How to Apply for MSME Loan – Interest Rates and Eligibility

How to manage loan repayment

A Micro, Small and Medium Enterprise Loan or MSME Loan is a type of business loan provided by financial institutions to people, MSMEs, and small businesses with the goal of sustaining or expanding their businesses and promoting the MSME sector. HFS provides various hassle-free MSME loan schemes with minimum documentation at attractive interest rates.
Uses of MSME Loans MSME loans are granted to small or medium-scale business owners for various business requirements. MSME loans can be used to fund the purchase of new equipment, effectively manage cash flow and working capital, business expansion, and debt consolidation.
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Advantages of HFS MSME Loans

    Easy and fast process

         Applying for an MSME loan online at HFS is a matter of 3 easy steps. Simply call us at your doorstep, apply for a loan, get quick loan approval, and receive the necessary funds in your account!

    Collateral-free loans

         Yes, you heard that right. Our smart business loans are collateral and guarantor-free, so you don’t have to be worried about either. If you have the zeal to grow, our business loans are just right for you.

    Repayment tenure

          The tenure for a smart business loan or collateral-free loan goes up to 5 years; while that for secured business loans can be if your business needs. At HFS, you have the flexibility to choose the type of loan and tenure depending on your requirements.

    Hassle-free documentation

         We understand that receiving the right funds at the right time is crucial for any business. With minimal documents, we ensure faster disbursal. You can apply for MSME loan online.

Benefits of MSME Loan

Accessibility
Raising funds or capital to sustain an existing business or funds for expansion might be some of the most difficult tasks you will face as a business owner. An MSME loan is simple to obtain, and the entire process is easy. When you're in desperate need of cash for your business, MSME loan schemes can help.

Collateral-free loans
MSME loans are collateral-free, which means you don't have to put up any collateral to get one. MSME loans are designed to assist small firms and increase their output, thus enterprises do not need to put up any collateral to be eligible. As a result, it is a convenient source of capital.

Flexibility
MSME loans are typically leveraged by firms for short-term needs. It is adaptable because no long-term commitment is required. Having a short-term commitment allows you to efficiently manage cash flow and allocate available resources. MSME loan interest rates are low, making repayment easier and stress-free.

Grow swiftly
MSME loans give you a superfast turnaround time due to which you can go from planning to implementation in a couple of days rather than weeks or months. You can quickly advance in product marketing, increase production, and grow your supply network.

Create goodwill and credibility
With HFS create goodwill and credibility, you can give your company a much-needed boost and hence increase profits. As a result, your books will reflect this, and your business will gain goodwill and reputation in the market.

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3 Step Process to Get an MSME Loan
∙ Call us at your doorstep
∙ Quick loan approvals
∙ Get funds into our account
Eligibility Criteria for MSME Loan

Self-employed (Individuals)
Self-Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors of firms in the Business of Manufacturing, Trading or Services looking for an MSME loan online.
Minimum age of Applicant: 21 years
Years in business: Minimum 3 years
Minimum Annual Income: ₹ 1, 00,000/- p.a. for Metro locations & ₹ 75,000 p.a. for non-Metro locations.

Private Limited Cos and Partnership Firms
Private Limited Cos and Partnership Firms engaged in the Business of Manufacturing, Trading or Services looking for MSME loan schemes
Years in business: Minimum 3 years
Minimum Annual Income: ₹ 100000/- p.a. for Metro Locations & ₹ 75,000/- p.a. for non-metro locations.
Business must be profit-making for the last 2 years

Self-employed (Professionals)
Self-Employed (Professionals) include self-employed Doctors, Chartered Accountants & Architects looking for a small business loan. MSME loan eligibility criteria for self-employed professionals are as follows
Minimum age of applicant: 21 years
Years in business: Minimum 3 years
Minimum Annual Income: ₹ 1, 00,000 p.a. for Metro locations & ₹ 75,000 p.a. for other locations
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Documents Required for MSME Loan

Self-employed (Individuals)
Self-Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in firms in the Business of Manufacturing, Trading or Services.
Documents required:
Proof of Identity: Passport / Voters ID / Driving License / PAN Card / Aadhar Card
Address Proof: Driving License / Voter ID / Utility Bill (Latest 2 months) / Registered Rental Agreement / Passport
Bank Statements: Latest 6 months' bank statements / 6 months’ bank passbook
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 years certified by a CA
Business Continuity Proof: Shops and Establishment License / GST Registration Certificate / VAT Returns / Sales Tax Returns
Other Documents: Certified copy of Partnership Deed, Certified copy of MOA / AOA.
Additional Document Required:
Only for secured Business loan - Copy of all property documents

Private Limited Cos and Partnership Firms
Private Limited Cos and Partnership Firms engaged in the Business of Manufacturing, Trading or Services
Documents required:
ID / Business Continuity Proof: PAN Card / S&E License / Tax Returns / Utility Bill
Address Proof: Utility Bill (Latest 2 months) / Registered Rental Agreement
Bank Statements: Latest 6 months' bank statements / 6 months’ bank passbook
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 years certified by a CA
Other Documents: Certified copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association
Additional Document Required:
Only for secured Business loan - Copy of all property documents

Self-employed (Professionals)
Self-Employed (Professionals) include self - employed Doctors, Chartered Accountants & Architects.
Documents required:
ID Proof: Passport / Voters ID / Driving License / PAN Card / Aadhar Card
Address Proof: Driving License / Voter ID / Utility Bill (Latest 2 months) / Registered Rental Agreement / Passport
Bank Statements: Latest 12 months' bank statements / 12 months’ bank passbook
Latest ITR along with computation of income, B/S & P&L A/c for the last 2 years certified by a CA
Additional Document Required:
Only for secured Business loan - Copy of all property documents

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