What is MSME Loan?
Micro, Small and Medium Enterprise (MSME) loan is the credit facility in form of business loan offered by financial institutions to individuals, MSMEs and Startup enterprises for business expansion purposes and to promote MSME sector. MSME loan schemes are majorly used by business owners and enterprises to meet their working capital requirements, to manage or increase cash flow, for business expansion purposes and much more. Usually, most of the banks and NBFCs offer MSME loans without demanding any collateral or security from the borrowers.
Compare MSME Loan Interest Rates – 2021
|SBI||8.30% onwards (SME Loan)|
|Kotak Mahindra Bank||15% onwards|
|Axis Bank||15% onwards|
|HDFC Bank||16% onwards|
|Fullerton Finance||17% onwards|
|ICICI Bank||18% onwards|
|Lendingkart Finance||18% onwards|
|IIFL Finance||18% onwards|
|Hero Fincorp||18% onwards|
|Indifi Finance||18% onwards|
|NeoGrowth Finance||18% onwards|
|Tata Capital Finance||18% onwards|
|RBL Bank||19% onwards|
|IDFC First Bank||20% onwards|
|HDB Financial Services Ltd.||22% onwards|
|PNB Business Loan||Based on your Business’s Profile|
|Bank of Baroda||Based on your Business’s Profile|
Note: The mentioned interest rates are subject to change and depend on the sole discretion of the bank, NBFC and RBI.