In such cases, you can always apply for a MSME loan.
Must Read: PERSONAL LOAN- SOLUTIONS TO DEBT ISSUE
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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