SME Loan Services

SME Loan

Loans offered for small and medium enterprises by banks and other lending institutions are called SME loans. Every bank/financial institution has its own set of loan schemes designed for SMEs with different terms and conditions applicable. A unique scheme may be dedicated to supporting women entrepreneurs..

MSME (Micro, Small & Medium Enterprises) are classified in two ways:

• 1.   Manufacturing Enterprises engaged in the manufacture or production of goods pertaining to any industry or deploying plant and machinery in the process of value addition to the final product having a distinct name or character or use; and
• 1.   Service Enterprises engaged in providing or rendering of service As per the revised Classification w.e.f. 1st July 2020, MSMEs are now defined on the basis of Composite Criteria of “Investment in Plant & Machinery / equipment and Annual Turnover”

Features of XCredit SME Loan Limit

• •   Customized Interest Rates
• •   Superfast Business Loan Processing
• •   Fast Turnaround Time and Disbursals
• •   No collateral required
• •   Fair interest rates
• •   Extended Loan Tenure
• •   No Hidden Costs
• •   Flexible Repayments

SME Loan Limit Loan Fees, Interest Rates & Eligibility

We, at XCredit, provide consultation and assistance throughout the process of MSME loans, and we provide excellent services in a hassle-free manner

• •   Customized Interest Rates: 8.3% to 9.5% per annualy
• •   Processing Fees: 0.5%
• •   Loan Tenure: 3 to 7 Year
• •   Pre-closure Charges: Nil**
• •   Eligibility Criteria: > ₹ 90,000 turn over for 3 Months
• •   Loan Amount: ₹ 50,000 - ₹ 2 crore
• •   Installments: Flexible Monthly / Bi-weekly

Documents for SME Loan Limit

The common documents required for business loan approval are given below:

• 1.   Identify Proof: Passport / Driving License / Voter ID / Aadhaar Card
• 2.   Address Proof: Passport / Driving License / Voter ID / Aadhaar Card/ Utility Bill/Bank Statement/ Bank Account Passbook (Updated or Not more than 3 month ago).
• 3.   Ownership Proof: Agreement Proof/ Electricity Bill/ Maintenance Bill with certificate/ Muncipal Tax Bill/ Share Certificate.
• 4.   Business continuity proof: Shop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations
• 5.   Firm Constitution: MOA/Partner Ship Deed/GST Registration Certificate
• 6.   Financial
  • 1.   Two years financials
  • 2.   Latest Tax Audit Report