SME Loans for Entrepreneurs in India
SMEs in India have largely been ignored by Banks and NBFCs as they focussed more on large corporates. But this is changing now! With the huge demand for credit from the SME sector, many banks and NBFCs are now turning their focus on SMEs. Typically SME enterprises can be classified as those with turnover less than INR 1000 crore. There are estimated 50 million SME enterprises operational across Indian cities and towns. SMEs contribute 40% to employed workforce, 45% to India’s manufacturing output and 17% to India’s GDP. The ratio of GDP to output is low and one of the reasons for this is the lack of access to timely capital from banks and NBFCs.
Seeing the huge potential and demand for credit from SMEs. we are building a comprehensive network of banks and NBFCs who are genuinely looking to work with SMEs and lend to SMEs. We have already tie-ups and collaboration with multiple banks and private finance companies like SBI, HDFC, Axis, ICICI, Magma, Fullerton, Hero Fincorp and many other reputed lenders for lending to SMEs. We cater to SMEs of all sizes. Generally it is easier for us to obtain loans for SMEs if their annual turnover or sales is INR 1 crore or more, but we try to help all SMEs, even small ones. The typical SME loan amount ranges from 25 lakhs to 10 crore. We can facilitate loan amount more than this also ranging from INR 100 crore and above.
SME Loan Application Process
FinanceBazaar team has a very simple process for SME Loan application, as follows:
- SME can apply for a Loan at https://financebazaar.com/sme-loans
- Our loan expert call the SME and understands the company.
- If the SME is eligible and we can facilitate loan, then we negotiate with 10 Banks.
- We share the details of the participating banks with the SME.
- Once the SME shortlists bank, we handle the entire loan process.
Simple, Right !!
This process is not fully online, but also partly offline. We are working to make major parts of this loan application process online. Stay updated!
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