Low interest rate business loan in India Small and medium-sized businesses face many problems during a pandemic, and it also affects their hopes for surviving during a pandemic. This Government also tries to take some steps to save these small and medium businesses. Many banks and firms now introduce low-interest-rate business loan in India to help those small businesses.
Indian Finance Minister said that banks lend approximately 1.27 lakh crore loans to small and medium businesses out of 3 lakh crore. It is the total loan given by 12 public banks or sectors, 22 private banks, and 21 non-banking companies. By these figures, we can get the idea that half of the promised amount is available in banks, and they can easily provide low-interest rate business loans in India.
Here I am going to tell how you can get a low-interest rate business loan in India, so by reading this, you can help your business grow during the pandemic.
First, try to Adopt Digitalization:
It is calculated that more than 63 million small and medium businesses are running in India. With that, you can see how much this small and medium business contributed to the GDP or economy of India. Pandemic pushes many small businesses to adopt digitalization, and they are doing well with this digitalization.
This pandemic is very painful for small business owners, and indirectly it also affects the economy of India that is generated by those small and medium-sized businesses. For supporting these businesses, India tries to provide facilities by they can again establish their business and can help the country is growing.
Low-interest rate business loan in India is becoming common because Government wants them to play their part in the country’s development.
Adoption of digitalization is very much necessary for small business owners because many lenders use a digital platform by which they can find borrowers. Many digital platforms connect borrowers and lenders directly to choose terms and conditions.
Digitalization is Must for Every Business:
Digitalization has become a need of every business because it connects you to others easily and can help you to grow your business. Many owners shift their businesses to digital or online. It can help them generate a large amount of revenue. Digitalization and social media are very important for any business. By this, you can get an idea of the outside world and easily know about the trend and fashion.
There are digital companies that provide low-interest rate business loans in India like Instamojo introduced a service named sachet loan. In this service, they give loans by selecting the borrower by WhatsApp messages, and you message them more, it will increase your chances of getting a low-interest rate business loan in India. They can give you a loan of 1 Lakh for 7 to 14 days for small businesses.
Here is another financing platform, Credible. They also give low-interest rate business loans in India; they try to help small and medium-sized businesses during a pandemic. Many digital firms give low-interest rate business loans in India, and you can easily find them through the internet and apply for a loan.
It was estimated that during the pandemic, many small business owners applied for low-interest rate business loans in India to make their businesses stable. Then these owner refers another small
business owner to apply for a low-interest rate business loan in India. By this credit volume of banks also increases that is a benefit for a firm.
Loan Schemes for Small Businesses:
If someone wants to get a low-interest rate business loan in India, they can get through Government policies, banks, and non-banking financial companies. Some firms also use digital platforms to give low-interest rate business loans in India to small businesses.
Here I am going to tell you about five main schemes of Government for giving low-interest-rate business loans in India that can be avail by small and medium-size banks by which they can establish, digitalize, and fully equip their businesses.
Pradhan Mantri MUDRA Yojana (PMMY):
By applying this scheme, you can get a low-interest rate business loan in India, and the amount is up to 10 lakhs with an easy repayment plan. They provide loans for small businesses like noncorporate, non-farms, and small enterprises or companies.
business loan Many of you won’t know about the lender of this loan, so here is the answer that the lender of this loan is some commercial banks, regional banks, cooperative banks, and some small finance banks to empower small businesses during the pandemic.
You can easily apply for this loan through their website, and it is very easy to use. You can easily use the website.
They make three categories of loans Shishu, Kishore, and Tarun. These are the stages of business by which they can get an idea of how much money should be given to the business.
Shishu is the first stage in this stage, and you can get a loan of up to 50,000. Kishore is the second stage where you can get a loan above 50,000 or up to 5 lakhs. Tarun is the last stage where you can get a loan of more than 5 Lakhs or up to 10 lakhs.
Their repayment plan is very simple, and the interest rate is also very low. By visiting their website, you can learn about the interest rate and repayment plan.
Credit Guarantee Fund Scheme for Small Businesses:
Here is another scheme by which you can get a low-interest rate business loan in India, and they provide financial help or loan up to 200 Lakh, but the borrower should be eligible. They provide these types of loans to some new and small companies or enterprises involved in manufacturing or some service activity, educational institutes, agricultural sectors, and training providers.
The lenders of these loans are commercial banks (including public, private, and foreign banks) and National Bank for Agricultural and Rural Development (NABARD).
business loan You can apply for this loan online through their website, and by visiting their website, you can get other information about this loan. You can also get information about the interest rate and repayment plans through their website.
For getting this loan and the huge amount, you have put forward a third party to guarantee security purposes. By fulfilling eligibility criteria, you can get this loan of up to 100 Lakh and establish your business, or you can make it digitalize.
National Small Industries Corporation (NSIC):
Here is another scheme by which small businesses can get a loan for establishing their businesses. NSIC can provide the best credit support to small and medium-sized businesses. They can give you a loan of up to 5 lakhs in Indian currency.
Low interest rate business loan in India Every small and medium company and business with Udyog Aadhaar Memorandum (UAM) is eligible for applying for this loan. The lender of this loan is some national and private banks.
First, you have to download an application form from the bank under this scheme to apply for this loan. You can also apply for this loan through their website www.niscpronline.com where you can find all the
information about this loan easily. You can get information about the interest rate and repayment plan through their website.
Credit linked Capital Subsidy Scheme for Technology Up-Gradation:
They also give loans to small and medium-sized businesses, and the amount they give as a loan is up to 15 lakhs. It is enough for small business owners to help them grow their business again. This scheme is very beneficial for small business holders during COVID-19.
They give subsidies to small businesses to upgrade their business technology vice. Low interest rate business loan in India They can give subsidies up to 15 lakhs on different types of machinery.
Low interest rate business loan in India Its eligibility criteria are also the same as NSIC, that small and medium businesses with valid UAM can take such loans. The facility is provided or implanted by 12 banks or agencies, including government and private banks.
The process for applying this is very simple. You have to upload your subsidy claim application to their institutions like banks.
Their main object is to upgrade their small and medium-size businesses by using technologies. So they give subsidies to those businesses who cannot afford technologies and pieces of machinery.
Low interest rate business loan in India They are best known for giving loans to those small businesses who need support during these crises, so they give an amount as loan is minimum of 25 lakhs. This amount can easily establish small businesses. Their eligibility criteria are also the same as NSIC businesses with UAM can take this loan.
SIDBI is one of India’s most known financial institutions is supported by their Government, so they help them give loans to needy businesses during COVID-19.
You can apply for this loan online from their website, and you can get the information about this loan from their website, like interest rate and repayment plan.
Their main aim is to give soft best business loan to small and medium-sized businesses on flexible terms so they can repay their loan easily. Low interest rate business loan in India They want to support small during a crisis to upgrade, establish, grow and digitalize their businesses. By supporting these small businesses, they try to increase the economy and
GDP of their country because these small businesses are the backbone of the Indian economy.
Low interest rate business loan in India During these COVID-19, all countries suffer from the crisis, so the same happens in India. The businesses that suffer most because of this pandemic in India are small and medium-sized. They lose all their assets during these crises; that is why India tries to support those small businesses by giving them loans and subsidies to upgrade and grow their businesses.