Author: Ashish James

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How to get Startup Business Loan in India?

How to get startup business loan in india

A startup business loan in India is meant to support the financial hurdles of a new business. Startups and micro industries require funding to grow and manage the business. As a result, the business will thrive in the market. At the initial stage startups don’t have access to the funds in the market. Therefore governments have taken a step to provide funds and promote these industries. Startup business loans in India can be used towards things like working capital, the purchase of equipment, machinery, supplies, inventory, and furniture, and the purchase of construction equipment, etc.

What are the Criteria for Startup Business Loans in India?

Get a Startup business loan from a bank or a financial body to raise capital or expand your current business. The applicant should meet the requirements of the lenders. A few requirements are the applicant profile and documents. Below are some points:

1. Applicant Profile

The personal background of the applicant will be verified. If the Applicants have criminal backgrounds this will make them ineligible or delay the process. The age limit of the applicant should be 21 to 65.

2. Business background: 

Outline the goals and the objectives of the business should be clear. The firm should not be five years old and it should be reregistered as private or partnership.

3. Business Plan/Project report: 

A detailed and elaborate business plan should be submitted. It will give the lender a detailed overview of the startup idea. Get a perfect business plan/project report with  Finline.

4. Financial statements:

 Submit all the financial projections like balance sheets, profit and loss statements, and cash flow statements.

5. Legal documents: 

Applicant should submit all the legal documents to prove the legality of the business.

6. Collateral:

 Some government loans are collateral-free, also they help the applicant get more amount.

What are the documents required to take a Startup Business Loan in India?                                                     
  1. Identity Proof – Passport, PAN card, Aadhaar card, driver’s license, or voter ID
  2. Address Proof – Electricity bills, telephone bills, Passport, Aadhaarcard 
  3. Income Statement – Proof of stable income to be provided
  4. Bank Statements – The last 6 months’ bank statement to be submitted
  5. Photos – 2 copies passport size.
  6. Financial statements audited by a CA for the past 2 consecutive years
  7. IT returns for the last 2 consecutive years
What are the Government Loans for Startup Businesses in India?

If the applicant has all the above requirements ready, they need to identify the appropriate scheme offered by the government of India for entrepreneurs. Some of the popular schemes offered by the government of India for startups and MSMEs are as follows:

1. Credit Facilitation Scheme

This scheme is handled by the National Small Industries Corporation (NSIC). They target to meet the credit needs of the MSME units. The NSIC partnering with various banks to provide loans to the MSME units. The repayment tenure will range from 5 years to 7 years, with the possibility of extending it up to 11 years.

2. Pradhan Mantri Mudra Yojana (PMMY)

The Micro Units Development and Refinance Agency (MUDRA) launched PMMY in 2015. It aims at offering loans to all kinds of manufacturing, trading, and service sector activities. The loan categories under MUDRA are – Shishu, Kishor, and Tarun. The loan amounts range between Rs.50,000 and Rs.10 lakh.

3. Credit Guarantee Scheme

New and existing MSMEs engaged in service or manufacturing activities, excluding educational institutions, agriculture, retail trade, Self Help Groups (SHGs), etc., qualify for this. You can borrow up to Rs. 200 lakh under this scheme.

4. Startup India

This scheme extends loans to enterprises in manufacturing, trading, or services. Loans ranging between Rs.10 lakh and Rs.1 crore can be availed. You can repay the loans taken under this scheme within seven years.

5. Sustainable Finance Scheme

This scheme offers loans to industries that deal in green energy, renewable energy, technology hardware, and non-renewable energy. The government started this scheme to offer sustainable development projects.  

About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also all public and private sector banks working in India accept our project report. Click to create your report.

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Which are the Best Low Investment Business Ideas?

Not all the business require huge capital to start with. Putting your business ideas into reality and making them happen is the hard side. Entrepreneurs struggle to find investments and ideas to kick start their business.

Governments encourage individuals to start businesses. As well as they introduced several startup schemes to support the entrepreneurs with low investment business ideas. Here is a list of low investments business ideas you can start.
1. Pets Care Shop

Imagine getting paid to walk someone’s dogs. As the pet industry is growing, it can be profitable to start a business with low investment.

