Business Loans for Startups

Starting your own business is nothing short of an accomplishment and can help you become financially independent. However, while ideas and execution are important, having financial support and capital is also necessary. 

This is where start-up business loans can be useful and Money View is one of the most popular providers of the same.

Eligibility Criteria for Money View Start-Up Business Loans

In order to avail an instant personal loan from Money View for your business, the following criteria will have to be met -

• Applicants must be between 21 years and 57 years
• Applicants must receive an income of Rs. 13,500 or more*
• Income must be credited directly to the applicants’ bank account
• Credit score must be a minimum CIBIL score of 600 or minimum Experian score of 650

Given below is a city-wise breakdown of the income and credit score requirement -

Documents Required for Money View Start-Up Business Loans

Here are the documents required for start-up business loans from Money View -

Now that you know how to avail an affordable loan for your business from Money View, all you need to do is visit the website or download the app and apply today.

Other Options for Start-Up Business Loans

If you wish to avail an additional loan or are looking for other options, here some other start-up business loans -

Government Start-Up Loans for New Business

The Government of India is keen on enabling the start-up sector in the country and hence allows many different types of loans especially catered for this sector. Some of the popular loans allowed by the government -

Pradhan Mantri Mudra Yojana

Popularly known as the Mudra Yojana too, this scheme introduced by the government looks at supporting MSMEs(Micro, Small, and Medium Enterprises). Businesses can avail one of the three categories of loans depending upon their state of the business. These are -

• Shishu is meant for starting a business - Loans up to Rs 50,000
• Kishore can be availed for strengthening a business and the loan amounts can range between Rs 1,00,000- Rs 5,00,000
• Tarun for established businesses wherein the loans amounts can range between Rs 5,00,000- Rs 10,00,000

Loans for business under PMMY can be availed at all nationalized banks, Non-banking financial institutions, co-operative banks, small finance banks and at micro-financial institutions as well.

Credit Guarantee Scheme for Micro and Small Enterprise (CGSMSE)

Most micro and small enterprises find it very difficult to raise loans due to lack of collateral.  In order to rectify this situation, CGSMSE was launched by the Government of India in the year 2000 to provide funds for micro and small enterprises.

The loans under this scheme are collateral-free, especially meant for new and existing micro and small enterprise units. The eligible amount under this scheme can go up to Rs 1 crore.

The Credit Guarantee Trust established under this scheme acts as a guarantor to the lender. It provides coverage of up to 75% of the loan amount, in case the borrower defaults on the loan.

Start-Up Business Loans from Banks and NBFCs

Banks and Non-Banking Financial Institutions, etc provide business loans to startups. The loan amount and the conditions needed to be eligible for a business loan can vary between lenders.

Business loans can take the form of short term loans like working capital loans or overdrafts or other long term loans. The interest rate is not generally very high on these loans.

However, the documentation and the eligibility conditions for these business loans can be very hard to fulfill, especially for a start-up.

Conclusion

Looking at the multiple start-up business loan options provided above, it is clear that personal loans are one of the best options for start-up businesses. Money View personal loans that act as start-up business loans are easy to avail, affordable, and take less than 24 hours for disbursement once the loan has been approved. So, if you are planning to start a business then visit the Money View website or download the App and apply now. Good luck!