The Government of India has a number of financial schemes to help startups in India. As part of the ‘Make In India’ initiative, startups are provided with other non-financial aids like training programs, handholding programs and other support schemes. 

The government has made the loan process very simple for applicants to apply for loans without any hassle. Some of the government loan schemes for startups are: 

How to apply for these schemes? 

  1. These schemes are offered in partnership with various public sector and private sector banks. 
  2. Applicants can approach their nearest bank branch to apply for these loans. 
  3. They have to submit documents pertaining to their proposed enterprise, the projected income, employment generation capability of the enterprise, along a detailed business plan. 
  4. The application shall be sent to the government organization for approval. 
  5. Upon approval, the bank shall disburse the amount to the applicant. 

Points to note: 

Government schemes come with very low-interest rates

The schemes offer loans of up to Rs.1 crore for your enterprise

Some of the schemes offer collateral-free loans of up to Rs.10 lakhs. Eg; PMMY Mudra scheme

Some schemes, like the Mudra scheme, have an online application process too