What you’ll have to do:

Walk and play with pets people love. However, while traveling for holiday or business, they are unable to take their pets along. Hence, people look for services that will care for their pets while they are away. If you are well versed in handling pets, this is a great business you may consider. Again, this is a small business that requires low investment.

2. Travel Agency

If you hold the capabilities to plan the perfect vacation along with the best accommodation and services in the given budget, starting a travel agency can be a great business idea in India for you.

What you’ll have to do:

· Plan and execute travel packages according to customer needs

· Fit customer needs within the budget

· Book tickets and hotels for the customer.

3. Pickle Business

Pickles are a traditional food item in India and are extremely popular. You will find at least one variant of pickle in every Indian household. Thus, if you want to start small, a pickle business is a safe and easy option.

Key points:

Apart from the Indian market, Indian pickles are greatly in demand abroad as well.

You can start this business at your home with a small capital and earn great.

4. Paper and Jute Bags

We know that environmental protection and awareness have increased considerably over the past decade. And people realize just how harmful non-biodegradable plastic bags are to the environment.

As a result, eco-friendly bags and packaging made from paper and jute have become popular. Paper and jute bags can be used in pack shopping items, food items, medical items, jewelry, and also as handbags.

As well as Government wants to reduce the use of plastic, they are promoting paper and jute bags. Paper bag-making business can be started small scale with low investment. Paper bag-making machines would cost around Rs 3 lakh -8 Lakhs, however, they involve more manual work and labor.

With a world moving to ban plastic, a jute and paper bag manufacturing business is a good choice. The jute bag-making process is simple and promoted as eco-friendly products and go-green initiatives from the government.

5. Idly Dosa Batter Business

The south Indian communities love Idli and Dosa and are now popular across India. Likewise, not everyone can prepare the batter required for making these dishes. The batter requires a proper blend of rice and cereals.

As fast foods have become a part of our life so have Packaged Idli and Dosa batter, with most stores stocking several packets for their customers. To set up an idly dosa batter manufacturing unit from home or a small premise is fairly inexpensive.

Government supports small business by providing grants and subsidies. Startup business loans are applicable for small business units. Applicants can approach banks for financial aids with proper documents.
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How can I Apply MUDRA Loan?

Applicants can apply for Mudra loans online and offline at their convenience. MUDRA, Micro Units Development & Refinance Agency loans are offered up to ₹ 10 Lakh to micro, small, and medium enterprises. The loan is applicable for a repayment period of a maximum of 5 years without submitting any security as collateral. Public sector banks, private sector banks, NBFCs, co-operative banks, small finance banks, regional rural banks, and microfinance institutions consider the loan application with genuine and proper documents.

How to Apply for a MUDRA Loan Online?

Applicants can apply for a Mudra loan online by visiting the official website of the particular bank. It saves time and trouble-free process. Below are simple steps to apply for Mudra loan registration online:

  1. Identify the appropriate bank.
  2. Browse the official website of the particular bank.
  3. Download the online application form.
  4. Fill in the different sections and fields with the required details
  5. Complete the application and necessary documents
  6. Submit Project Report/Business plan
  7. Wait for the bank representative to contact you for further processing.
  8. Once the loan application form and attached documents are processed and verified, the loan shall be approved and further disbursed by the bank
How to Apply for a MUDRA Loan Offline?

If applicants want to file the Mudra loan application form offline, follow the below-mentioned steps:

  1. Applicants should research the particular bank that provides Mudra loans. Study the interest rates and other charges before you put up an application.
  2. Completed application form.
  3. Submit Project report/Business plan.
  4. Together with the application form, submit the passport-sized photographs, identity proof, address proof, company’s address and identity proof, caste certificate, if applicable, financial statements, IT returns, sales tax returns, and other equipment details.
  5. Complete all the bank’s formalities and procedures.
  6. The loan shall get approved, once all the documents are verified.
  7. After the loan is approved, the desired amount will get credited to the particular bank account within working days.
How to apply and download the MUDRA Loan application form?

CLICK HERE

About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, all public and private sector banks working in India accept our project report. Click to create your report.

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Business Loan EMI Calculation

Business loans are loans that companies avail themselves of with a specific interest and repayment period to meet the growing business requirement. Business loans help to fund the business to expand existing business, production, buy new machinery, etc. Funding the business at the correct time is a booster for any business to ensure smooth business functioning. As well as business loan EMI calculation and repayment is an important element in business.

However, with structured business loan EMI options and extended loan tenures, you can plan on your workforce, the latest technology, and a new business idea and manage your company’s cash flow. The EMI payment should be managed systematically for the business loan.

What is Business Loan EMI? How to Calculate the EMI?

Business loans can be repaid in different ways, one of the coolest ways to repay a business loan is through Equated Monthly Instalments (EMIs). The loan amount will be divided into equal fixed sums that can be paid every month till the full repayment of the loan. 

An EMI consists of two parts, the principal loan amount and the accrued interest. MSMEs find it easier to repay business loans with EMIs, as it allows the business to fund expensive assets and expansions without hurting the smaller operating budgets. NBFC loans offer flexible business loan EMIs that makes the repayment of business loan two times faster by opting for bi-weekly repayments. Faster repayments mean faster access to refinance for the same amount or a larger business loan with the loan offer.

The Business loan EMI Calculation for Business Loan involves a formula i.e,

E = P*r*(1+r)n / (1+r)n-1

Here,

‘E’ is the EMI

‘P’ is the loan amount

‘r’ represents the rate of interest

‘n’ stands for the loan tenor

What are the Business Loan EMI Calculation options available?
  1. Fixed EMI   

Fixed EMI calculates the principal amount and the interest amount charged over the loan tenure will be fixed. This is a fixed business loan meanwhile the monthly installment remains the same for the entire loan period. This business loan repayment method is ideal for one who has a steady and consistent income source.

  1. Structured EMI

A structured EMI plan allows you to choose a repayment process that is best suitable for your salary and other expenses. If you are a person who can bring more money at regular intervals for the repayment of loans and expenses, then this EMI plan is perfect for you. 

What is a Business Loan EMI Calculator?

You can plan your business loan EMI amount with the help of an EMI calculator which is available online. This gives an amount that you will pay towards the interest payment and principal payment over the overall loan tenure, also you can plan your monthly budget and other business expenses to ensure a timely repayment.

About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, all public and private sector banks working in India accept our project report. Click to create your report.

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What is Cash flow statement?

Businesses prepare three financial statements to show how they’re doing. These statements are the balance sheet, income statement, and cash flow statement.

A cash flow statement is a financial record that details the company’s cash intake and outflow during a specific time period. Additionally, it examines the differences between this year and last year.

The cash flow statement in an annual report of a corporation, when the time period is mostly one year, is often examined.

Why do you need a Cash flow statement?

What is the purpose of a cash flow statement if a corporation already discloses its net profit in its income statement?

The income statement is constructed on accrual accounting.   Whether there is a cash inflow or outflow at the moment of the transaction or not, organizations using accrual accounting count their revenues and costs.

For example, in a business, when they sell things on credit and give the customer 60 days to pay, they figure out how much they sold on credit and how much money they made from those sales. The difference between a company’s net profit and actual cash is related to whether or not they obtain their reimbursement after 60 days.

Businesses utilize cash to pay for a variety of expenses including salaries, interest, and day-to-day costs, it is regarded as the lifeblood of the business. When a business doesn’t turn its gains into cash, it is a highly risky situation for the business.

Investors carefully study the firm’s cash flow statement. They do this to understand the importance of cash and to figure out where the company gets its cash and where it spends it.

Purpose of Cash Flow Statements
  • Assessing cash positions
  • Make planning and control easier
  • Make comparisons easier
  • Decide on capital budgeting

Each company’s cash flow statement is broken down into three categories: business operations, investment activities, and interest expenses. Additionally, in each division, net cash flow is calculated by deducting cash outflow from cash intake. The change in cash flow is discovered by aggregating these three net profits.

What are the sections of the Cash flow statement?

 The cash flow statement reports a company’s major cash flows in the following categories:

  1. Cash flow from Operating Activities:

The first section of the statement includes regular business activities. Revenue from the sale of products or services, dividends received, interest, and other cash receipts, outflows include payroll, overheads, taxes, and payments to suppliers and vendors.

