Primary Document and Key Feature of MSME Loans
As per our finance minister there are many scheme for MSME’s regarding their business loans for MSME’s the Key feature of New MSME Loans
- Collateral Free Loans to MSMEs
- MSME Loans worth of Rs. 3 lakh crore
- Moratorium period offered is 12 months
- Manufacturing and Service MSMEs shall be considered as same entities
- Repayment Tenure of 48 months
- 100% Credit Guarantee
- To benefit approx. 45 lakh units
MSME loans are going to start. These loans will be sanctioned and disbursed in a very short period of time after some time this facility will not available, as banks having limited funds to distribute as MSME’s loans. If anyone wants loans under these schemes they need to arrange the following Primary documents as mention below:
For Individual List of document
- MSME Registration
- KYC applicant & co-applicant
- Address proof electricity bill
- GST registration
- Vintage proof (vat registration)
- Office address proof electricity bill/rent agreement
- 3 year financial
- 1 year all current account statement
- 6-months saving account statement
- 1-year GSTR 3b
- CIBIL report
For partnership List of document
- MSME registration
- KYC of All partners
- Address proof electricity bill
- Partnership Deed
- GST Registration
- Vintage proof (vat registration)
- Office address proof electricity bill/rent agreement
- 3 year financial
- 1 year all current account statement
- 6 Month saving Account statement
- One year GSTR 3b
- CIBIL Report
For company List of document
- MSME registration
- KYC of All Directors
- Address proof electricity bill
- GST registration
- Vintage vat registration
- Office address proof electricity bill/rent Agreement
- 3 year financial of Company
- 1 year all current account statement
- 6 month saving account statement of All Directors
- 1 year GSTR 3b
- MOA
- AOA
- COI
- LIST OF Direct and Shareholders Ca certified
- List of Debtor
- CIBIL report
Following points should be considered while assessing primary eligibility:
1) Chq/EMI bouncing in last year and CIBIL defaulting cases will not be acceptable.
2) Travel, Real Estate, aviation, hotel, and closed businesses will be very less eligible.
3) Latest ITR A.Y. 2020-21 and 2021-22 should be of a minimum of 5 lac.
4) The business should be a minimum of 2 to 4 years old.
5) There should not be an excessive dip in turnover and net profit 2019-20 and 2018-19.