New Startup Loan
New Startup Loan
You can avail a Startup business loan from a bank or a financial body in order to raise funds to new startup loan a business of your own or expand your current business. The rate of interest charged by the bank will depend on the loan amount availed by you and the repayment tenure.
You can avail a startup business loan from a bank or a financial institution in order to raise funds to start a business of your own or expand your current business.
However, the rate of interest charged by the bank will depend on the loan amount availed by you and the repayment tenure.
New Startup Loan Details
Interest Rate Up to 21% p.a.
Loan Amount Up to Rs.75 lakh
Loan Tenure Up to 5 years
Processing Fee Up to 6.5% of the loan amount + GST
Things to keep in mind when looking to apply for a Startup Business Loan
Startups looking to get such a loan should ensure the following:
- Make a clear and detailed business plan
- State clearly how you intend to use the loan amount in your business plan
- Summarise the objectives and goals of the business along with a chart that will highlight the potential returns and growth of the venture.
- Give a clear approximation of the funds.
Eligibility Criteria for Startup Business Loan
The eligibility criteria to avail startup loan business loans may vary from lender to lender but the generic ones have been listed below:
- Age of the applicant should not be less than 21 years while the maximum age should not exceed 65 years.
- The applicant must be a citizen of India.
- Applicants should have a business plan.
