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Micro, small, and medium-sized enterprises (MSMEs) form the backbone of India’s economy, owing to their considerable contribution to the country’s GDP, exports, and employment generation. At present, there are approximately 6.3 crore MSMEs in India, contributing to around 30% of India’s GDP and more than 40% of total exports. Moreover, MSMEs are the second-largest employer in India after the agriculture sector. To help these MSMEs grow and flourish without being affected by financial hurdles, Tata Capital offers MSME loans or SME loans at competitive interest rates.
An MSME loan or SME loan is a unique type of business loan provided exclusively to startup owners or small and medium-sized business enterprises in India. That is why an MSME loan/SME loan is also known as a startup business loan or simply a startup loan. An MSME loan/SME loan can be used as working capital or for long-term business requirements, such as buying equipment, upgrading infrastructure, and hiring manpower.
With Tata Capital’s MSME loan/SME loan, you can acquire funding of up to Rs. 75 lakhs and meet your various short-term and long-term business requirements. Our business loans for startups come with features like easy eligibility, minimum documentation, and doorstep services. Moreover, our MSME loan interest rate is highly competitive, starting from just 15% per annum.
Along with the affordable interest rates and easy eligibility, our business loans for startups come with the following product offerings:
As an MSME or SME owner, you can avail of an MSME loan/SME loan from Tata Capital and fulfill all your business's financial requirements. Our MSME business loan is easy to get and offers the following advantages:
The eligibility criteria and documents required for MSME loan may vary from one lending institution to another. If you want to avail of an MSME business loan from Tata Capital, you must meet the following MSME loan eligibility criteria:
Age- To be eligible for our startup business loan, your age must be between 21 and 65 years
Business Profitability - We provide business loans for startups to those businesses which have shown consistent profits for at least the past three years
Business Turnover - Your business turnover must indicate an upward trend if you want to apply for our MSME loan scheme
Balance Sheet - The balance sheet of your business must be audited by a registered Chartered Accountant if you want to avail of our MSME loan for startup business
Please note that our MSME loan process may involve some other eligibility requirements as well.
Just like any other loan, business loans for startups involve certain charges and fees. These charges can be classified into three categories - General Charges, Miscellaneous Charges, and Foreclosure Charges. The details of the charges applicable on Tata Capital’s business startup loan are mentioned below:
General Charges
Below are the general charges applicable on our MSME loan/SME loan:
| Type of Fee | Applicable Charges |
|---|---|
|
Interest Rate |
Starts at 15% p.a.* |
|
Processing Fee |
2.50% of the loan amount + GST |
|
Stamp Duty |
As Applicable |
|
Penal/Additional Interest Rate |
3% on Overdue amount per month + GST |
Below are the miscellaneous charges that would apply to your MSME loan/SME loan:
| Type of Fee | Applicable Charges |
|---|---|
|
Dishonor/Bounce Charges |
Rs. 2,000 for every cheque/Payment Instrument Dishonour + GST |
|
Mandate Rejection Service Charge |
Rs. 450 + GST |
|
CCOD Annual Maintenance Charges |
0.25% on Dropline amount or Rs. 1,000, whichever is higher per year |
|
Document Processing Fees |
Rs. 1999 + GST |
|
Outstation Collection Charges |
Rs. 100 + GST per repayment tenure |
|
Statement of Accounts (SOA) |
Soft Copy – Nil. Branch Walk-in – Rs. 250 + GST |
|
Loan Cancellation Charges |
2% of the loan amount or Rs. 5,750, whichever is higher + GST |
|
Payment Instrument Swapping |
Rs. 550 + GST |
|
Duplicate Repayment Schedule |
Soft Copy – Nil Branch Walk-In – Rs. 550 + GST |
|
Duplicate NOC |
Rs. 550 + GST |
|
Post-dated Cheque Charges |
Rs. 850 + GST |
Below are the foreclosure charges applicable on our MSME loan/SME loan:
| Type of Fee | Applicable Charges |
|---|---|
|
Foreclosure Charges |
|
|
Foreclosure Charges for Top-up |
|
|
Foreclosure Charges for CCOD |
|
|
Foreclosure Letter Charge |
|
Several lenders provide loan for SME in India. With Tata Capital, the MSME loan apply process is simple and hassle-free. You can do it in any of the following ways:
Several lenders provide loan for SME in India. With Tata Capital, the MSME loan apply process is simple and hassle-free. You can do it in any of the following ways:
You can apply for a business loan with Tata Capital to meet all the financial requirements of your business. At Tata Capital, we provide an instant business loan so that you don’t have to wait to expand your business. Here’s why our business loan can be the best option for you:
At Tata Capital, we provide business loans with easy eligibility and minimal documentation. Here are the business loan documents that you will need to submit to avail of a business loan from us:
You may also require some additional documents at the time of loan processing. Visit the documents required page for more details.
We offer business loans for self-employed professionals (doctors, CAs, etc.) as well as non-professionals. Here is a list of customers that can apply for a business loan from us:
At Tata Capital, ensuring customer convenience is our top priority. That is why we allow the repayment of business loan EMIs through various payment instruments. You can choose to pay your EMIs through a direct debit facility, post-dated cheques (PDCs), or electronic clearance service (ECS).
With Tata Capital, you can apply for an online business loan by visiting our website and entering a few basic details. Or call our customer helpline number 1860 267 6060 to apply for a business loan through your phone. You can even visit your nearest Tata Capital branch and get in touch with one of our executives.
Yes. At Tata Capital, we don’t ask for collateral or security for providing business finance. This means you don’t have to put your personal or business assets on the line to qualify for business funding. Our business loans are 100% collateral-free.
If you are running an online retail store or an e-commerce website, you can apply for a business loan with Tata Capital for your working capital requirements. To get your online business loan approved, you must fulfill the following eligibility criteria:
Yes. If you have taken a business loan for your sole proprietorship business or partnership business, it will reflect in your personal credit report. If you fail to repay your business loan on time, your credit score might be impacted. However, if your company is an LLC, your business loan would affect only your business credit score and not your personal credit score.
By availing of a business loan in India, you can reduce your taxable income. Any interest levied on a business loan is eligible for tax deductions since the interest paid on a business loan is considered to be a business expense and not revenue. However, the principal component of a business loan is not tax-deductible.
Business loan eligibility criteria can vary from one lending institution to another. To become eligible for a Tata Capital Business Loan, you need to fulfill the following requirements:
For more details on our business loan eligibility criteria, visit our Business Loan Overview page.
A business account is not mandatory to get a business loan if you are running a sole proprietorship business. However, for a partnership business, corporation, or LLC, having a business account is mandatory for getting a business loan.
Your business loan EMI would depend on several factors, such as your business loan amount, loan tenure, and the applicable business loan interest rate. You can use our online Business Loan Calculator to know the exact EMI that you would have to pay for your business loan.
At Tata Capital, we provide business loans of up to Rs 75 lakh. However, the maximum business loan amount you can take will depend on your business loan eligibility and credit score. By having a good credit score and a profitable business, you can avail of the maximum loan amount.
With Tata Capital, you can take up to 60 months to repay your business loan. You have the flexibility to select a business loan tenure as per your repayment capability. You can even choose from different EMI plans to repay your business loan as per your income cycle.
At Tata Capital, the interest rate for a business loan is fixed. It means that your business loan interest rate and the EMI would not change during its repayment tenure. Our interest rate starts from - Self-Employed Non-Professional: 15% - 25%, Self-Employed Doctors: 12.00% - 15.00%, Self-Employed Professional Other than Doctors: 13.00% - 17.50%
At Tata Capital, we offer two types of Flexi EMI plans for business loan repayment:
You can apply for an instant business loan with Tata Capital and get on-the-spot approval for business funding. To apply for a business loan with us, you can take any of the following routes:
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