how to get business loan

how to get business loan

To promote small enterprises in the country, the government has started various loan schemes.  Apart from the Pradhan Mantri Mudra Yojana, there are many other schemes in which you can take loans ranging from small amounts to large loans.

Business LoanWhat is 

This is actually a loan taken to meet your business needs. If you also want to take a business loan from any bank, then its process is as follows-
Create a detailed business plan.
Tell your business plan to the bank from which you want to take a loan.

After that decide how much loan you need.
Find out about your credit score.
In fact, banks decide to give you a loan according to your business plan.  If the bank thinks that your business and the profits from it will be such that you will be able to repay the bank loan in the stipulated period after meeting your expenses, then only the bank approves your loan.

What to do for Business Loans

First prepare your business plan.
Collect detailed information about the bank or government scheme under which you want to take a loan

Based on that information, prepare the necessary documents for the loan.
Now go to the bank for loan or apply online.

What are the benefits of taking a business loan 

money help for business needs,
Fulfillment of financial needs for both short and long term

Who can Apply for Business 

Individual entrepreneurs doing their own business,
private limited companies,
Partnership Firms

For Business Loan: Name of Government Schemes 
Mudra Yojana:- Macro Units Development and Refinance Agency Limited, the goal of this scheme is to provide loans to non-traditional businesses at low interest rates by the bank for setting up enterprises.  Under this scheme, according to the nature of the enterprise, it has been divided into three categories to provide loan: - Shishu category, Kishore category, and Tarun category.

Pradhan Mantri Employment Generation Program-Under this scheme, the loan is divided into two categories.
For business in the service sector, there is a provision to give loans up to Rs 15 lakh.
For business in the manufacturing sector, there is a provision to provide loans up to Rs.25 lakh.

To make women available for business, many banks have started schemes which are as follows
Vaibhav Laxmi Yojana:- This scheme has been started by Bank of Baroda to give loans to women for business.
V Shakti Yojana:- This scheme has been started by Vijaya Bank to give business loans to women.
Synd Mahila Shakti :- The target of giving loans to 20 thousand women businessmen has been set by Syndicate Bank under this scheme.

How to take a loan from a bank for business Loan 
For a loan from the bank, you should take special care of some things.  You should have a clean plan to start a business so that the bank can give you a loan, some steps to get a loan from the bank are as follows-
Step 1: Go to the bank with a written business plan.  If you want, you can take the help of business plan writers.  The loan amount depends on the nature of your business as well as how much you can earn in the business.

Second step- Every bank has its own rules for giving loan, so before applying for loan, definitely get information about the bank, whether the bank can give loan according to your need or not.  Explore the schemes of many banks, different rules apply for micro, small and middle class business, so get information about these rules.
Step 3: Keep all the documents ready, if you can give something as a guarantee for a business loan, then taking a loan can be easy.  In such a situation, if you default, the bank can recover money from that property.

Step 4: Once the documents are submitted, it is up to the bank whether it wants to give the loan or not.  The bank will also decide how much the loan amount will be based on the nature of your business.