If you are also looking for a business loan to start a startup or a new business, then you have come to the right place because today in this post We are going to talk about ‘Best Government Business Loan Schemes in India‘, and are going to tell you how you can take a loan by sitting at home to start a new business, So if you yourself need any information related to business loan. then you can continue with this article and know about the best business loan scheme run by the Government of India.
As you all know that many people in India think daily to start a new business but they are not able to start their business because they do not have the deposited capital. And to start any business startup it is very important to have money because no business can be started without money. So in this way, today we are going to solve this problem with the help of this article and we are going to tell you about the best business loan scheme run by the Indian government, so let’s know about this business loan.
As you all would also know that the growth of India’s economy depends on Micro, Small, and Medium Enterprises (MSMEs). And without it, you cannot even imagine growth. And it always provides solutions to economic problems like poverty, unemployment, income inequality, regional imbalance, etc. And at present about crores of jobs are flourishing across the country under MSME. So let’s know how the government provides loans under MSME business.
- 1 Top 5 Government Business Loan Schemes in India 2022 [Best Guide]
- 2 Some important things for government business loan
Top 5 Government Business Loan Schemes in India 2022 [Best Guide]
Various types of business loan schemes are being offered by the Indian government to promote MSME business, some of which are as follows.
1. Mudra Loan Scheme
First on this list comes the name of the Mudra loan scheme run by the Government of India, through which you can easily take a loan from any private and public sector banks, commercial banks, rural banks, to start your own startup and a business. And for this, you have to go to your nearest bank and tell them about the Mudra loan scheme run by the government, and then you will easily get a business loan from there.
Under this scheme, you can take loans for your small businesses in rural and urban areas such as shopkeepers, fruit/vegetable sellers, medicine wholesale businesses, sweet shop businesses, or other small businesses. And under this Mudra loan scheme, you can take loans from 50000 to 1000000.
Mudra loans are given in three ways.
Shishu loan : The first Shishu loan, under which you can take a loan of up to Rs 50,000 to start your very small business.
Kishor Loan : The second is Kishor Loan, under which you can apply for a loan ranging from 1 lakh to 5 lakh rupees, and this loan is available to those who want to expand their old business.
Tarun Loan : The third is Tarun Loan, under which you are given loans ranging from Rs 5 lakh to Rs 10 lakh, and this loan is especially available to those whose business is fully established.
2. Stand Up India Govt Scheme
Under Stand Up India run by the Government of India, it has been started to provide funds especially to women entrepreneurs and to Scheduled Castes / Tribes. And under this scheme, You can apply for a loan of up to 10 lakh rupees to1 a crore. So, if you are a woman entrepreneur or someone belonging to Scheduled Caste Tribe, then this loan scheme can be a better option for you.
And to take a loan under this Stand-up India scheme you have to start a business related to the manufacturing or service sector. Only then you will be able to get a loan under this.
3. MSME Loan and PSB Loan
The Central Government of India launched this loan scheme in the year 2018 to promote Micro, Small, and Medium Enterprises (MSME), And under this scheme, you can get up to 5 crore rupees loan within 1 hour only without any guarantor.
And for this, a portal named psbloansin59minutes has also been launched, with the help of which you can apply online from your mobile or computer while sitting at home. And you will get a reply from there only within 1 hour.
On the other hand, if we talk about the amount and interest rate available under this scheme, then under this you can get a loan from ₹100000 to 5 crores. And you have to pay an interest rate of 8.50%. So if you also want to take a loan under the government scheme to open a small business, then this can be a better option for you. In which you get the loan approved within just 1 hour without any hassle.
This scheme (CGMSE) was started by the Government of India for the first time in the year 2000 to provide loans to micro and small businessmen. And under this, you can apply for a loan up to ₹ 10 lakh without any collateral (mortgage). And the same if you want to take more loan then you will have to mortgage something for this.
At number five in this list is the Business Subsidy Loan being provided by the National Small Industries Corporation, under which NSIC subsidy for small businesses gives you two types of economic benefits, first help in buying raw materials, and second in marketing. And under this scheme, subsidies are given especially to those people who want to increase the quality and quantity of their manufacturing.
Some important things for government business loan
Before taking a loan for your business by the government, you need to keep the following things in mind, only then you have to apply for a business loan.
The most important thing to take advantage of the government business loan scheme is that your business should be under MSME and you should also have proof of starting the business i.e. registration certificate.
The second most important thing is that you can take a loan from the government business loan scheme only after 18 years, before that you are not eligible for it. And also you should have at least 2 years of business experience.
Documents Required for Government Business Loan Application
To apply for loan for business from the government, you will need the following documents, only then you can apply for it.
- Business Registration Number
- Identity Card and Income Certificate
- Aadhaar and PAN Card Number
- GST Registration Number
- 6 months bank statement
- passport size photo
In this way, By keeping the following things in mind, you can apply for a business loan from the government and can easily get a loan from the government for your business.
I hope that after reading this post you will get a lot of help in taking a business loan from Government business loan schemes 2022. For any other information don’t forget to comment in the comment box below. and you can also follow this biharfeed for more business-related information. Thanks 🙏🙏