MSME (Micro, Small and Medium Enterprise), loans are mostly offered to start-ups and small business owners. The MSME loan repayment tenure varies from lender to lender and the interest rates offered are majorly based on the loan amount, applicant’s profile and business history. MSME loan is unsecured loans that are offered by banks and NBFCs only if the applicant meets certain eligibility criteria. MSME loans are defined by the Indian Government and RBI, as the loans for business enterprises need support in terms of finance, infrastructure, and other areas. Banks offer various types of business loans targeted at MSME customers for managing their working capital and other business funding requirements. This loan is designed for various conditions in which an MSME may require financing such as to buy machinery and raw material, meet their working capital requirements and/or buy other fixed assets.
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