Micro, Small and Medium Enterprises (MSMEs) are on the rise in India with the Government of India encouraging new entrepreneurs for making the country self-reliant and creating employment opportunities. It has a crucial influence in guiding the Indian economy’s growth. The reason for their growth is mainly because of their huge potential in India and the Government’s efforts to make them the backbone of the Indian economy. Small firms cannot entrust their precious assets to the bank in exchange for cash because this could harm their production if something goes wrong. As a result, MSME loans are a great way to get money when you need it.