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.
There are many benefits to availing a start-up business loan from Money View. These include -
Getting a loan to start a new business has never been easier thanks to the versatile personal loan from Money View.
Follow the steps given below to get a start-up business loan from Money View -
Choose your loan plan
Based on the options provided, select the loan amount and repayment term of your choice
Upload required documents
Upload all of the necessary documents online for verification
Loan transfer to your bank account
Post verification and submission of loan agreement, the loan amount will be credited to your account within 24 hours
In order to avail an instant personal loan from Money View for your business, the following criteria will have to be met -
Given below is a city-wise breakdown of the income and credit score requirement -
|Income and Credit Score Eligibility Criteria*|
|Salaried Individuals||Minimum In-Hand Income||Area of Residence||CIBIL Credit Score Requirement|
|Rs 13,500||Any||CIBIL Score of 600 /Experian Score of 650 and above|
|Rs 20,000||Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)||New to Credit orCIBIL Score of 600 /Experian Score of 650 and above|
|Rs 15,000||Metro City other than Mumbai and NCR||CIBIL Score of 600 /Experian Score of 650 and above|
|Self-Employed Individuals||Rs. 15,000||Any||CIBIL Score of 600 /Experian Score of 650 and above|
Here are the documents required for start-up business loans from Money View -
|Identity Proof||Address Proof||Income Proof|
PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons,
any 1 of the officially valid documents given below will suffice
Any 1 of the following -
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits OR
Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed
If you wish to avail an additional loan or are looking for other options, here some other start-up business loans -
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 -
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 -
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.
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.
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.
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!