The first entry in this operating activity section is the net income from the income statement for a corresponding period. The below table shows the cash flow from operating activities:

    Particulars Amount (Rs)
    Cash flow from operating activities
    Net income XXX
    Additions
    Depreciation and Amortisation XXX
    Increase in current liabilities XXX
    Deductions
    Increase in current assets XXX
    Net cash flow from operating activities XXX
      1. Cash flow from Investing Activities:

      It is one of the main components of a cash flow statement. Cash flow from investing results from activities related to the purchase or sale of assets or investments made by the company (long term). It can be identified from changes in the fixed assets section of the long-term assets section of the balance sheet. Examples of cash flow from investing activities:

      •       Cash outflow from the purchase of an asset (land, building, machinery, etc.).
      •       Outflow of cash from the acquisition of another company.
      •       The inflow of cash from the sale of an asset.

      The table showing items recorded in this section are:

       

        Particulars Amount (Rs)
        Purchase of fixed assets (XXX)
        Purchase of marketable and non-marketable securities (XXX)
        Proceeds from the sale of fixed assets XXX
        Proceeds from the sale of marketable and non-marketable securities XXX
        Loans advanced (XXX)
        Loan repayment realised XXX
        Insurance proceeds XXX
          1. Cash flow from Financing activities:

          These activities are related to cash transactions for business. For example, borrowing, raising money from debt or stock, repaying, sales of your company’s securities and outflows include dividend payments and servicing debt. It also provides stakeholders insight into the company’s capital structure, how it is managed, and how far it can sustain with showcased capital.

          The components of financing activities are shown in the table below.

          Particulars Amount (Rs)
          Proceeds from the issuance of short-term borrowings XXX
          The net change in short-term borrowings (XXX)
          Repayments of long-term debt (XXX)
          Stock repurchases (XXX)
          Dividends paid (XXX)
          Dividends paid to non-controlling interest (XXX)
          Other financing activities (XXX)
          Net cash flow from financing activities (XXX)

          For any business having a positive and high cash flow is a good sign, though it does not by itself lead to success. Even profitable businesses have negative cash flow.

          About Finline!

          Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your report.

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          What is a Bankable Project Report?

          A bankable project report is a document submitted to the bank, which interprets the preferred business. It will give the lenders a narrative of the project submission, also the possibility of the proposed business/service.

          What makes a project bankable?

          A bankable project involves a solid financial, economic, and technical plan. However, it includes a risk allocation scheme appropriate for the nature of the project. The risks involved and the interests of the lenders imply an acceptable credit risk. This is why banks believe that a project is bankable if the project company has the ability to service the principal and interest payments.

          How to write a business project report?

          A project report for a business should discuss the finance, challenging risks, technical process, plant and machinery, raw materials, manpower requirement etc, therefore it is important to create a project report to evade future issues.

          The project report should contain detailed information in a standard format:

          1. Background of the business
          2. Customer’s(Applicant) profile
          3. Long and short-term business organisation objectives
          • Perform a viability assessment of the proposed new business ideas in terms of marketability, technical feasibility, financing and authorities
          • Prepare a relevant business plan
          • To recognize fundamental startup issues
          1. Market Analysis
          • Brief discussion on the type of market, chief influencers, players, etc
          • Market description
          • Reasons for starting a business in a particular market
          • Target clients
          • Advantages of the services offered by the new business
          • Market consumption patterns
          • Past and existing supply location
          • Production prospects and limitations
          • Exports and Imports
          • Price structure
          • Flexibility of demand
          • Supply network and marketing rules formulated by the government
          • Government and technical limitations imposed on the promotion of the product
          1. Financial Assessment
          • Investment expenditure and value of the entire project
          • Methods of investment
          • Anticipated productivity
          • Money flows of the project report
          1. Marketing Assessment
          • Product
          • Price
          • Place
          • Promotion
          1. Operational Plan
          2. Financial Plan
          3. Management Structure
          4. Business structure (Ownership, staff, etc)
          5. SWOT Analysis
          • Product
          • Price
          • Place
          • Promotion
          1. Appendices
          • Break-Even Assessment
          • Profit and Loss Synopsis
          • Fund Flow Summary
          How to get a project report?

