loans
- The Applicant should be at least 21 years of age.
- Individuals eligible for unsecured business loan are self-employed professionals, private limited company, proprietors, public limited company, and partnership firmsrunning trading, manufacturing or services business.
- The Applicant must be in the current business for 3 years and should have an overall business experience of 5 years.
- The business should have a minimum annual income (ITR) of ₹ 1.5 lakhs.
*Note: Different banks/financial institutes have different eligibility criteria.
List of Documents for SME Loans
- Proof of Identity (PAN Card) of residence Applicant & Co-Applicant.
- Proof of Address (Aadhaar Card or Passport) of residence Applicant & Co-Applicant.
- Office/Business Proof.
- Bank statements for the last six months.
- IT Returns of threeyears preceding the one in which loan is applied for.
- Proof of the Continuity of Business.
- Photo of Applicant & Co-Applicant.
- Last 3 years audited financials with computation of balance sheet and income & Profit & Loss account, etc.
- Details of all active loans.
“GST Certificate”(for self employed) & “Bank Statement”
*Note: The list of documents required varies from bank-to-bank and financial institutes.