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There is no second opinion that the Micro, Small and Medium Enterprises (MSME) sector is the backbone for developing nations across the globe. However, the sector is facing plenty of challenges, with access to affordable credit being the most crucial. Sanjay Sharma, Managing Director of Aye Finance gives a sneak peek into some important tips one needs to know before taking MSME loans.
1) Before taking micro loans, one should check the terms including interest rates, charges deducted and installments, among others.
2) Check the involvement of middlemen. While taking MSME loans, a substantial portion might go to the middlemen which should is not encouraged.
3) Check the collateral which is being given to the lender and your rights as a loan-taker.
4) Ensure that the data one is giving is safe and protected.
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