Product Details
MSME Loan: Empowering Businesses
At Aspire Finance, we understand the vital role that Micro, Small, and Medium Enterprises (MSMEs) play in driving economic growth and fostering innovation. That’s why we’re proud to offer our specialised MSME Loan Product tailored to meet the unique financial needs of small businesses.
Features & Benefits
- Interest Rates: Starting 2% per month reducing (based on risk classification)
- Processing Fees: 2 to 3% (plus GST)
- Loan Tenure: 12 to 36 months
- Late fee charges: 5% of delinquent principal amount + GST per month
- Any other charges: NIL
- Loan Amount: ₹ 50,000 to ₹ 10 Lakhs
- Instalments: Equated Monthly Instalments (EMI Monthly)
Eligibility Criteria for MSME Loan
- Type of Organization: Sole Proprietorship
- Business Operational Duration: Minimum operational history of 6 months
- Financial Requirement: Minimum monthly turnover of 3 lakhs in last 3 months
- Location Criteria: To be updated as per collection coverage
Documents Required
- PAN Card of the promoter
- KYC of the promoter
- Business KYC
- Udyam Registration Certificate
- Bank statement for the last 6 months