Frequently Asked Questions (FAQs)
At Moneyplus, we understand that securing a loan for your small or medium enterprise is a big decision, and you may have several questions before taking the next step. Our MSME Loan offering is tailored to support the growth ambitions of India’s business owners—especially those who are underserved, informal, or operating in semi-urban and rural areas. Whether you’re wondering about documentation, eligibility, timelines, or repayment flexibility, this page answers your most common questions.
Let’s clear your doubts and help you move forward confidently with the right financial support.
What is an MSME Loan?
An MSME Loan is a secured loan offered to micro, small and medium businesses to support working capital needs, expansion, machinery purchase, or any other productive purpose.
Who is eligible to apply for an MSME Loan from Moneyplus?
Any self-employed individual, sole proprietor, partnership firm, or private limited company with a minimum 3-year business vintage and a valid property for mortgage can apply.
What is the minimum and maximum loan amount I can get?
Loan amounts typically range from ₹2 lakhs to ₹25 lakhs, depending on business income, property value, and other eligibility criteria.
Can I get a loan if my business is not formally registered?
Yes, we also cater to informal and cash-based businesses. Our on-ground team can assess your income through alternate documentation and field verification.
What kind of properties can be mortgaged?
Residential or commercial properties can be used as collateral, provided they are not already mortgaged and are in the applicant’s possession.
What is the interest rate for MSME Loans?
Interest rates are competitive and depend on loan amount, tenure, business profile, and credit assessment. Please contact our team for current rates.
Can GPA (General Power of Attorney) properties be used for loans?
Yes, but only if the GPA property is self-occupied and not part of our negative area list.
What are the documents required for an MSME Loan?
KYC documents, income proof (ITRs, balance sheet, P&L), 6 months’ bank statements, photographs, and business proof, if available, are required OR on assessed income. View the complete list on our loan application section.
How long does it take to process the loan?
Once all documents are submitted and property verification is completed, loan processing typically takes 5–7 working days.
Do I need a co-applicant?
A co-applicant is generally required if the property is co-owned or if additional financial strength is needed. This will be assessed during application.
Can I prepay the loan? Are there any charges?
Yes, you can prepay your loan. Prepayment charges depend on the stage of your loan and current policy guidelines.
Is a good CIBIL score necessary to get an MSME Loan?
A good CIBIL score improves your chances, but we also evaluate overall business viability and field assessments for customers with limited credit history.
What is the loan tenure?
Loan tenure can range from 12 months to 120 months depending on repayment capacity and loan structure.
Is there a loan processing fee?
Yes, a nominal processing fee is applicable, which will be communicated clearly at the time of loan application.
Can I apply for a loan if I don’t have income tax returns?
Yes, if you don’t have ITRs, we may still evaluate your loan application using alternate documents and on-site cash flow assessments.
How does Moneyplus verify my business income?
We combine document-based analysis with field visits to assess income, customer footfall, inventory turnover, and other indicators of business health.
Can I use the loan amount for personal expenses?
No, MSME Loans are meant strictly for business-related and productive purposes. Misuse of funds is a breach of loan agreement terms.
What if my property is located in a rural or semi-urban area?
Moneyplus serves even the most remote and underserved areas, provided the property is in our serviceable zone and not on the negative area list.
What happens if I miss an EMI?
Missing EMIs can affect your credit score and lead to penalties. We encourage timely payments and offer support in case of genuine financial difficulties.
How do I apply for an MSME Loan with Moneyplus?
You can apply online through our website or visit the nearest Moneyplus branch. Our team will assist you through every step of the process.