The government of India offer loans for Micro, Small and Medium Enterprises to facilitate their growth. India is a booming network of MSMEs and the segment caters to a large audience. Availing the MSME loans offers the strength and potential to business that wish to grow and make a mark in the market with their products and services. MSME (Micro, Small & Medium Enterprises) are classified in two ways:
- - Manufacturing Enterprises engaged in the manufacture or production of goods pertaining to any industry or deploying plant and machinery in the process of value addition to the final product having a distinct name or character or use; and
- - Service Enterprises engaged in providing or rendering of service
What are the eligibility criteria for MSME loans?
- - Self-employed professionals (SEP) – Allopathic doctors, company secretaries, chartered accountants, and architects who are practicing their profession.
- - Self-employed non-professionals (SENP) – Traders, retailers, manufacturers, proprietors, and service providers.