Grow Your Business with These Best Startup Loans in India

Undeniably, the Indian startup Industry is acquiring a substantial boost, with newly found businesses obtaining grants from both private as well as the government sector. In fact, several reports have been hinting towards a promising future for the Indian sector of a startup.

As per the Nasscom’s Indian Startup Ecosystem Report, the country stands tall at the 3rd largest startup ecosystem in the entire world and has a 108% growth in the funding. On top of that, factors like increasing demand with the local Market, evolving technology, and the entire ecosystem of shared co-working spaces add more to it.

Despite all the good things associated with starting a business, for founders, one of the massive struggles is to acquire enough funds. Keeping this in mind, several banks and financial institutions have come up with startup loans.

In this post, let’s find out an appropriate source from where you can get a startup loan sanctioned easily and seamlessly.

Top 4 Banks Offering Startup Loans in India

1. Bajaj Finserv Startup Business Loan

Undeniably, Bajaj Finserv is one of the trusted lenders in the country presently. Amidst a variety of schemes, this platform has also brought a startup business loan for new businesses so as to help them grow tremendously well along with the booming Economy. This specific non-Collateral loan can be used for a variety of purposes, such as:

• Overhead expenditure
• Inventory purchase
• Infrastructure costs

2. Fullerton Business Loan for Startup

Fullerton is another significant platform where you can acquire a loan for a startup. The intention behind this loan type is to assist younger entrepreneurs in achieving their dreams. Whether you are operating a small or medium-sized business, availing a loan with Fullerton is quite easy. Some of the considerable features of this scheme are:

• The Startup business loan is perfect with the utmost flexibility
• Collateral-free loan
• Quick and prompt disbursal
• A few basic documents are needed

3. Standup India

Launched back in 2016, Standup India is regulated by the Small Industries Development Bank of India (SIDBI). This one is specifically for those individuals who belong to ST or SC background. Not just that, but it is even appropriate if one single woman is borrowing a startup loan for new business. Some of the significant features of this loan type are:

• The loan amount must cover 75% of the project cost
• The stipulation won’t apply if the contribution of the borrower is more than 25% of the entire project cost
• The interest rate would be the lowest of the bank and must not be more than basic MCLR rate + 3% + tenor premium

4. CGTMSE Loans for Startups in 59 Minutes

As the name suggests, it is quite possible to get this loan within just an hour. This one is another perfect opportunity to get a startup business funding. However, you must make sure that your business is already running to acquire this loan. Also, there are a variety of ways through which the eligibility is determined, including:

• Existing credit facilities
• Capacity of repayment
• Revenue and income of the company
• Additional factors set by the lender

Conclusion

Now that you are familiar with the best options available out there for your startup, what is the wait for? However, before you take any major decision, it is recommended that you take some time and dwell into more information related to top banks Offering startup loans mentioned above. This will definitely help you get a clearer picture and come to a favourable decision.