So, How does MSME loan work?
Why take MSME Loan from LoanTap?
Unplanned expenses, medical emergencies or any such situation can crop up unexpectedly. You may not have sufficient funds to meet this requirement. But keep your worry aside. LoanTap’s Personal loan is available online, instantly and through a transparent process as you like it.
Instant approval & disbursal
Flexible Repayment Option
Higher Loan Amount
Longer Loan Tenure
Basic Eligibility Criteria for availing MSME Loans with LoanTap
- Individuals with a minimum monthly income of INR 30,000
- Indian citizens/residents who are 21 years and above
- Individuals must have filled the latest ITR
Basic Documents required for availing MSME Loans with LoanTap
- PAN Card
- Aadhaar Card/ Driving License/Passport
- Bank statement of last six months
- Income tax returns of last two years
Business Loan Product Suite
Flexible Repayment options
Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest.
Each Installment reduces both interest and Principal amount.
Ideal when: You know the precise Loan Amount needed and your income is consistent.
Your Business loan, Your Way!
Frequently Asked Questions
An MSME Loan is a Business loan extended to small – medium businesses. LoanTap and Bank of Maharashtra have come together to make access to funds more convenient, affordable and easy for business owners. This loan can be used to expand your business, upgrade machinery, invest in inventory or maintain liquidity for daily operations.
We need below documents for processing your loan request-
GST registration / Shop Act License,
6 month’s bank statement,
Latest 2 years ITR filed.
However, we might request for other documents if need arises during credit checks.
We offer business loans from Rs 50,000 up to Rs 2,50,000. Final loan amount is decided on the basis of your eligibility and credit checks.
Any individual with a monthly income more than Rs 30,000 can apply online and check eligibility at https://loantap.in/msme-business-loan/. You will need to fill in few basic information to know your basic eligibility instantly. Final loan amount is decided on the basis of your eligibility and credit checks.
Personal Loan is available in cities where LoanTap is operational. Currently we are providing our loans in Ahmedabad, Bengaluru, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi NCR, Indore, Jaipur, Lucknow, Mumbai, Nagpur, Nashik, Pune, Raipur, Vadodara, Patna, Agra.
We have a very quick and efficient underwriting system which ensures that we deliver to you on time. It usually takes from 24 hours to 36 working hours; provided all documentation and credit checks are in place.
Processing fee for this loan is 2%+ applicable taxes; on the gross loan amount sanctioned.
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges.