You can get the Startup Business loan through a financial institution or bank financial institution to obtain funds to launch your own business or expand your existing company. The interest rate paid by the lender will be based on the loan amount assessed by you and the duration of repayment. Munafa Wala is one of the reputed Business loan agency in Jaipur.
Business 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
Business Loans for Startups by the Indian Government
There are over 39,000 startup companies in India today, and they have access to a variety of private equity and debt financing options. But, it can be challenging to obtain funding in the case of a business that has only an idea or in the early stages. Additionally, it is a challenge to access capital when the Micro (MSME) sector in India is unable to opportunities for traditional loans, which is the reason it is why the Government of India decided to introduce startup business loans programs for startups and MSMEs.
The Small Industries Development Bank of India (SIDBI) has also started directly lending to entrepreneurs and MSMEs instead of channelling this through banks. The interest rates for the loans are lower than those provided by banks by around 300 basis points. The most well-known and well-known schemes provided through the Indian government to startups and MSMEs are:
1 - Bank Credit Facilitation Scheme
This program is designed to meet the needs of credit for MSME units. The initiative is led through the National Small Industries Corporation (NSIC). The NSIC has joined forces with various banks to offer loans to MSME units. The program's repayment duration ranges from 5 and 7 years. However, it is possible to extend the term until 11 years in some cases.
2 - Pradhan Mantri Mudra Yojana (PMMY)
In 2015, the scheme was managed by Micro Units Development and Refinance Agency (MUDRA) and will provide loans to any trading, manufacturing, and service sector businesses. The plan allows loans in three categories: Shishu Kishor, Shishu, and Tarun, in amounts that vary between Rs.50,000 up to Rs.10 lakh. Mudra loan is available to Mudra loans can be used by shopkeepers, artisans, vegetable vendors and repair shops, machine operators, and more.
3 - Startup India
In April 2016, the scheme was launched and managed by SIDBI. The scheme provides loans to businesses involved in trade, manufacturing, or providing services. In this program, loans that range between Rs.10 lakh to Rs.1 crore can be obtained. The loan repayments can be made in 7 years, and the maximum period of moratorium allowed can be 18 months.
4 - Sustainable Finance Scheme
The scheme is also run through the SIDBI and aims to provide credit to companies that specialize in renewable energies, hardware for technology, and non-renewable energies. The government launched this scheme to provide support for the whole value chain of energy and production efficiency and sustainable development initiatives.
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