How To Get Business Loan for Startup: Are you want to start a business but you have not money. Don’t worry, today We’ll guide that how you can get startup business loan, what are the terms and conditions; Know which one is best for you.
In today’s time, everyone wants to be financially independent. Starting a business is a good way for this, but many people are unable to start a business due to lack of capital.
In such a situation, taking a business loan is a good way. The government is also focusing on business loans to make the Indian economy 5 trillion. Many schemes are also being run for this, under which you can take a loan of up to 10 lakhs start up business loan by indian government.
How To Get Business Loan for Startup
First of all, you have to present your business plan to the bank and convince the bank that your business can be profitable and can have good growth. For this, you will also have to show the financial statements of your business to the bank.
If you are going to start a new business, then you can apply start up business loan by indian government. Yes can get a loan of up to 10 lakhs under the Central Government’s business loan scheme Startup India or PM Mudra Loan Yojana.
Eligibility for a business loan
Usually, banks and financial companies prefer to give business loans to companies with a turnover of 10 lakhs or more. To get a business loan, your age should be between 21 and 65. Also, the business should be active for two to three years and the credit score should be good.
- Age – 21 to 65
- Credit Score – 750+
- Business plan idea
- Verified Government Documents
Who can take a business loan
- Entrepreneur
- Self-employed person
- Partnership firm
- Private or public companies
Interest rate on business loan
- Axis Bank: 14.95-19.20 percent
- Bajaj Finserv: 9.75- 30.00 percent
- HDFC Bank: 10-22.50 percent
- Kotak Mahindra Bank: 16-26 percent
- IDFC First Bank: 10.50 percent
- Tata Capital: 12 percent
- HDB Financial Services: 36 percent
Startup Business Loans Pros and Cons Explained
FAQ’s How to get a startup business loan:
Q. Can I get a loan for a start-up business?
Yes, you can get a loan for a start-up business up to 10 lakhs start up business loan by indian government.
Q. Which loan is best to start a business?
If you want to start new business so SBA micro loan is best to start a business for beginners.
Q. Which bank is best for startup business loans?
In india, Axis Bank, HDFC Bank, Tata Capital, IDFC first bank and Kotak mhindra bank is best for startup business loans.
Q. Who is eligible for a small business loan?
Today’s time Entrepreneur, Self-employed person, Partnership firm, Private or public companies is eligible for a small business loan.
Conclusion
Here we’ll explained about to get startup business loan. If you are eligible so you can get a business loan for statup easily. But before applying a loan check all bank Interest rate on business loan.
