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MSMEs are instrumental for the economy, so it is only right that they have easy access to credit.
Micro, Small, and Medium Enterprises (MSMEs) are the backbone of a nation. They play a massive role in a country’s GDP (gross domestic product) growth. They also employ a large part of the population, helping increase employment.
Governments and banks are, hence, always willing to provide MSMEs with easy loans. MSME business loans are easily accessible by business owners and entrepreneurs, helping MSMEs fund working capital requirements, such as managing day-to-day operations, buying new goods, purchasing new equipment, paying employees' salaries, and expanding the firm.
For instance, IDFC FIRST Bank's BOOSTER Current Account and Loans for MSMEs can help you meet business growth and liquidity needs with ease. This account along with MSME loans can also be used for starting a new business division or venture out. IDFC FIRST Bank MSME loans are offered at competitive rate of interest and loan amounts can vary from Rs 40 lacs to a few crores.
Here is how you can register for an MSME on the Government portal -
While MSME still stands for Micro, Small, and Medium Enterprises, the Indian Government updated its meaning in May 2020. The Government of India broadened the meaning of MSME to help more businesses benefit from MSME loan schemes. The new criteria for MSMEs are as follows -
The MSME loan process is as follows -
Many lenders provide MSME loans in India. Interest rates differ from one bank to another and can be used for making the right pick.
MSME loans are beneficial for businesses that want to expand their reach. From buying new machinery to increasing manpower, MSME loans can be used for many reasons. With doorstep collection policy, MSME loans from IDFC FIRST Bank are an excellent solution to fulfil your business needs.
You can also open the IDFC FIRST Bank's BOOSTER Current Account online to grow business wealth, meet emergency needs and carry out transactions with ease. With this account –
That’s not all. You also need not pay any charges on over 50 commonly used banking services such as –
Click here to know more and kickstart your MSME journey the right way!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.