Disclaimer….before you read ahead!
The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updation, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.
Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.
About this scheme…
MSME Loan is a collateral free loan offering by Electronica Finance Limited (EFL), a non-deposit taking, systemically important Non-Banking Finance Company (NBFC-ND-SI) registered with Reserve Bank of India (RBI), specially designed to support & empower MSMEs.
How is it being implemented?
Under this Scheme, direct loans are provided to,
- MSMEs that are established Enterprises or thriving Start-ups in manufacturing, services, retail or trading sectors
- Self-employed Professionals
What’s on offer?
I. Product
- Term Loan
- Ticket Size: ₹3 Lakhs to ₹5 Crores
II. Purpose:
- Acquisition of or investment in fixed assets
- Working capital requirements
III. Borrower Type:
- Self-employed Professionals, Sole Proprietorship, Partnership Firm, Limited Liability Partnership (LLP), Private Ltd. Company, Public Limited Company
IV. Security or Collateral or Guarantee or Insurance
- Primary Security: There may be primary charge on assets financed under this Scheme
- Collateral Security: Nil
- Guarantee: Nil
- Insurance: For more information around this, please contact EFL via means mentioned below
V. Interest Rate
- 10% – 30% per annum
- For more information around this, please contact EFL via means mentioned below
VI. Processing Fee
- For more information around this, please contact EFL via means mentioned below
VII. Margin Money Requirement
- For more information around this, please contact EFL via means mentioned below
VIII. Tenure, Repayments & Pre-Closures
- Tenure: 24 to 84 months
- Repayments: EMIs. Refer to the EMI calculator
- EFL will also be open to customizing repayments based on borrower’s requirements
- Pre-payment & Foreclosure Charges: For more information around this, please contact EFL via means mentioned below
IX. Turnaround Time
- This Scheme is characterised by the following features:
- Easy documentation process
- Transparent & hassle-free application process
- Typically, after submitting all the required documents which are complete in all aspects, the approval & disbursal process is estimated to take Three (3) working days
Interested? Read ahead to check your eligibility….
I. Is your business classified as an MSME?
II. Has your business been in operations for over 3 years?
III. Does your business meet the criteria of being financially stable?
If your answers to the questions above are an emphatic YES, you are all set to avail EFL’s MSME Loan!
Alternatively, you can also click here to check your eligibility on the right-hand side!
So…how big is this scheme and what has been done so far?
I. Details around this particular Scheme doesn’t seem to be available in public domain
II. Nevertheless, as of March 31, 2024, EFL had a total AUM of ₹3,802 Crores across 44,579 MSMEs across all its lending product categories
III. Scroll here or here to go through few of their Customer Success Stories
So, now, how should you go about it?
I. For submitting application:
- Apply online here and EFL’s tele-calling team will call you within 24-48 hrs
OR
- Call +91 8390304246
II. For indicative list of documentation required, please scroll here to get to Documents Required for MSME Loan section
III. For any queries, please contact EFL via:
OR
- Call: +91 8390304246| 020-67290700 | 1800 209 9718 (Toll Free) 9:30 AM To 6:30 PM on all days except all Sunday’s
OR
Go on then…and do spread the word!
Best
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