Overview

MSME loans can be used for a variety of purposes, including improving the company’s facilities, purchasing and repairing factory equipment, purchasing raw materials, and so on. You can easily obtain MSME and SME business loans from Chickly to start or grow your business.

Features and Benefits

Fast online processing

Chickly provides online processing for all forms of small business loans. You can apply for an SME business loan with us online and we will accept it. The online process not only saves time but also guarantees that your request is approved automatically and that the funds are transferred to your bank account within 24 hours of approval.

Maximum Loan Amount

The range of funds needed for a specific company will vary depending on the size of the expansion expected. As a result, Chickly SME business loans have a high loan cap of INR 30 lakhs.

Long repayment period

It is important to have a comfortable loan repayment term so that the borrower does not fall behind on his or her EMIs. A borrower will enjoy a flexible repayment period of 12-60 months on his or her MSME business loan with Chickly Finance.

Zero Collateral

For a business loan, most financial institutions need collateral against the loaned amount. Chickly MSME loans, on the other hand, are unsecured and do not require the borrower to have any kind of collateral.

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Smart Ways to Use an MSME Loan

Inventory Management

Inventory management is important in a small business because revenues are dependent on sales volume. The MSME loan funds will assist you in securing your inventory supply chain. Manage seasonal dips in revenue by buying new product samples.

Purchasing Plant and Equipment

MSME loans may be used to finance the purchase of new business equipment. Since investment in plant and equipment necessitates substantial financing, applying for an MSME loan will help cover such costs without straining the company’s capital fund.

Working Capital Management

If a business is unable to fund its day-to-day costs, the production of goods and services will suffer. An SME owner may apply for MSME loans and use the funds to keep the business running smoothly while repaying maturing short-term debt and expenditures that might occur shortly.

MSME Loan Eligibility

  • The applicant must be between the ages of 25 and 55.
  • The applicant’s company must have filed Income Tax Returns for at least the last year.
  • The applicant’s or the business’s name does not have any history of loan default.
  • The applicant’s company must be older than three years.
  • The applicant must have a credit score of at least 750.

Documents required

  • Identity Proof: Aadhar Card, Passport, Voter ID card, etc.
  • Address Proof: Electricity bill, Telephone bill, Passport, Aadhar Card, Driving License
  • Business Proof: Certificate of company life, income tax filings for the previous fiscal year, profit and loss statements for the previous three years, and so on.
  • Need 2 passport-sized images