          Get your Bankable Project Report with Finline.

          About Finline!

          Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, our reports are accepted by all public and private sector banks working in India. Click to create your report.

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          Business Plan to Start Your Own Company

          Anyone can have a great business idea, but turning an idea into a viable business is a game changer. A business plan is a must to start your own company. Writing a formal business plan increases your chances of viability. Plan your business ideas for the future, not just for tomorrow. Excitement, when you’re ready to start your business. First, before setting up the office space, and seeking legal advice, you need to put your thoughts on paper. This will help you to identify the missing points and stay organized and focused.

          In fact, there are few types of research you need to perform before you start writing a business plan to start your own company:
          1. Why do you need a business plan?
          2. Who will be the target audience for the business plan?
          • Investors
          • Bankers
          1. What are the opportunities in revenue generation?
          2. Do a market study
          3. Who is your competitor?
          4. What should your business plan comprise?
          It’s not about the number of pages you write, your business plan should include:
          1. Executive Summary

          What your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location.

          1. Company Description

          This provides information about your company like the problems your business solves, and lists out the consumers, organizations, or businesses your company plans to serve.

          1. Market Research

          Analyse what other businesses are doing and what their strengths are. Define your target market and your plans for this specific audience.

          1. Description of products or services

          Classify in detail about the product or services, explain the lifecycle of the product, and how it benefits the customer.

          1. Sales and Marketing

          Outline the pricing, sales information, how you’ll attract the customers, how exactly the sale will happen and also how to retain the customers

          1. Competitor Analysis

          Strengths and weaknesses of your direct and indirect competitors are vital information that should be done simultaneously with identifying your target audience. Demonstrate how you will gain a competitive edge against your competition.

          1. Management Team

          Explain how your company will be structured and who will run it. State whether the business is a sole proprietorship, partnership or LLC. Provide background information on all key players involved in the business as well as use an organizational chart to explain who will do what and who is responsible for what.

          1. Financial Plan

          Complement your funding request with financial projections. Also, convince the reader that your business is stable and will be a financial success.  Include income statements, balance sheets, and cash flow statements. Specify the amount needed over the next two, three and even five years. On-going business expenses, including salaries, insurance costs, promotional expenses, etc. Also, anticipate the need for additional funding. Break-Even Analysis is one important thing to mention in the financial projection plan.

               9. Appendix

          List your documents like licenses, permits, legal documents other contracts etc.

          How to get a Business Plan?

          With Finline you can create a powerful business plan in ten minutes. That too in your language. All public and private sector banks working in India accept our reports. Click to create your report.

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          Loan Schemes

          Puducherry Startup Fund

          Start-ups have grown in popularity in Puducherry over the past ten years (Pondicherry). A vibrant group of people, including employees and college students, have stepped forward to launch their start-ups. In Puducherry, start-ups have generated a lot of job opportunities over the past ten years (Pondicherry).

          The government created a ten crore corpus fund known as the “Puducherry Start-up Fund” to aid in the establishment of start-up incubators. The funds construct co-working spaces. Private industrial C.S.R. funds, as well as any other resources and services that the Start-up Council deems appropriate, will be sought out by the Corpus fund for support.

          What is a start-up?

          A start-up is a small company founded to provide a particular service or good to address a problem. Start-up refers to a business that is just getting started. They are created by one or more business owners who want to make a good or service.

          The government of Puducherry unveiled a start-up policy. The policy, announced by Minister for Industries M.O.H.F. Shahjahan, aims to establish a corpus fund of 10 crores to support the development of co-working spaces and the establishment of start-up incubators.

          The department intends to offer a start-up grant of Rs. 3 lakh to projects suggested by incubators set up by public, private, or academic institutions. The government-established committee of experts known as the Innovation and Entrepreneurship Development Committee will approve the projects and keep an eye on their development.

          The CII Puducherry start-up summit 

          CII refers to the CONFEDERATION OF THE INDIAN INDUSTRY. The goal of the Puducherry Start-up Summit was to draw the most creative and innovative business minds from all over Puducherry to help them develop their ideas for the growth of the state. Eminent speakers shared their perspectives on the start-up ecosystem, the investment climate, cutting-edge ideas, and the value of incubation at the event.

