I am a micro entrepreneur under msms ministry have not registered get now my question is how apply loan without get ?

From what I can understand, you want to know how to get a loan for your business. Given that you haven’t registered your company, you will not be eligible for an MSME loan. But you can apply for a business loan from any bank. You can avail of this loan without pledging any of your assets and get access to credit that can be repaid over a specific period of time.

It is important that you meet the eligibility criteria of a bank/non-banking finance company (NBFC) before applying for its loan. Although the specific criteria may differ from one lender to another, most lenders have similar eligibility criteria. Business or MSME or SME loans can be either secured or unsecured loans.

If a loan is a secured business loans, then the value of the asset used as collateral determines the features of the loan you will avail of. Meeting the necessary eligibility requirements is important in order to receive a loan easily. Thus, you must not only study the eligibility criteria of your potential lender, but you must also do everything in your capacity to ensure you meet the eligibility criteria.

A few individuals who are eligible for business loans are:

- Self-employed businessmen/professionals

- Limited or private limited firm

- Manufacturer, retailer or service provider

Criteria required to meet to avail business loan:

- The business owner/professional must be aged between 21 years and 65 years

- The business should have been operational for at least three years

- The business turnover must be at least Rs. 50 lakhs per annum with minimum Rs. 2 lakh of profit. Do note, however, that loans of higher amounts may also be availed as per the lender’s discretion.

- The business owner/business must submit the last three years of income tax return (ITR) statements.

- A business partner can be a co-applicant in the business loan application. In fact, this is recommended as it would increase the probability of getting a loan of higher amount with a longer tenure and interest rate.

It is important that you have your documents in order to avail of any loan, and a business loan is no different.

Here are some key documents that you need to submit to a lender to take a business loan:

• Last three years’ Income Tax Return (ITR) statements
• Bank account statements
• Residence proof of applicant
• Recent photographs of applicants
• Business proof
• Applicable certification related to practice
• Proof of ownership of the possessions which are used for business purposes
• Identity proofs such as Aadhar Card, Voter ID Card, PAN Card, Company registration certificate, etc.
• KYC documents of the co-applicant (if applicable). In case business loan for women is the category of choice, proof of majority ownership by the woman needs to be provided by the investor.

If you have all these documents and meet the eligibility criteria, as stated above, you should find no difficulty in getting a loan. All the best!