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How to apply for MSME loan online?
MSME stands for Micro, Small and Medium Enterprise, they are the backbone of the Indian economy. MSME are also known as small scale industries. With around 63.4 million units throughout the geographical expanse of the country, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities as well as 33.4% of India’s manufacturing output. They have been able to provide employment to around 120 million persons and contribute around 45% of the overall exports from India. The growth of the Indian economy depends upon this sector.
The new MSME definition – turnover to define MSMEs
Investments will no longer characterize MSMEs. In October 2019, Union Minister Nitin Gadkari had said that the revised definition of micro, small, and medium enterprises may grant a unified description for all things related to taxation, investment, and more.
The changed definition was to be implemented via an amendment that would further refine the business scenario for Indian enterprises.
The Union Cabinet had approved the amendment to change the criteria to classify MSMEs from “investment in plant and machinery” to “annual turnover.”
On 13th May 2020, Finance Minister Nirmala Sitharaman added the additional principle of turnover along with the investment.
MSME definition – what is the change
As Finance Minister Nirmala Sitharaman made the announcement about the change, she also addressed the reasons behind it. She said the new definition will bring about many benefits that will aid MSMEs to grow in size.
Does registration under Udyog Aadhaar help in getting loans ?
Ease of doing business and simplification in regulatory procedures was an all-time requirement of the business sector, especially for MSMEs. Also, obtaining adequate finance for running their business activities was among their priority issues. Thus, the introduction of Udyog Aadhaar Memorandum was the biggest reform for the industry which helped them raise easy benefits of development and financial schemes of government.
MSME Registration In Just 799/- Rs.
Hurry Up Limited Period Offer .
Step wise Process of Udyog Aadhaar Registration- Documents required and Benefits
In the recent years in order to boost the small scale business in the country the government of India has initiated the Udyog Aadhaar registration process. Previously, in case a person wants to start a business he/ she must get registered itself under both Small scale industry and MSME.
This process has now been made easy by introducing only two form under the Udyog Aadhaar registration which are Entrepreneur memorandum I and Entrepreneur memorandum II, whereas earlier one use to fill 11 different types of forms that were required earlier.
The following are the details required at the time of registration of Udyog Aadhaar:
1. Twelve-digit Aadhaar number which is issued to the applicant. In case of firm, company or any other body corporate the Aadhaar number of Managing Director, Authorized partner etc. must be provided.
2. Name of the of Entity under which it is conducting its business.
3. Type of Business entity like Individual, firm, company etc.
4. Postal Address of the business for communication purposes including contact numbers and email address.
5. Date of commencement of business.
6. Details of any previous MSME registration.
7. Banking details of the of the company which includes Bank Account number and IFSC Code.
8. Key areas of activity of the business –service or manufacturing.
9. The number of employees in the business.
10. Total amount investment in terms of machinery and equipment by the business.
11. Social Category- The Applicant may select the Social Category (General, Scheduled Caste, Scheduled Tribe or Other Backward Castes (OBC). The proof of belonging to SC, ST or OBC may be asked by appropriate authority, if and when required
12. Physically Handicapped- The Applicant can select Physically Handicapped status of Entrepreneur
13. Location of Plant- The Applicant may add multiple plant location in one registration by clicking Add Plant button
14. Major Activity- The major activity i.e. either “Manufacturing” or “Service” may be chosen by the enterprise for Udyog Aadhaar. If your enterprise involves in both type of activities and if major work involves in Manufacturing and small portion of activity involves in Service sector then select your major activity type as “Manufacturing” and if major work involves in Services and small portion of activity involves in Manufacturing then select your major activity type as “Services”
15. National Industry Classification Code (NIC Code)- The Applicant may choose multiple National Industrial Classification-2008 (NIC) Codes to includes all their activities. Which means user can select multiple NIC code of Manufacturing and Service sector by clicking “Add More” button.If you want to add Manufacturing then select “Manufacturing” radio button and keep on adding by clicking “Add More” button otherwise if you want to add Service then select “Services” radio button and keep on adding by clicking “Add More” button. The NIC codes are prepared by the Central Statistical Organisation under the Ministry of Statistics and Program implementation, Government of India.The Applicant may use National Industrial Classification-2008 (NIC) Codes searching facility to avoid 3 steps selection process.
