MSME Business Loan

LoanTap offers MSME business loans to help you achieve your business-related dreams. An MSME business loan is a financial tool that helps you grow your business and can help cover both anticipated and unanticipated expenses.  Whether you want to expand your business or need funds for day-to-day activities, LoanTap’s MSME loan is the ideal solution. We help you turn your business ideas into reality, offering a reliable means to support your growth.  Our MSME loans are customized keeping in mind the uniqueness of every business. We offer loans online at competitive interest rates, with an easy application process, quick disbursal, and minimum documentation requirements.

How Does LoanTap MSME Loan Work?

With LoanTap’s MSME Business Loan, you can take a loan of up to ₹10 Lakhs at competitive rates and a repayment tenure of up to 36 months. LoanTap offers small and medium-sized businesses convenient, affordable, and easy access to funds, enabling smooth business expansion, machinery upgrades, inventory purchase, or fulfillment of various daily operational needs.

Key Features of MSME Loan

Collateral Free

LoanTap offers business loans without requiring you to offer any assets as collateral. This makes it easier and faster to access the funds you need to grow your business.

Fast Disbursal

LoanTap has an easy MSME loan application and fast disbursement process with minimum paperwork. This can be a lifesaver during a business crisis, to fuel growth, or ensure smooth day-to-day operations.

Flexible Tenure

LoanTap offers flexible repayment options, allowing businesses to choose a plan that best suits their financial situation.

Flexible Use

LoanTap’s MSME business loans provide the versatility you need to cover everything, from essential operational expenses and equipment upgrades to keeping your inventory stocked.

How to Apply for LoanTap MSME Business Loan?

Apply for an MSME loan online in just 3 steps.

1

Online Application

Get started by visiting our website or app. Start filling out the application by entering some basic details, like your income, employment status, contact details, and upload any required documents.

2

e-KYC and Verification

Next, you’ll need to provide your date of birth and PAN card number. Make sure you review the complete terms and conditions before submitting your application. We’ll securely verify your information once you’ve submitted the application and uploaded your documents.

3

Fund Transfer

Once we verify your information, you can review and sign the loan agreement. We’ll then disburse your loan amount within 24-36 hours.

Reasons to Choose MSME Business Loan from LoanTap

LoanTap’s MSME loan bridges the financial gaps businesses may face, offering up to ₹10 lakh for a duration of up to 36 months. Get fast approval and disbursal within 24-36 hours!

Instant Approval & Disbursal

Instant Approval & Disbursal

Easy online loan application process and fast disbursal within 24-36 hours
Flexible Repayment Options

Flexible Repayment Options

Flexibility to choose accelerated repayment option or foreclosure at no charge after 6 months of disbursal
Higher Loan Amount

Higher Loan Amount

Option to choose from amounts ranging between ₹50,000 and ₹10,00,000 based on your requirement
Longer Loan Tenure

Longer Loan Tenure

Flexibility to choose a longer loan tenure from 6 months to 36 months, making EMIs more affordable
Minimum Documents

Minimum Documents

We only collect the basic documents for all our custom business loan products
Transparent Process

Transparent Process

No hidden charges, no pre-payment charges after 6 months of loan disbursal and secured processes

MSME Business Loan Details

Below are the details for LoanTap’s MSME business loans that serve the diverse needs of your growing business.

Product Details

Applicable charges

Loan Amount
Min – 50k, Max – 10 lakhs
Tenure
Min – 6 months, Max – 36 months
Processing fee
2 to 2.99% + GST
Business Vintage
Min. 2 Years
Property ownership
Any one mandatory

Basic Eligibility Criteria for availing MSME Loans with LoanTap

  • Minimum monthly income of ₹30,000
  • Indian citizens/residents who are 23 years and above
  • Latest ITR must have been filed

Basic Documents required for availing MSME Loans with LoanTap

  • PAN Card
  • Aadhaar Card/ Driving License/Passport
  • Bank statement of last six months/nine months
  • Income tax returns for the last two years

Business Loan Product Suite

No matter what your requirement, use LoanTap’s Business Loan to fulfill all your needs.

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MSME Term Loan

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AfterPay – Merchant

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Working Capital Loan

Flexible Repayment options

Final installment options for a loan will be decided based on your profile and inputs.

Term Loan

Term Loan

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.
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Your Business loan, Your Way!

Avail our business loans through your preferred platform and enjoy unmatched convenience at your fingertips…

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Frequently Asked Questions

General

An MSME Loan is a business loan extended to small and medium sized businesses. This loan can be used to expand your business, upgrade machinery, purchase inventory or maintain liquidity for daily operations.

Yes, the previous year’s GST return is mandatory for existing MSMEs applying for an MSME loan.

We offer MSME business loans from Rs 50,000 up to Rs 10,00,000. Your eligibility and credit checks determine the final loan amount.

Any business with a monthly income of more than ₹30,000 can apply online. However, the information provided by you and the credit checks will determine whether you’ll be approved and the final loan amount.

We provide MSME loans PAN India.

We have a very quick and efficient underwriting system, which ensures that we deliver to you on time. It usually takes 24 to 36 working hours, provided the application and all documentation are in place.

The processing fee for this loan is 2 to 2.99% + GST.

Yes, you can make higher payments on your loan. No charges for higher payments or foreclosure are applicable after 6 months of loan disbursal. Within 6 months, you can make part payments or foreclosures with minimal charges applicable.

MSMEs include businesses that deal with manufacturing and services. According to the Ministry of MSMEs, the sector includes all business activities as long as they meet the investment and turnover criteria.

Here’s a breakdown of the investment and turnover criteria for MSMEs: 

  • Micro Enterprises have an investment limit of less than Rs. 1 crore and turnover less than Rs. 5 crores. 
  • Small enterprises have an investment limit of less than Rs. 10 crores and turnover limit of up to Rs. 50 crores. 
  • Medium-sized enterprises have an investment limit of less than Rs. 20 crores and turnover limit of up to Rs. 100 crores.

We generally require a minimum CIBIL Score of 700 for MSME loan applications. This limit is important as it indicates the business’s creditworthiness and its capacity to repay the loan.

The Finance Act 2023 has added clause (h) to Section 43B of the Income Tax Act. Under this clause, all payments that are owed to MSMEs must be made within 45 days of the delivery of goods or services. The payments that are not settled within this timeframe will not qualify for tax deductions until the payment is made. Non-compliance with this regulation could result in higher taxes for the company.

An MSME certificate, issued by the Ministry of Micro, Small and Medium Enterprises, legally recognizes businesses as micro, small, or medium enterprises (MSMEs). This certification enables businesses to access a range of government incentives and schemes.