How to Get Loan within Minutes to Start a Small Industry Details Inside
MSME sector is a vital pillar and it has a significant contribution to the Indian economy. The government offers the MSME sector with financial help to keep the business running smooth. There are several MSME business loan schemes provided by the government.
MSME industry employs more people with less space, more production in resources, and cost.
Because the businessmen involved in the MSME industry are ordinary businessmen and there is often news of small industries getting submerged in debt.
Taking care of these facts, the central government is working to provide MSME business loans to these business owners of this industry by running special schemes.
A business loan of up to Rs 7.5 lakh is provided to MSME businessmen in just a matter of 3 days* without anything security. Government of India has also launched CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises), and under this scheme the money lender, which can also be an NBFC can provide financial assistance to MSMEs.
CGTMSE Loan can be availed by simply preparing a strong business plan report, and you can apply for the sanction of the business loan. Once you’ve done this, you get the coverage under the CGTMSE scheme.
Documents Required for MSME Business Loan
To apply for an MSME loan, the applicant will need the following documents:- GST Details: the applicant has to provide GSTIN (GST Identification Number), GST user name, and OTP.
- Income Tax Details: the applicant has to provide the latest three-year ITR in the XML format.
- Bank Statement: bank statement of the previous six months in the PDF format. The applicant can upload the bank statements of his three bank accounts. It is recommended that he upload the statement of the major bank activities.
- Details of the business loan required
- Proprietorship/Partners/Directors details
- E-KYC documents of the applicant