MSME Loan/ SME Loan Loan - FAQs
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Questions, Answered.
Navigating Fatafat Finance FAQs.
Simplifying finances for you. Find quick, clear explanations to common queries.
Empowering informed decisions for your financial journey.
1. Who is eligible for an MSME/SME loan?
Eligibility criteria vary among lenders, but typically, businesses that fall
within the defined MSME or SME category, have a good credit history, and can
demonstrate the ability to repay the loan are eligible.
2. What documents are required for loan application?
Required documents may include business registration documents, financial
statements, income tax returns, bank statements, and a business plan.
3. How is the loan interest rate determined?
Interest rates can vary based on factors such as the lender's policies, the
loan amount, creditworthiness of the business, and market conditions.
4. What happens if I can't repay the loan on time?
Failing to repay the loan on time can lead to penalties, damaged credit, and
legal actions by the lender. It's crucial to communicate with the lender if
you face financial difficulties.
5. What are the benefits of an MSME/SME loan?
Benefits include access to capital for business growth, improved cash flow
management, tax benefits, and the potential to build a strong credit
profile.