Age
You should be a minimum of 25 at the time of loan application and a maximum of 65 at the term end.
MSME / SME Loan Eligibility & Documents Required
- Loan up to Rs 50 Lakh
- Collateral-Free Loan
- Quick Approval
Business Loan EMI Calculator
Check Out the Eligibility Criteria & Documentation for MSME / SME Loan
Running a business requires constant cash flow to cover various expenses. Whether you wish to purchase raw materials, launch a marketing campaign, increase production, upgrade machinery, or expand the business horizons, a business may sustain itself only when money keeps flowing. However, when a financial shortfall occurs, business owners either cut back their operations or dive into their assets or savings to resolve the issues. Conversely, an MSME Business Loan from Hero FinCorp is indeed a viable funding solution in such situations.
Thanks to the simple MSME loan eligibility criteria, accessing a quick loan is easy with Hero FinCorp. Simply meet the basic MSME loan criteria and submit the necessary MSME loan documents to apply. Simple eligibility and minimum documentation significantly streamline the loan process and offer hassle-free financing. You must meet various requirements to qualify for an unsecured MSME loan at Hero FinCorp. Let's take a look.
MSME / SME Loan Eligibility Criteria
Before applying for an SME loan at Hero FinCorp, you must ensure your MSME loan eligibility sits right with our basic requirements. For this, you must check your eligibility for MSME loan based on the following factors:
Nationality
You should hold Indian citizenship at the time of application.
Occupation
Self-employed professionals like CAs, doctors, architects, and Company Secretaries; self-employed non-professionals like retailers, traders, sole proprietors, manufacturers, and service providers; and entities like LLPs, partnership firms, private limited companies, and trusts are eligible to apply.
Business Status
You should have an experience of at least five years in the current business.
Maximum Loan Tenure
You can choose a maximum repayment tenure of up to 48 months to qualify for a Business Loan.
Maximum Loan Amount
The maximum MSME loan limit is Rs 50 Lakh at Hero FinCorp.
Minimum Income
Hero FinCorp has no minimum income requirement for sanctioning SME loans.
Documents Required to Apply for MSME/SME Business Loan
Hero FinCorp provides easy MSME loans with competitive interest rates and flexible repayment terms. You must meet the eligibility criteria and submit the required MSME loan documents to get started. Minimal documentation requirements simplify the application process and make financing easily accessible. You must meet different documentation requirements to prove your SME loan eligibility. Understanding them is crucial to obtaining the required funding.
Mandatory Documents
KYC documents for all business partners, stakeholders, and directors
Proof of Identity
Aadhaar Card, PAN Card, passport, or any other valid identity proof issued by the government
Business Address Proof
Utility Bills, bank statements, or another document to verify your business address
Business Continuity Proof
Partnership deed, certificate of incorporation, or another registration document verifying your business structure
Income Proof
Bank statements for both personal and business accounts showing your cash flow
Other Documents (if applicable)
Balance sheets, profit and loss statements, past few years’ ITR showing your business performance
How to Submit MSME/SME Loan Documents?
At Hero FinCorp, you must submit only the basic documents required for SME loan application. These include your identity, address, income, signature, and business continuity proof. Bank statements, income tax returns, profit and loss statements, etc., are other MSME loan required documents.
The best thing is that you don't need to visit a branch office to apply for a loan and submit the MSME loan documents. You can complete the process online through the Hero FinCorp website. First, check your MSME loan eligibility and then follow these steps to submit the required documents:
- 1
Gather the MSME loan required documents and arrange them systematically.
- 2
Scan and save the soft copies of these documents to keep them ready for submission.
- 3
Ensure the saved documents are up-to-date and in the correct size and format.
- 4
Thoroughly review the documents to ensure they are complete, accurate, and free from errors or discrepancies.
- 5
Visit the BL page on the Hero FinCorp website, begin the application process, and submit the documents online.
Factors Affecting MSME/SME Loan Eligibility Criteria
Business owners often need money at certain points to sustain during emergencies or increase their production capacity. Ideally, the business revenue should be enough to provide adequate working capital. However, an MSME loan can be an excellent funding source during low-business periods. Here’s a look at various factors measuring your SME loan eligibility:
Frequently Asked Questions
These are eligible for MSME loans:
- Self-employed professionals like CAs, doctors, architects, and Company Secretaries
- Self-employed non-professionals like retailers, traders, sole proprietors, manufacturers, and service providers
- Entities like LLPs, partnership firms, private limited companies, and trusts
Various factors influence the MSME loan limit, including your loan requirement, credit history, repayment tenure, existing financial commitment, repayment capacity, etc.
You can improve your eligibility for MSME loan by maintaining a decent credit score, reducing your financial obligations, applying for a smaller loan amount, opting for an adequate repayment tenure, etc.
Hero FinCorp has no minimum credit score requirement for Business Loan applications. So, you can get an MSME loan with a bad credit score. However, a good credit score may help you get the lowest interest rate with favourable terms and conditions.
You can check your MSME loan eligibility by checking the lender’s MSME loan eligibility criteria through their website. You can also use the business loan calculator to calculate your loan EMIs before applying.
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