Benefits of MSME Loan Over Savings - Loan Trivia


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Monday 22 October 2018

Benefits of MSME Loan Over Savings

For every business, set up cost and the maintenance cost are huge. Even if you might have the best business plan and strategy laid out, convincing investors to put their money in your business can be very challenging. So, most entrepreneurs end up self-financing their business in the initial days.
In such cases, you can always apply for a MSME loan.

No collateral is required
It can be a real struggle to look for a collateral, to finance your business. But, when it comes to an MSME loan without collateral. There is no need to pledge your personal assets to take a loan. Without a collateral, you can finance your business in a short time and get a loan limit as high as up to Rs. 30 lakh.

Pre-approved offers
Many banks and financial institutions such as Bajaj Finserv provide pre-approved offers. The process of availing financing gets simplified, and also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.

Easy eligibility
The MSME loan eligibility criteria is simple which makes the MSME loan procedure hassle-free. The loans have easy eligibility criteria and a few documents are required. It includes- you have to be between 25 to 55 years of age, your business should have the average vintage of 3 years to ensure its credibility to repay the loan back and you have to show your income tax returns for at least a year.

To know the other benefits, read: Why Taking an MSME Finance Makes More Sense than Liquidating Your Savings

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