Startup Business Loan

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Startup Business Loan
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The number of borrowers has been increasing ever
since the Startup India scheme was introduced in
2015. The startup India aims at promoting lenders
offering funds for startups. Under this scheme,
individuals who want to start a new business, or
existing businesses looking for expansion can get
a startup business loan. Multiple lenders are
offering startup loans for ambitious business
persons and entrepreneurs. The government of
India also offers several startup loan schemes
for aspiring businessmen. 
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What is a startup business loan?
Startup business loans are exclusively meant for
businesses with a little or no history. Startups
business loan can be used for a variety of
business purposes including working capital
needs, debt consolidation, purchase of machinery,
supply chain financing, asset acquisition, etc.
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Eligibility criteria for startup business loan

• Although the eligibility required may vary from
  lender to lender, basic eligibility criteria that
  you need to fulfil to get business startup loans
  are as follows
• The borrower must be an Indian citizen
• The borrower should be at least 21 years old at
  the time of application while the maximum age
  should not exceed 65 years.
•  The borrower should be an entrepreneur or have a
  convincing business plan

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Features of startup business loan

• Availing of funding under various startup
  business loan schemes has multiple benefits as
  compared to getting funds through other schemes.
  Features and benefits of startup business loan
  are as under
• Borrowers dont need to pledge collateral or
  security to get a startup business loan.
• As loan schemes are exclusively designed for SMEs
  and entrepreneurs, the documentation required is
  minimal. 
• Startup business loans have relatively flexible
  and longer repayment tenure.  
• Quick approval and fast disbursal directly in
  your bank account. 
• Multiple loan schemes offered by several banks. 

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Important points to consider before applying for
startup business loans

• Startup business loans are exclusively designed
  for aspiring entrepreneurs to start a new
  business or for  Loan to MSME looking for
  expansion of their current business. Consider the
  following points before applying for a startup
  loan
• Keep your business plan ready 
• Outline the objectives and goals of your future
  venture
• Explain the revenue model, estimated growth,
  estimated sales and estimated profits in your
  business plan
• Calculate the fund required as precisely as
  possible
• Neatly summarise the application of funds in your
  business plan

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Thank You