Procedure for registration of Udyog Aadhaar:
Below is the procedure for Udyog Aadhaar registration:
1. Go to https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx
2. Enter Aadhaar number and Name of the person who is the representative of the firm and validate the Aadhaar number:
3. Enter OTP and Validate further.
4. After validating it will redirect to Udyog Aadhaar form Enter the below details in the form.
o Social Category (like : SC/ST/OBC/General.
o Gender
o Whether physically handicapped or not
o Name of Enterprise
o Type of Organisation
o PAN no of the concern person
o Address of the business entity
o Communication address of the entity and Mail and Mobile number of the authorized person
o Date of commencement of Business Previous MSME registration details if any
o Bank details of the enterprise like IFSC code and Bank Account number
o Major activity of the unit (whether engaged in manufacturing or service)
o National Industry Classification (NIC) Code for Activities (One or more activities can be added)
o Total no of persons employed by the entity
o Total initial investment by the entity
o District where the entity is situated
Click on declaration check box and submit
5. After submission you will receive an OTP for submission of form- enter OTP and click on final submit
6. After submission it will redirect to Udyog Aadhaar memorandum page. Below the Udyog Aadhaar Memorandum you will find button for generating Udyog Aadhaar Certificate. Click on it and generate Udyog Aadhaar Certificate. After clicking on the generate Certificate button it will generate the Udyog Aadhaar Card
Complete Information About MSME.
Benefits of registration in MSME Udyog Aadhaar
1. Easy Bank Loan up to 1 Cr without Collateral/ Mortgage
2. Special Preference in Procuring Government Tenders
3. 1 percent Exemption on interest rate on Bank Over Draft (OD)
4. Concession in Electricity Bills
5. Protection against the delay in payment from Buyers
6. Tax Rebates
7. Special 50 percent discount on Government fees for Trademark and Patent
8. Fast Resolution of Disputes
Some Other Benefits Include:
• Protection
The business owner will get protection against delay in Payment.
• Collateral free loans
You can also avail collateral free loans from the bank.
• Octroi benefits
The business owner can avail octroi benefits.
• Claim charges
Claim stamp duty and registration charges.
• Rate of interest
Rate of interest from the banks can be reduced.
• Concession in electricity
The business owner who opts for Udyog Aadhar can get a concession on Electricity bills.
• Interest on OD
Exemption of 1% interest on Overdraft.
• Subsidies
Can avail subsidy from NSIC and credit ratings & Eligible for IPS subsidy.
• Reimbursement
Reimbursement on the payment made for obtaining the ISO certificate.
• Reservation advantages
Reservation of products for exclusive manufacturing by MSME and SSI.
• Excise exemption
Avail Excise Exemption Scheme.
• Government tenders
Avail exemption while applying for government tenders.
• Direct tax
Exemption under direct tax laws.
• Bank mortgage
Enjoy easy bank mortgage.
• International affairs
Can become a part of International business fairs.
• Benefits for States and Union territories
States and Union territories have their own package of facilities and incentives for small scale.
20 Business Plans Having Best Returns Without Any Investments.
Who can avail and Apply Online Loans and what amount?
Individuals/Proprietorship, Institutions, Incubation Centers, Companies, Firms, LLPs and any other legal entities
Business Loan In-principle approvals, with /without collateral, are currently provided for value from INR 1 Lac to INR 5 Crore. The Rate of Interest starts from 8.5% onwards. The Platform is integrated with CGTMSE to check eligibility of borrowers. Mudra Loan In-principle approvals are currently provided for value from INR 10,000 to INR 10 Lacs.
Personal Loan In-principle approvals are currently provided for value up to INR 20 Lacs, Home Loan In-principle approvals are currently provided for value up to INR 10 Crores and Auto Loan In-principle approvals are currently provided for value up to INR 1 Crore.
Documents required for MSME loan:
1. 6 months Bank statement in pdf
2. Business registration proof i.e. Incorporation certificate in case of company in pdf
3. Director/ Partner details
4. GST registration details in pdf
5. Profit and Loss and Balance sheet details for the last 3 years and estimated details for current year.
6. ITR in XML / Income tax returns in XML format. ITR related to Businesses and presumptive income scheme are eligible
Procedure to apply for MSME loan online:
The following is the step wise detail to apply for MSME loan online:
Step 1: Go to https://www.psbloansin59minutes.com/home and Click on “Apply Now”
Step 2: Sign up for the loan application by entering your Name, Mail Id and Mobile and click on Send OTP button. An OTP will be received on the mobile. Enter the OTP and click on Proceed button
You will be prompted to enter new password for Login. Enter the password and click on “Proceed”
Step 3: Submit your requirement
In the next step you will be asked to submit your requirement i.e. whether you want MSME loan or Business loan under Mudra Scheme.
Select “Business Loan” and Click on Proceed
Step 4: Filing of Loan application form:
The loan application is of 3 parts:
1. Provide Your Data
2. Select Banking Partner and
3. Get approval
Afterwards pay the processing fees of the bank. Once the fee payment is made you will receive the bank approval letter on the email.
A Platform For Every Businessman – Visit It –
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In Conclusion. MSME loans come with great benefits for small businesses, like no collateral, fast processing cycle and online account access, that meet the exact needs of small businesses at any stage of their growth.
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