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SME stands for Small and Medium Enterprises. The loans are mostly given by banks and companies to startup owners, small business owners and women entrepreneurs. The loans are provided on a short-term basis and their duration may vary from lender to lender. These loans provide the SMEs with the necessary capital to start, operate, expand and manage their businesses.
Why should you choose us?
Eligibility Criteria
Your business should have been in operation for a minimum of 6 months.
Trusts, NGOs, and charitable institutions are not eligible. Only commercial enterprises that engage in revenue-generating activities.
Your business should not be on the blacklisted or excluded list for SBA finance.
Your business should have been in operation for a minimum of 6 months.
When borrowing money, lenders may ask for something valuable as a guarantee to protect themselves.
Benefits
Swift Transition from planning to execution
A SME loan from PayMe allows you to easily enhance product marketing, and expand your network.
Manage and control your business
We do not take control of your credit policy as a condition for investment, allowing you to retain full control over your precious enterprise at all times.
Increase your market credibility
You can enhance your business's profitability, reflecting positively in your books, and gaining market goodwill and credibility.
Documents Required
12-month bank statement
PAN card details
Aadhar Card details
GST
ITR filings
KYC information
FAQ's
The qualification criteria for an SME loan vary among lenders, but typically include factors such as the business's creditworthiness, financial stability, cash flow, and collateral (if required).
The repayment period for your SME loan can extend up to a maximum of 2 years, subject to the terms and conditions of your loan agreement.
The loan amount for your business depends on factors such as your credit rating and financial health, including revenues and profit margins. Enhancing your credit rating through the settlement of miscellaneous debts and optimizing operating expenses can help increase the loan amount available to you.
The interest rates for SME loans can vary depending on factors such as the lender's policies, the borrower's creditworthiness, loan amount, and repayment period.
Prepayment options vary among lenders. Some lenders allow prepayment without penalties, while others may charge a fee or have specific conditions for early repayment. It's essential to clarify prepayment terms with the lender before finalizing the loan agreement.