Startup Business Loans
The Small Industries Development Bank of India (SIDBI) has started lending to companies directly instead of through banks. These government loans for startups are at least 300 basis points lower than the ones that are offered by banks. SIDBI offers long-term loans of up to five years online. There is a change observed in the existing schemes for startups and MSMEs (Micro Small Medium Enterprises) through the schemes of government of India.
Several other government startup loans and schemes for entrepreneurs in India have been introduced in the past few years. Here is a list of some of the most popular and notable government schemes that offer Business Loans for Startups And MSMEs in India.
- 42 (End to End Energy Efficiency)
- Bank Credit Facilitation Scheme
- Credit Guarantee Scheme (CGS)
- Credit Linked Capital Subsidy for Technology Upgrades
- Coir Udyami Yojana
- MSME (Micro, Small and Medium Enterprises) Business Loans for Startups In 59 Minutes
- Pradhan Mantri Mudra Yojana (PMMY)
- SIDBI Make in India Soft Loan Fund for MSMEs (SMILE)
- Standup India
- Sustainable Finance Scheme
Eligibility Criteria for Startup, you must meet the following eligibility criteria:
- A person must be an Indian citizen.
- A person must be self-employed.
- The age must be between 25-65 years.
- A person must have a minimum business experience of 3 years.
- The Startup should be working towards innovation and improvement of existing products, services, and processes and should have the potential to generate employment and create wealth.
How to apply for a startup loan?
To apply for a startup loan, you must follow these steps while you are applying through any lender. These are essential steps that are given below.
- Step 1: Fill in your personal details, including your name, mobile number, occupation, residential address, etc.
- Step 2: Choose a suitable loan amount and repayment tenure.
- Step 3: Get instant approval in 3 minutes and the loan amount in just 24 hours