There has been a huge influx of startups in India in the last decade. Many of these startups have become worth billions of rupees. In which many names can be taken from Paytm to Zomato. Well, every startup starts with an idea. Bringing this idea to reality requires a team of skilled leaders and adequate funding. Startups can raise funds through angel investors, friends and family. Or they can borrow. The government has started many schemes to provide loans to startups in India. Let us also tell you which schemes have been started by the government for startups.
This scheme was started in 2015. In this, small businesses get loans up to Rs 10 lakh. There are three types of loans:
There is no need to give any guarantee in this. Women can take it at low interest.
In this scheme started in 2016, SC/ST and women get loans ranging from Rs 10 lakh to Rs 1 crore. This loan is only for new projects. You get 7 years to repay the loan and no installment has to be paid for the first 18 months.
Credit Guarantee Scheme for Startups (CGSS) was launched in 2016 under the Startup India scheme. This scheme is run by National Credit Guarantee Trustee Company Limited. Under this scheme, those startups are included, which get approval from DPIIT and whose earnings are correct as per the last 12 months. Also, those who do not have any loan default (NPA) can take advantage of this scheme.
This scheme is to increase employment. In this, loans up to Rs 25 lakh are available for the manufacturing sector and up to Rs 10 lakh for the service sector. In this, only new projects get loans. Already running businesses cannot benefit from this.
