MSME (Micro, Small, and Medium Enterprises) loans are specifically designed to support the growth and development of smaller businesses. They often come with favorable terms and government support.
Purpose: Support the growth and development of micro, small, and medium-sized enterprises.
Features:
Government support: Many government schemes, such as the Pradhan Mantri Mudra Yojana (PMMY), offer subsidized loans to MSMEs. Easier eligibility criteria: May have more relaxed requirements compared to traditional business loans. Focus on specific sectors: Some MSME loans target specific industries or business activities. Competitive interest rates: Often lower than regular business loan rates.
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