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.
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.
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.