Banks and NBFCs offer MSME loans to the firm only when certain eligibility criteria fulfill. MSME loans are also unsecured loans. The Government of India and Reserve Bank of India (RBI) define MSME loans, as the loans for business enterprises need support in terms of finance, infrastructure, and other regions.
Micro, Small, and Medium Enterprises (MSME) loans are usually offered to startups and small business entrepreneurs. The repayment tenure varies from lender to lender to the MSME loans. Based on the loan amount, the applicant’s profile, and company history the interest rates are offered.
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