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In order to venture into any business, the most important thing is capital, the availability of funds. Lack of adequate funding is normally a hindrance for most aspiring entrepreneurs. Some of them start their businesses but face a fund crunch after a short period of time. Moreover, it is not as easy to obtain loans from banks as it once used to be.
The start-up sector, most recently, received a much-needed push from the Government of India with the formulation of the Credit Guarantee Scheme for Startups with a contribution of Rs. 2,000 crore. The scheme is part of the Startup India action plan and will thus allow startups to avail loans for their businesses without any collateral.
The list for Member Lending Institutions stands at 144 currently. This includes:-
The Regional Rural Banks have to be categorised as ‘Sustainable Viable’ by NABARD.
|Composite Annual General Fee||1% of the credit amount p.a.|
|Guarantee Fee for credit amounts up to Rs. 5 lakh||0.75%|
|Guarantee Fee for credit amounts over Rs. 5 lakh and below Rs. 100 lakh||0.85%|