With rising unemployment and low job opportunities in the country, people are moving towards establishing their small businesses in India. As they constitute a good percentage of GDP in the country, the government is encouraging these businesses and provides various loan schemes to fund them.
These Government Schemes Are:
Pradhan Mantri Mudra Yojana:
Offering three types of loans like Shishu, Kishore, and Taru, this scheme is one of the best for small business loans in India. It is a perfect scheme for small business owners who do not possess any property to keep as security.
Credit Guarantee Fund Scheme & Micro & Small Enterprises:
One of the government schemes that is beneficial is the Credit Guarantee Fund Scheme. With an offering of a maximum of Rs. 2 crores, this scheme doesn’t require you to put any property or asset as security.
National Small Business Subsidy Scheme:
From marketing assistance, technology up-gradation to raw material assistance, National Small Business Subsidy Scheme provides all the benefits. It is genuine and makes for one of the most beneficial schemes.
SIDBI, Make in India Loan for Entrepreneurs:
Keeping in mind the interest of flourishing small businesses in India, this government scheme is helpful for small businesses looking to establish themselves with some funding. The business loan interest rate is low, and the tenure of repayment is longer, making it easier for the businesses to pay the debt in time.
MSME Business Loan in 59 Minutes:
Encouraging the growth of small businesses in India, this scheme helps in the financial aid of up to Rs. 1 crore. Owing to its name, within 59 minutes of applying, your loan is either approved or disapproved depending on the eligibility and other requirements. The nature of your business is the sole deciding factor in the interest rate.
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