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
As per the revised Classification w.e.f. 1st July 2020, MSMEs are now defined on the basis of Composite Criteria of “Investment in Plant & Machinery / equipment and Annual Turnover”.
What is 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.
Applicants can avail the MSME loan of up to Rs. 45 lakh within 2 days. Exclusive pre-approved offers help MSMEs avail financing instantly.
We, at Egniol, provide consultation and assistance throughout the process of MSME loans, and we provide excellent services in a hassle-free manner.