There are many Banks in India which are funding the startup or Business in India. It’s mainly because of Mr.Prime Minister of India, Shri.Narendra Modi. You must have heard about his campaign Make in India. Mr.Modi wants to have startups in every district and every blocks in India.
Now, your task is to chalk out you business plan very clearly on a piece of paper. Like,
- what would be the plot of the business?
- how much funding is required?
- what’s your back up plan in case of requirement?
- how many members will be there in your Team to gear up?
- who will be your target customer or purchaser?
- your target market?
- and, above all, how much time are you giving to yourself for this business to establish successfully?
Documents required for Business Loans:
Once, you are ready with all this information, now prepare all the below mentioned documents. You will need them when you will be heading to any bank for the loan.
- Application Form, which you will get from bank.
- Details of Primary securities & collateral securities, if applicable
- Balance Sheets for the past 2 years along with estimated & projected Balance Sheets and other financial statements, where ever applicable.
- Documents for your KYC verification.
- KYC of Your Institution that is individual, proprietorship, partnership, limited company, with all the supporting documents. Supporting documents include Registration of the institution, PAN of the institution, Electricity Bill or any Landline telephone bill by the name of the institution, VAT number, if applicable, etc
May Read: SIDBI-Principal Financial Institution for MSMEs in India
Banks funding for startup in India or Business loans:
Both public and private sectors banks will fund you for your business. However, it will easy for you to get a loan from a private sector bank. But, I would suggest to go with a Public sector bank, though their services may not be excellent, but charges will definitely be pocket friendly for you.
Read : Cent Trade – Business Loans from Central bank of India
Cent Sahyog-Another Business Loan from Central bank of India
May Also Read: SBI Business Loans
Apart from banks, if you want, you can also try getting funds from Startup India Campaign.
For more details about the same, you can contact on :
Startup India Hub
Toll Free Number : 1800115565
Working Hours :10:00 AM to 5:30 PM ( Monday to Friday )
Email : firstname.lastname@example.org
For more FAQs, click on Startup India FAQs
There is one more very important point which I do not want to skip and that is Mr.Modi’s Pradahan Mantri Mudra Yojna