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Maret 29, 2022

Top 5 Government Loan Schemes for Small Business in India

Filed under: Delaware_Greenwood payday loans — admin @ 7:56 pm

Top 5 Government Loan Schemes for Small Business in India

India has about 40 million Micro Small and Medium Enterprises (MSMEs), including registered and unregistered ones. MSMEs fall under the categories of both the organized and the unorganized sectors. These MSMEs contribute to about 40% of the total GDP of India, and it remains a critical source of employment. The MSMEs provide solutions to critical issues in the country like poverty, unemployment, income inequality, regional imbalances, etc. The government for this purpose has introduced various schemes to sanction loans to MSMEs to boost their business and their economy. The entrepreneurs who run such MSMEs can borrow money in the form of a loan through any one of the schemes that suit their requirements.

MSME Business Loans in 59 Minutes

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MSME business loan in 59 minutes is one of the most loan schemes introduced by the government in . The loans sanctioned under this scheme are to boost financial assistance to the growth of the country and to also encourage their growth in the country. The scheme allows new and existing businesses to utilize the financial assistance that is provided by the scheme. The loans provided under these schemes extend up to Rs. 1 crore and take about 8 to 12 days to complete the process, wherein the approval for the loan is received within 59 minutes which is prie of the scheme is known as MSME business loan in 59 minutes. The rate of interest depends on the nature of the business that is carried on by the applicant of the loan. The interest of such loans begins at 8.5%, and the loan amount granted under this scheme can range from 1 lakh to 5 lakh. The following are the requirements for obtaining a loan under this scheme:

  • GST verifications
  • Income tax verifications
  • Bank account statements for the last 6 months
  • Ownership related documentation
  • KYC details

MUDRA Loans

The MUDRA loans are sanctioned by the Micro-Units Development and Refinance Agency organization that has been established by the government of India for providing finance to units of micro-business. (more…)


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