No matter how small the country, every government ensures that it protects and supports its citizens in every way it can—be it education, job, or skills upgradation and other training modules. Similarly, the Government of India (GOI) has launched various loan schemes for entrepreneurs' financial stability and business growth. If you have already got your first job but have your future plan of being an entrepreneur worked out, you must consider these loan schemes.
Here’s a look:
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MSME Loan Scheme
With the loan status approved or disapproved within the first 60 minutes of application, the Ministry of Micro, Small & Medium Enterprises (MSME) scheme is available for a new or existing business. The financial aid provided is up to ₹1 crore per business. Once approved, the loan processing could take up to 12 days.
SIDBI
Since 1990, the Small Industries Development Bank of India (SIDBI) has been providing loans to industries in the MSME sector, NBFCs (Non-Banking Financial Companies) and SFBs (Small Finance Banks). The loan amount varies from ₹10 lakhs to ₹25 crores. Loans up to ₹1 crore have no collateral.
Pradhan Mantri Mudra Yojana (PMMY)/Mudra Loan
The Micro Units Development and Refinance Agency (MUDRA) provides loans to micro and small businesses that operate in the manufacturing industry. A business entity can apply for the Mudra loan in three different categories. Shishu Loan: up to ₹50,000, Kishor Loan: up to ₹5,00,000 and Tarun Loan: up to ₹10,00,000.
Stand-Up India
The government grants loans ranging from ₹10 lakh to ₹1 crore to eligible businesses to promote entrepreneurship among women and SC/ST communities.
So, if you are on your way to becoming an entrepreneur alongside your first job, you can consider these government schemes. But as with any loan, with these too, you must do thorough research or consult a financial advisor and understand the terms and conditions in detail before applying for a loan in an appropriate category.
