Micro, Small and Medium Enterprise (MSME) also known as the SME sector plays a significant role in the Indian economy through its substantial contribution to the GDP while generating employment opportunities, increased exports and industrial production in the country.
At Fullerton India, we encourage the development of this emerging sector and extend our support to fulfill the financial needs of small business entrepreneurs by providing the right type of funding at the right time. Our MSME Loans and SME loans have been designed to provide ample flexibility in the loan tenure, hassle-free lending procedures with minimal documentation.
Features of MSME / SME Loans
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Caters to your Financial Needs
Fullerton India offers long term as well as short term business loans, collateral or collateral-free, that are required by entrepreneurs at different stages in business, like,
- To fund a start-up
- For investing in expansion opportunities
- For investment in plant & machinery or other business assets
- Increase in working capital
- To stock up inventory and funding labour
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Interest Rates
The major deciding factor for any entrepreneur before purchasing a loan is always the Interest rates. Keeping this in mind, we at Fullerton India provide you the best interest rates varying between 17 – 21%. We offer two types of interest rates on MSME / SME loans –
- Diminishing / Reducing Rate – wherein the interest element in EMI reduces after each payment based on the outstanding amount
- Flat Rate – A fixed amount of EMI payable till the end of tenure
To provide the best possible interest rates, we take into consideration various factors like customer type (whether a proprietor, listed company, LLP, private company, partnership firm), cash flows, repayment plans, collaterals, credit history, loan tenure.
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Business Loan Eligibility Criteria
To be eligible for MSME / SME loans at Fullerton India, the major criteria taken into consideration are
- Resident of India with business registered as an MSME in India
- Age should be at least 21 years at the time of loan application and not more than 65 years by the time of loan maturity
- Overall business experience (at least 3 years)
- Stable profits and income over the past 2 consecutive years
- Credit score of 750 or above
- Existing loans
- Availability of all documents
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Documents
For applying for MSME / SME loans, you will be required to submit certain documents, which enables us to evaluate your financial standing and credibility. We advise our customers to always keep all the documents handy, thus facilitating quicker loan processing and approvals. The basic documents required are -
- Proof of business documents
- Business KYC documents
- KYC documents of loan applicant for valid identity and address proof,
- CA certified financial statements for two years
- Bank statements for the last six months
- Collateral documents (in case of loans above INR 50 lakhs)
To make the lending process effortless, we strive to provide loans with these minimal documentation.
Why opt for Fullerton India’s SME Loans?
- Transparent and fast-tracked loan disbursement procedures
We try to keep our SME loan procedures transparent so that customers can make an informed decision. We provide easy online access to various tools to check your eligibility and loan application requirements such as our business loan eligibility calculator, EMI calculator, and documentation list. For SME funding requirements up to 50 lakhs, we offer affordable and competitive interest rates and aim for easy and fast-tracked disbursements of collateral free loans.
- Flexibility in loan repayment
We offer ample flexibility to our customers with respect to the repayment schedule. You may schedule your loan repayment with us, anywhere between 12 – 60 months, based on your receivables. Similarly, if you want an early settlement of your loan, we offer fore-closure options without extra charges*.
- Online SME loan processing
Applying for SME loans at Fullerton has been made quicker through the online application procedures. Based on your eligibility, desired tenure and loan amount with the relevant documentation, we provide you with a customized offer with the best available interest rates and terms.
*Subject to terms and conditions
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