The Government of India has given a great opportunity to Micro, Small and Medium Enterprises (MSME) to avail of special kind of loans called MSME loans. This is a boon to for those who want to expand their business and cannot afford borrowing from banks and financial institutions.
The unique feature of a MSME loan is that it is a collateral free loan with low interest rates.
If you are seeking a MSME loan, then you need to figure out the purpose of your loan. It may be to buy machinery or expand infrastructure or meeting various expenses and overheads to ensure that your business is sustained. You can avail a MSME loan, whether you are in manufacturing business or in the service sector.