MSME stands for Micro, Small, and Medium Enterprises, and they are the backbone of India’s economy. Contributing nearly 8 percent of the total GDP of the nation, these enterprises account for up to 40 percent of the Indian exports. Therefore, the Government of India introduced the MSMED Act of 2006 to help develop them further and contribute to their welfare. 

MSMEs mostly engage in the production and manufacture of products and goods. Applicants can apply for MSME loans to help their business grow. Many NBFCs offer exclusive interest rates and help people grow their businesses. 

What are the General Advantages of MSMEs?

• They provide for employment and the growth of artisans and workers.
• MSMEs help by promoting entrepreneurship abilities.
• They support the advancement of technology.
• They help provide solid support to the export markets.

With minimum documentation required and a low MSME loan interest rate, you can apply for an MSME loan in a hassle-free manner. 

How do MSMEs aid the economy?

• MSMEs manufacture goods that are required for the domestic and international markets.
• MSMEs have helped promote the development and growth of several small-scale industries, including khadi and coir.
• They have helped increase the socio-economic development of the rural areas.
• They help workers get acquainted with the latest technologies, thus increasing their area of interest and upgrading their skillset.

Fullerton India provides loans to both small and medium-sized enterprises. You can easily apply for the MSME loan services in India at Fullerton, and avail of the loan at a low MSME loan interest rate. However, you must be aware of the eligibility criteria before applying for the loan at Fullerton India.

Must Read: Top 5 Challenges of MSME Loans That You Should Know