Apply for SME loan
Fuel your small business growth in Bangalore with our hassle-free SME loans. Get quick approvals and flexible repayment options to scale your enterprise!
Required Documents
Accurate Documents, faster Process
- ID Proof (Aadhar Card, PAN Card, Passport, Voter ID, Driving License)
- Address Proof (Utility bills, Rent Agreement, Property documents, Aadhar Card)
- Business Registration Proof: GST Registration, Trade License, Certificate of Incorporation, or Partnership Deed.
- Bank Statements: Last 6-12 months’ bank statements of the business.
- Financial Documents: Profit & Loss statement, Balance Sheet, and ITR for the last 2-3 years.
- KYC Documents: PAN Card, Aadhar Card, and passport-sized photographs.
- Proof of Business Continuity: Sales invoices, purchase orders, or work contracts.
- Collateral Documents: Property papers and valuation reports (if applicable).
- Loan-related Documents: Processing fee cheque and existing loan statements (if applicable).
FREQUENTLY ASKED QUESTIONS
What is an SME loan?
An SME loan is a financial product designed to help small and medium enterprises (SMEs) meet their business needs, such as working capital, expansion, or equipment purchase.
Who is eligible for an SME loan?
Eligibility depends on the business’s age (usually 2+ years), annual turnover, credit score, and profitability. Both registered and unregistered small businesses can apply.
What is the maximum loan amount I can get?
The loan amount typically ranges from ₹50,000 to ₹5 crore, depending on the business’s financial health and lender policies.
What is the interest rate for SME loans?
Interest rates for SME loans typically range from 9% to 24%, depending on the lender, loan amount, and your credit profile.
What documents are required to apply for an SME loan?
Key documents include business registration proof, bank statements, financial statements, identity proof, address proof, and proof of business continuity.
Do I need to provide collateral for an SME loan?
Some SME loans are unsecured and do not require collateral, while secured loans require assets like property or machinery as security.
What is the typical loan tenure for SME loans?
SME loan tenures usually range from 1 to 5 years, depending on the lender and the type of loan.
Can I use an SME loan for any purpose?
Yes, SME loans can be used for various purposes like working capital, business expansion, purchasing equipment, inventory, or raw materials.
How long does it take to get an SME loan approved?
Approval times can range from a few days to a couple of weeks, depending on the lender and the completeness of the documentation.
What is the repayment structure for an SME loan?
Repayment is typically done through EMIs (Equated Monthly Installments), with both principal and interest components.
Can I apply for an SME loan if I have an existing loan?
Yes, having an existing loan doesn’t disqualify you, but lenders will assess your overall creditworthiness and repayment capacity.
Are there any government schemes for SME loans?
Yes, schemes like CGTMSE, Mudra Loan, and Stand-Up India offer government-backed financial support for SMEs with special benefits.
What happens if I default on an SME loan?
Missing payments can result in penalties, increased interest rates, legal action, and a negative impact on your credit score.