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The purpose of this type of loan is to help people start their own business and promote their business. Many people in the country want to start their own business, but are not able to do so due to lack of money. In such a situation, these loans will help interested people to establish and expand their business.
The central government is trying to promote small businesses and make youth employers instead of job seekers. The government wants to take the country towards economic progress by promoting small entrepreneurs. That is why Prime Minister Narendra Modi often talks about making India self-reliant. The government provides collateral-free loans as financial assistance to entrepreneurial youth. The government is giving loans ranging from Rs 10 lakh to Rs 1 crore. For this you have to choose what type of loan you want to take.
There are many types of loan schemes of the Government of India. The objective of which is to make small traders self-reliant. Furthermore it aims to empower new business entrepreneurs, promote economic growth and generate employment. If you are thinking of starting a business in 2025 and you do not have money, then do not worry. Because the central government is giving business loan for your new business or to expand your business. Let us know which loan schemes are being offered by the government.
No guarantor, many facilities including low interest rate are available
The special thing is that many types of facilities are available on government loan. In such a situation, more loans are available to you at lower interest rates. Guarantee free loan means that you get the loan without pledging any property. You do not need to worry much about taking a loan. There are many facilities available for taking government loan. Let us know the five loan schemes of the government under which you can take loan.
1. MSME Loan Scheme
2. Pradhan Mantri Mudra Yojana
3. National Small Industries Corporation
4. Loan Linked Capital Subsidy Scheme
5. SIDBI Loan
1. MSME Loan Scheme
These loans are provided to promote micro, small and medium scale and small businesses. This loan is given to the businessman without any guarantee. Under this scheme, interest has to be paid at the rate of 8 percent. The loan is deposited into the entrepreneur’s account within 12 days. It is for entrepreneurs who want to start their own business.
2. Pradhan Mantri Mudra Yojana (PMMY)
PMMY is an unsecured loan for micro and small enterprises. PM Mudra Yojana was started in the year 2015. If you want to start a business then you can apply for loan through this scheme. The scheme is divided into three categories. Shishu Loan, Kishore Loan and Tarun Loan are offered. You can take a loan ranging from Rs 50 thousand to Rs 10 lakh. The interest rate under this scheme is between 9 to 12 percent. You can apply for this scheme by visiting the nearest bank. Apart from this you can also apply online. For this you will have to provide other documents including Aadhar Card, PAN Card, Resident Proof, Photo, Business Plan.
3. National Small Industries Corporation (NSIC)
Loans are provided to small and medium enterprises (MSMEs) by the National Small Industries Corporation (NSIC). The interest rates charged on MSME loans vary from bank to bank. Generally National Small Industries Corporation offers interest rates of 10.50% to 12.00% per annum. NSIC is one of the best government schemes for small enterprises and is very popular.
4. Credit-Linked Capital Subsidy Scheme
The scheme provides concessional loans to companies that want to update their technology. Co-operative societies, private or public limited businesses, partnerships and sole proprietorships can apply under this scheme. CLCSS is great for business owners who want to increase productivity and streamline processes. Under this he can take loan.
5. SIDBI Loan
MSMEs can take direct or indirect loans from the Small Industries Development Bank of India (SIDBI), which runs this scheme. Its objective is to provide loans to meet the debt-equity ratio required for setting up new MSMEs. The interest rate in this scheme is 8.36 percent. New businesses across the board as well as in the manufacturing and service sectors can benefit from this scheme. Under this scheme, loans ranging from Rs 25 lakh to Rs 1 crore are available. This amount will have to be repaid in 10 years. These loans are taken to run big companies.
