1. PSB Loan Approval Under one hour-
The government of India in recent years has introduced a quick business loan portal for individuals in which borrowers can obtain an emergency loan in under 59 minutes (one hour). The main purpose of the loan is to give opportunities to people looking to expand their existing business. Under the PSB loan scheme MSMEs can get loan amounts from Rs. 1 Lakh to Rs. 5 Crore in less than 59 minutes or less than. The business loan is mostly executed by public and private sector banks and Non-Banking Financial Companies (NBFCs).
2. Credit Guarantee Fund Scheme For Micro & Small Businesses-
The credit guarantee fund scheme was first launched in India in the year 2000. The CGFSMM loan scheme is geared towards funding small and micro-entrepreneurs in starting and running a business venture.
3. Mudra Loans facility-
The independent Micro-Units Development and Refinance Agency, which is popularly known as MUDRA is a prominent nodal organization providing small business loans to micro-entrepreneurs. Mudra as it is known all over India Loans is primarily aimed at people who generally do not come under the purview of secured business loans from reputed banks.
4. Business Loans from NSIC-
NSIC is a reputable financial institution that offers subsidies to small-scale entrepreneurs. It offers mainly two categories of financial benefits. Firstly, the business loans from NSIC provide financing for raw material buying and the other funding for marketing needs. if you want to take a loan for your studies, then you can click on Education Loan which is provided to you through Empower Youth.
5. Credit Linked Subsidy Loan from CLSS-
The credit-linked subsidy scheme popularly known as the CLSS scheme is promoted by the government to facilitate production quality and thereby remain competitive in the market. Any business owner or entrepreneur who is looking to upgrade its manufacturing setup can avail of this financial subsidy.
6. Business Loan from SIDBI-
Mostly, SIDBI has taken the initiative to provide both short and long-term funding to the manufacturing and service-based industries. Under this initiative, SIDBI facilitates/provides bank loans for new as well as existing manufacturing and service sector units across the country.
SIDBI has an initiative also in partnership with Banks, Rating Agencies (RAs), and Accredited Consultants (ACS).
It is also known for its transparent, structured mechanism for timely consideration of loan applications.
Business Loans for SMEs from Banks-
The most popular way of funding a small-scale or medium-scale business throughout India is through Banks. There are also in existence many Government and Private Banks that provide small business loans at a competitive and attractive interest rate. Below are some of the most reputed banks providing MSME loans.
7. MSME Loans from State Bank of India-
SBI is very much popular for SME funding across India. They have an entire product ranging from manufacturing and service industry. The most lucrative scheme is SBI SME which is collateral-free loans. For the manufacturing sector, the original investment in plant & machinery should be up to Rs 5 Crore or more. For the service sector, the original investment in the equipment should be a little above Rs 2 Crore.
8. MSME Loans from Bank of Baroda-
The Bank of Baroda is one of the major banks in India that offer different types of small business loans. Such loans include but are not limited to such as working capital finance, term finance, Micro, Small & Medium Enterprises Sector, Baroda SME loan pack, and Small enterprise borrowers. These banks also offer lucrative interest rates to their various customers and the general public.
