Most financial institutions like banks and NBFCs provide MSME loans to individuals who are looking forward to starting a business or need funds for their already existing business. Getting the best loan offer depends on your creditworthiness and the requirements for what kind of loan you need. Any financial institutions will be willing to lend to you if you have a good credit background. Having a good credit score, having all the necessary documents in order and having your business ideas or proofs in place will get you the best loan offer. With a good credit score you would be able to bargain for low interest rates and higher loan amounts.
A few banks that provide MSME loans are:
- State Bank of India
- HDFC Bank
- Allahabad Bank
- Central Bank of India
- ICICI Bank
- Bajaj Finserv
- Oriental Bank of Commerce
- Union Bank of India
- Indian Bank