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Small & Medium scale industries play an important role in the economic development of a country. Apart from strengthening the exports of a country, they provide employment to millions of Indians. The Indian Government has many schemes in place for the establishment and development of the Micro, Small &Medium Scale industries all over the country.
Initial capital and working capital are required to run any industry smoothly. Numerous industrial financing institutions and banks, both public sector and private sector, have customized Small &Medium-sized Enterprises (SME) loan products to aid the MSME sector in their growth.
About Small and Medium-sized Enterprises (SME) Loans
SME Loans are given to entrepreneurs, either aspiring to set up a new business or modify and expand a current establishment. SME loans can be availed even for technological upgradation of a particular process. Some businesspersons would like to avail an SME loan to upgrade their manufacturing unit to adapt greener energy alternatives. These are some of the purposes for availing an SME Loan.
Where to get an SME loan?
1. Government Banks or PSU Banks (SBI, Bank of Baroda, Punjab National Bank, etc)
2. Private Banks (ICICI Bank, HDFC Bank, AXIS Bank, etc)
3. NBFCs (Mahindra Finance, Bajaj Capital, Fullerton, Tata Capital etc)
The government disburses financial loans to various SMEs through dedicated schemes built for this purpose. Entrepreneurs can approach various PSU Banks that are authorized to give loans under these schemes. Banks also have their own MSME loan products.
As mentioned earlier, proprietor of an established business or an aspiring entrepreneur can approach a bank or an NBFC for an SME Loan. While applying for an SME loan, one should have done the basic groundwork with regards to the type of loan, the amount required, the eligibility criteria etc. The process usually consists of the below steps:
1. Prepare a comprehensive summary of the business and purpose of the loan
2. Attach supporting documents to establish the worth of your business idea or establishment
3. Briefly explain the benefits you are expecting to derive out of the loan
4. Promptly fill the necessary forms required by the financial institution and duly submit it to the authorized person
The SME Loan process is quite simple and straightforward in most banks. With sufficient documents to support the purpose of your loan, it would be processed quicker and the funds disbursed to your account. Banks look into a few eligibility criteria while processing your SME loan
The above factors help the banks/NBFCs in deciding the creditworthiness of the business and hence the approval of loan. The applicant should take special care in highlighting these factors in their loan application.
SME Loans are of two types –
Once the bank has approved the loan, it is disbursed in various forms viz;
State Bank of India (SBI) :
Being the go-to bank for Indians at all times, SBI has a great number of products to boost the SME sector. It allocates a major portion of its lending to SME sector through various schemes. SBI is also the nodal representative for various government schemes announced to boost MSME finance.
ICICI Bank SME Loans :
ICICI Bank provides hassle-free finances to set-up new businesses or to expand an existing one. It understands the importance of finance in the development of any business venture. Hence, it has designed various products to suit your needs.
1. Cash credit or overdraft facility to meet working capital requirements
2. Letter of credit to facilitate pre-shipment and post-shipment finance
3. Bank guarantees
4. Term loans/demand loans for purchase and development of assets
5. Business expansion/modernization needs
1. Smart Business Loans - Unsecured overdraft facility of up to Rs. 25 lakhs
2. CGTMSE - Cash Credit and Term loan of up to Rs. 1 crore under the CGTMSE scheme collaborated by SIDBI
1. Pre-qualified limits for SMEs up to Rs. 50 lakhs based on transaction history
2. Finance in the form of overdraft facility/bank guarantee/letter of credit for working capital purposes
3. Term loans for purchase or development of assets
4. Term loans for business expansion, modification and modernization
1. Funding to retailer/merchants based on the number of credit card swipes
2. Overdraft facility to meet working capital needs
3. Funding available for new merchants too upon fulfilling specified conditions
HDFC Bank SME Loans :
HDFC Bank can be regarded as the only bank which offers complete banking solutions to any business entity. Starting with a wide range of current accounts to dedicated merchant services to its customers, HDFC Bank sets a high standard in meeting the needs of entrepreneurs. HDFC Bank offers close to 15 types of Current accounts to meet your daily banking needs. Financing can be obtained in the form of
IDBI Bank SME Loans :
As the name suggests, Industrial Development Bank of India, IDBI Bank Ltd, has been the pioneer in designing and implementing numerous schemes for the betterment of the SME sector in India. With the sole purpose of taking financial aid to every customer and every business establishment, IDBI Bank has ensured maximum customer reach through its numerous branches and ATMs spread across the country. IDBI Bank has solutions for both the financing of a business as well as its day to day banking needs. Some of its products are:
These are some of the leading MSME loan products available in the market. Every bank has its own range of loan products for MSME borrowers. Some of the banks also act as nodal representatives for various government schemes announced to catalyse the growth and development of the MSME sector in India.
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