So, How does MSME loan work?
Funding your small business and taking it further on the path to success has now been made easy! LoanTap and Bank of Maharashtra have come together to make access to funds more convenient, affordable and easy for small-medium scale businesses. Under our co-lending model you can avail a loan to expand your business, upgrade machinery, invest in inventory or maintain liquidity for daily operations.
Why take MSME Loan from LoanTap?
Instant approval & disbursal
Easy online process for loan sanction and fast disbursal within 24-36 hours
Flexible Repayment Option
Flexibility to choose accelerated repayment option or foreclosure after 6 months of disbursal
Higher Loan Amount
Option to choose from amount ranging from INR 50,000 to INR 2,50,000 basis your requirement
Longer Loan Tenure
Flexibility to choose longer loan tenure from 6 months to 36 months making EMIs more affordable
We collect only what is basic minimum documents for all our custom Business loan products
No hidden charges, No pre-payment charges and secured processes
Basic Eligibility Criteria for availing MSME Loans with LoanTap
- Individuals with a minimum monthly income of INR 30,000
- Indian citizens/residents who are 21 years and above
- Individuals must have filled the latest ITR
Basic Documents required for availing MSME Loans with LoanTap
- PAN Card
- Aadhaar Card/ Driving License/Passport
- Bank statement of last six months
- Income tax returns of last two years
Business Loan Product Suite
Flexible Repayment options
Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest. Each Installment reduces both interest and Principal amount. Ideal when: You know the precise Loan Amount needed and your income is consistent.