Starting your own business is nothing short of an accomplishment and can help you become financially independent. Along with ideas and execution, having financial support and capital is also necessary.
This is where start-up business loans can be useful and moneyview is one of the most popular providers of the same. You can easily take a ‘loan for starting new business without security’ from moneyview, as personal loans are unsecured loans.
Eligibility Criteria for moneyview Start-Up Business Loans
In order to avail of instant personal loans or startup business loans from moneyview, 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, if they are salaried
Applicants must have an income of Rs.15,000 or more, if they are self employed
Income must be credited directly to the applicant's bank account
They should have a minimum CIBIL or Experian score of 650
Documents Required for Money View Startup Business Loans
The documentation required for applying for small business loans or personal loans from moneyview is minimal. All you will have to do is -
Confirm or enter your PAN number
Ensure that your mobile number is linked to your Aadhaar card for KYC verification
Provide a clear selfie taken in a well-lit area
Please note that the documentation requirements will vary based on your profile. You may be required to upload proof of address, bank statement, and other supporting documents.
In case you are required to upload proof of address, any one of the following documents will suffice -
Valid Indian Passport
Valid Voter ID
Valid Driver’s License
Utility Bills (Electricity, Water, Gas) dated within the last 60 days
In case you are required to upload proof of income, you must furnish your bank statement for the last three months. This statement must also show your salary credits.
Other Options for Startup Business Loans
There are many options to get small business loans. If you wish to get an additional loan or are looking for other options, here are some other ‘start up business loans’ -
Startup Business Loans from the Government
The Government of India is keen on enabling the start-up sector in the country and hence allows many different types of loans for starting new business without security.Some of the popular loans allowed by the government -
Pradhan Mantri Mudra Yojana
Popularly known as the Mudra Yojana, this scheme introduced by the government supports MSMEs (Micro, Small, and Medium Enterprises). Businesses can get one of the three categories of loans depending upon the state of the business.
These are -
Shishu - Loans up to Rs.50,000
Kishore - Loans range between Rs.1,00,000 - Rs.5,00,000
Tarun - Loans 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 micro-financial institutions as well. The Shishu loans are ideal as ‘start up business loans.’
Credit Guarantee Scheme for Micro and Small Enterprise (CGSMSE)
Most micro and small enterprises find it very difficult to raise loans due to a 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 loan 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.
Startup Business Loans from Banks and NBFCs
Banks and Non-Banking Financial Institutions, etc provide business loans to startups. The loan amount and the eligibility criteria of small business loans 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.
How to Get moneyview Startup Loan for New Business
You can get a moneyview personal ‘loan for starting new business without security’. The process of applying for a moneyview personal loan is very simple and involves only 4 simple steps -
STEP 1: Check Eligibility
Visit the moneyview website or loan app. Provide the required details and find your eligibility in 2 minutes.
STEP 2: Select Loan Tenure
Based on the options provided, select the loan amount and repayment term of your choice.
STEP 3: Upload Documents
Upload all of the necessary documents online for verification.
STEP 4: Amount Disbursed
Post verification and submission of the loan agreement, the loan amount will be credited to your account within 24 hours in most cases.