MSME Loan/ SME Loan - Eligibility & Documents Required
Eligibility Criteria for MSME Loan
| Eligibility criteria | Requirement |
|---|---|
| Age | The minimum age of the applicant must be of 18 years and maximum age of 65-70 years |
| Business Vintage | Lenders often require a minimum business vintage of around 6 months for MSME loan applications |
| Nature of Business | Eligibility for the loan requires that the business complies with all applicable legal regulations. Businesses that are blacklisted or operate unlawfully are not eligible for loan approval. |
| Documents | To complete the MSME loan application, borrowers must provide documents like PAN Card, business ownership proof, and bank statements. |
| Credit Score | A good credit score expedites the verification process for SME loans and may secure a more favorable interest rate. |
| Size of business |
Note:The above-mentioned Personal Loan eligibility list is indicative. Additional eligibility criteria may be required during loan processing.
Required Documents for Individuals
- Pancard/Aadhar card/Photo/ID Card
- 6 months salary slips
- 12 months of banking statements from the salaried account
- 2 years Form 16
- 2 years ITR & Certificate of Incorporation
- Appointment letter/Last relieving letter
Note: The above-mentioned Business Loan documents list is indicative. Additional documents may be required during loan processing.
Required Documents for Self-Employed
(for Pvt Ltd Company)
- Pancards/Adhar card of all directors
- Pancards of company
- Residential/Office Address proof
- Memorandum of Association (MOA) and Articles of Association (AOA)
- GST Registration/GST return for the past year
- 3 years ITR & Computation of income with complete financials, Balance Sheet, and audit report
- Loan details with sanction letter & Repayment schedule (If any)
(for Proprietorship Firm)
- Pancard/Aadhar card/Photo
- 3 years complete financials with ITR & Computation of Income
- GST Registration/GST return for the past year
- Form 26 for the last 2 years
- MSME certificate
Note: The above-mentioned Loan documents list is indicative. Additional documents may be required during loan processing.