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MSME Loans in India: How to apply

Millions of small and medium businesses (MSMEs – Micro, Small & Medium Enterprises) are the backbone of India’s economic growth. If you

want to start your own business or expand an existing one, an MSME loan can be a great financial option for you. Let’s understand how to get an MSME loan, who is eligible, what documents are required, and how to apply.

What is an MSME Loan?

An MSME loan is financial assistance provided by banks or NBFCs (Non-Banking Financial Companies) to micro, small, and medium enterprises for business purposes. It can be used for:

  • Working capital
  • Purchasing machinery
  • Business expansion
  • Raw material purchase, and more

Eligibility Criteria for MSME Loan:

  • The applicant must be an Indian citizen
  • Any new or existing MSME business
  • Business must be registered (Udyam Registration required)
  • Bank statements and income proof required
  • In some schemes, a good CIBIL score is also important

Documents Required:

  • Aadhaar Card / PAN Card
  • Udyam Registration Certificate
  • Bank Statements (last 6–12 months)
  • Business proof (GST, Trade License, etc.)
  • Income documents and balance sheet (for existing businesses)
  • Passport-size photographs

How to Get an MSME Loan – Step-by-Step Process:

Step 1: Register on Udyam Portal
To avail an MSME loan, you must first register your business on the Udyam Portal.
👉 Website: udyamregistration.gov.in

Step 2: Choose a Loan Scheme
The government and banks offer various loan schemes, such as:

  • Mudra Loan (Shishu, Kishor, Tarun)
  • Credit Guarantee Fund Scheme (CGTMSE)
  • Stand-Up India Scheme
  • PMEGP Loan (Prime Minister Employment Generation Programme)

Step 3: Approach Bank or Financial Institution
Visit your nearest bank, NBFC, or apply via an online lending platform.

Step 4: Fill the Application Form & Submit Documents
Apply online or offline and upload/submit the required documents.

Step 5: Loan Processing & Approval
The bank will verify your documents and approve the loan accordingly.

Step 6: Loan Disbursement
Once approved, the loan amount will be transferred directly to your bank account.

Benefits of MSME Loans:

  • Lower interest rates
  • Collateral-free loans (in certain schemes)
  • Easy repayment options
  • Opportunity to grow your business
  • Subsidies and tax benefits

Important Tips:

  • Always compare interest rates and EMIs
  • Maintain a good CIBIL score
  • File GST and returns on time
  • Keep all your business documents updated and accurate

Conclusion:

If you’re a small business owner or aspiring entrepreneur, an MSME loan can help you turn your dreams into reality. Just choose the right scheme, prepare your documents, and follow the application process carefully.

For more information, stay connected with us at News.BadaBusiness.com

 

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Business motivation

3 Brilliant low-investment Online Businesses to Start Now!

onlline business

Have you lost your job recently or want to quit your dead-end job to follow your dreams of starting an online business? If you can feel yourself nodding, then keep reading!

The Indian startups of today are the MNCs of tomorrow that can go a long way in achieving the goal of ‘Astmanirbhar Bharat’, Prime Minister Narendra Modi said, after laying the foundation stone for the permanent campus of IIM-Sambalpur in Odisha through video conference.

According to a report published by Forbes India, ‘the Indian startup ecosystem flourishing rapidly, with more than 25 startups becoming a billion-dollar company and joining the Unicorn club.”

Now, when the growth is so phenomenal, it is an excellent time to start your online business. But firstly, it is very important to understand that your perfect online business idea should consist of three things:

a). It should be something you like doing

b). It should be something you are good at

c). and it should be something that is in demand and you get paid for it.

So whether you already have a business idea, or are confused about it, worry not! We have curated a list of 3 low-cost online business ideas that you can start this year:

  1. ONLINE BOOKKEEPING

Just like so many other professions, even bookkeeping has gone online. If you are an accountant or a college student who is good with numbers, you can start offering your services online to companies. All you have to do is set-up a client account and manage it online.

  1. LANGUAGE TRANSLATOR

Despite the technology taking the front seat, the demand for skilled translators is soaring high. It is one of the best online business ideas that do not require any investment. All you need to do is build your profile online on various sites that are looking for translators.

  1. AFFILIATE MARKETING

Being an affiliate marketer can be profitable if you know about digital marketing and blogging. Affiliate marketers earn commission on sales by promoting the products of other people. Affiliate marketing is often combined with wth blog writing. So if you have a blog page that is both engaging and followed by users in large numbers, becoming an affiliate marketer is an excellent low-cost business idea.

The online business ideas we have mentioned above do not require a huge investment. In fact, they are brilliant zero investment business ideas. If you want to have a business on your own, learn the most essential things that you will require when setting up your start-up with our Everything About Entrepreneurship course.

It will give you some of the simplest tips and will guide you from the beginning and throughout your journey. To know more about this course, visit https://www.badabusiness.com/?ref_code=ArticlesLeads and we will get back to you!