How Can Small Businesses Get a Loan in India?

In India, any manufacturing and service enterprise with an investment of less than Rs. 10 crores and an annual turnover of less than Rs. 50 crores fall under the category of small business according to the Ministry of Corporate Affairs, Government of India. For medium enterprises, it will be Rs. 10 Crores of investment and a turnover of 50 crores. The existing criterion of the definition of MSMEs is based on the MSME Act, of 2006. It was different for manufacturing and services units. Since then, the economy has undergone significant changes. Keeping in mind these changes, the Prime Minister decided to further increase the limit for medium Units

While Rs. 4 crores may seem small compared to medium and large-scale company investments, it is considerable for those starting out. At times, an unregistered business may want to scale up and get registered. At others, some companies may be struggling from liquidity crunch befalling some personal or professional emergency. Some may just want to expand their operations and income. The simplest solution to all these hurdles is availing of a small business loan which is now easier than ever. Most lenders offer fully digitized loan services making the loan disbursement process convenient and instant. Online processing also allows you to do extensive research and comparative analysis to choose the loan that best suits your needs