Since global digitalization, the pace of industries in India has increased. The government also wants to increase the pace of trade in the country. Many government schemes are being run to ensure that the business does not get hampered due to financial constraints, so that the entrepreneurs do not have to face financial crisis.
If you also want to do your business, then know about these government schemes. You will get the benefit of loan facilities ranging from Rs 10000 to Rs 5 crore at very low interest rates.
Svanidhi Yojana: People going through very poor financial condition can avail minimum loan of Rs 1000 for setting up street vendors under this scheme. You can take an unsecured loan of Rs 10000. The name of this scheme is PM Swanidhi Yojana. More than 50 lakh street vendors of the country will have to return the amount in installments in a year. The government also gives 7% subsidy and ₹ 1200 cashback for this.
Mudra Loan: Mudra Loan Scheme focused on youth entrepreneurs was started in the country in April 2015. In this, loans are given to youth from banks without any guarantee. It is kept in 3 categories, Shishu Mudra Loan (50,000), Kishore Mudra Loan (50,001-5,00,000) and Tarun Mudra Loan (5,00,001-10,00,000).
Stand Up India Scheme : To motivate Scheduled Caste/Scheduled Tribe and women entrepreneurs, under Stand Up India Scheme, loans ranging from Rs 10 lakh to Rs 1 crore are given without any collateral. Loan is given according to the repayment schedule of 7 years, the moratorium period of which can be 18 months. Under Stand Up India Scheme, income tax exemption is available for the first 3 years while starting a business.
National Small Industries Corporation Scheme: NSIC is working to promote the development of MSME enterprises in the country. Used to be. NSIC operates through a nationwide network of offices and technical centers in the country. Two types of loans are given under this scheme:
– Marketing Assistance Scheme: You can use the amount received under this scheme to increase the marketing of your products. This can greatly help the business in increasing its access to the market.
– Credit Assistance Scheme: In this scheme, financial assistance is provided for purchase of raw materials, finance, marketing etc.
Credit Guarantee Fund Scheme: Thousands of startup companies in the country are trying to establish their footing. To promote startup culture, under the credit guarantee scheme of the government, startup companies will get a maximum loan of Rs 5 crore without any guarantee. For this scheme, the guarantee fee paid has been reduced from 2% per annum to 0.37% on the sanction amount.
MSME Loan: Micro, Small and Medium Enterprises can finance their business. MSMEs can avail loan to expand their business or start a new venture. Under this scheme, any new or existing enterprise can get a loan up to Rs 1 crore. Generally, it takes about 15 days to complete the loan process.