Business loan Yojana: If you also want to start your own business but you do not have enough money for it, then do not worry. Today we have brought information about a scheme for you through which you can get a loan and take your business forward. Today we are talking about the government’s business loan scheme. Under this scheme, a loan can be taken from the bank and your own business can be started. In such a situation, you can also give wings to your dreams by taking advantage of this scheme. Let us get detailed information about it.
Two types of business loans are given
Banks and NBFCs provide business loans to people to start a business, grow a business and to meet other business requirements. There are two types of business loans which include secured and unsecured loans. For secured loans, applicants have to mortgage some security/guarantee with the bank. However, in case of unsecured loans, there is no need to provide any security/guarantee to the bank. Let us know how to get a business loan, how to apply for it etc.
Minimum amount of ₹ 10000 is given under business loan
Most banks/NBFCs offer both secured and unsecured business loans, such as letter of credit, bill discounting, equipment finance, POS loan, term loan, working capital loan, loan under government schemes, overdraft etc. The minimum loan amount offered under business loans starts from Rs 10,000 which can be availed from Small Finance Banks (SFBs), Regional Rural Banks (RRBs), or Micro Finance Institutions (MFIs). Borrowers can avail collateral-free business loans up to Rs 2 crore from leading private and public sector banks and NBFCs. Small business loans are also available for startups and MSMEs at reasonable interest rates.
Loan is available on this CIBIL score
The interest rates of business loans start from 9.00% per annum and are determined based on the credit profile of the applicant. Different banks have different interest rates. CIBIL score also plays an important role in the approval of business loan application. This score shows how your credit record has been and how you have managed your loans and credit cards so far. Generally, a CIBIL score of 750 or more is considered good by banks.
The limit can be different for everyone
If your CIBIL score is 650 or less, then there is still a possibility of getting a loan from NBFC, Small Finance Bank and Micro Finance Institute. What should be the CIBIL score of non-working professionals, MSME, retailers or manufacturers etc. to get a business loan, this limit can be different for everyone. What should be the CIBIL score for a business loan depends on the type of loan.
Eligibility required to get a business loan
- The business should have been running for 1 year or more.
- The applicant should have a good CIBIL score.
- The existing business should have a minimum annual turnover of Rs 12 lakh.
- The applicant should never have been declared a defaulter.
Important links for applying for business loan scheme
| Official Notification | Click Here |
| Apply Online | Click Here |
| More Govt Yojana | Click Here |