Are you an entrepreneur who aspires to launch a new start-up but does not have enough funds? Well, go for a business loan to help you create, expand or improve your businesses. You can avail of a business loan online with very minimal documentation & at an interest rate starting from 21% per annum. You can avail of a loan amount up to 75 lakhs. The business loan has tenures ranging from 1 year to 5 years.
How can I apply for a Business loan?
- You can apply online by filling in the application form and turning in all the required documents.
- You can apply in person by visiting the lender’s branch with all the needed documents and filling out the application form.
What are the Top Banks Providing the Startup Business Loans?
- Hdfc Bank offers loans with an interest rate starting from 15.75% per annum.
- Kotak Mahindra provides Startup loans at an interest rate of 17%.
- Tata Capital offers business loans at an interest rate of 19%.
- Fullerton India is now providing loans at an interest between 17% to 21% per annum.
What are the Business Loans offered by the Government of India for Startups?
In India, there are more than 39,000 startups with access to private equity and debt funding options. However, it is difficult to raise funds when the business is just an idea or at its developing stage. The Small Industries Development Bank of India has started to provide funds to startups and MSMEs rather than using the banks as a medium to lend funds. The interest rates on business loans are less than the loans offered by banks.
The following are the different schemes & initiatives launched by the Indian government to promote Small & Medium businesses.
- Pradhan Mantri Mudra Yojana (PMMY)
- Sustainable Finance Scheme
- Bank Credit Facilitation Scheme
- Credit Guarantee Scheme (CGS)
- Psbloansin59minutes.com
- Standup India
What are the eligibility criteria to get a business loan?
- The applicant who wants to avail of a startup business loan must be a citizen of India.
- The applicant should have a business plan to avail of a startup loan.
- The applicant should be between the age of 21 - 65 years.