          The summit’s main topics were “Quick Start to Early Struggles -Experience Sharing, Brief about the Start-up Policy of Government of Puducherry, Role of Accelerators & Incubators in Start-up Ecosystem, and The Art & Science of Fundraising for Start-ups.”

          Benefits of the scheme 
          • Start-ups recommended by incubators created by the government, the private sector, or academic institutions can receive a financial grant of up to 3 lakhs. A panel of experts that the government has appointed will approve the start-ups. On the other hand, the Innovation and Entrepreneurship Development Committee (I.E.D.C.) will periodically monitor their development.
          • Up to five citizens each receive a monthly allowance of 10,000 rupees. Furthermore, the government shall give a monthly stipend of 15,000 to any woman, person from a historically underrepresented group, a person from a predominantly white region, or transgender person who founded or co-founded the start-up.
          • Beginning with the Minimum Viable Product (M.V.P.) stage, recognized start-ups operating in Puducherry will receive marketing assistance from the start-up cell with I.E.D.C.’s approval.
          • Funds for infrastructure support, including workstations and cloud storage, are provided based on incubator recommendations.
          Eligibility of the scheme 

          If a business meets the listed requirements below, people consider it a start-up.

          • If it is registered in India as a private limited company, a partnership firm, or a limited liability partnership (as defined in section 59 of the Partnership Act, 1932), (as defined in the Limited Liability Partnership Act, 2008).
          • Ten years have passed since the company’s incorporation or registration.
          • If during any of the financial years following the entity’s incorporation or registration, its annual revenue was at most 100 crore rupees.
          • An organization, a person, or a group engaged in developing original concepts or ideas. The same goes for developing or improving new products, methods, or services based on technology or intellectual property, as well as determining whether they have a scalable business model with a high potential for generating wealth or employment.
          • If it adheres to the periodically updated definition of a start-up set forth by the Government of India.
          • An organization, a person, or a group engaged in developing original concepts or ideas. The same goes for developing or improving new products, methods, or services based on technology or intellectual property, as well as determining whether they have a scalable business model with a high potential for generating wealth or employment.
          • If it adheres to the periodically updated definition of a start-up set forth by the Government of India.
          Documents needed for the Puducherry start-up fund 
          • Native certificate
          • Passport size photo 
          • Project report/business plan 
          • Aadhar card copy 
          • Affidavit 
          • Certificate of education
          • Ration card copy
          • Caste certificate ( if applicable )
          • Disability certificate ( if applicable )
          • Bank detail copy 

          The world knows India as the start-up capital; multiple young and dynamic Indians are pursuing entrepreneurship, propelling them and the entire country forward. That’s why Puducherry’s Minister of Industries Shahjahan unveiled the Industries Department’s start-up policy, emphasizing the importance of offering financial grants, monthly stipends, and tax incentives to potential entrepreneurs to encourage the establishment of new businesses in the Union Territory.

          How to apply for the Puducherry Startup Fund?

          Visit the following link to learn more about the scheme

          About Finline!

          Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. All public and private sector banks working in India accept our reports. Click to create your report.

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          Loan Schemes

          Swami Vivekananda Swanirbhar Karmasansthan Prakalpa

          The West Bengal Swarojgar Corporation Ltd implements the Swami Vivekananda Swanirbhar Karmasansthan Prakalpa(SVSKP), a flagship scheme of the Department of Self Help Group & Self Employment (WBSCL).

          The basic goal of the scheme is to increase access to credit for the growth of rural/urban enterprises. SVSKP yojana gives assistance to unemployed young people and groups of people. More emphasis has been placed on training, especially in trades where locally available raw materials could be used to produce. Making finer articles rather than being wasted due to ignorance, and in traditional crafts where there is ample potential.

          What are the Benefits of  Swami Vivekananda Swanirbhar Karmasansthan Prakalpa(SVSKP) Yojana?
          • Generation of self-employment opportunities across the state. 
          • Promotion of enterprises in the remote and rural areas of West Bengal. 
          • Financing the funds to the educated unemployed youth of the state to promote self-dependence. 
          • Better utilisation of idle resources. 
          • Maximum Govt. subsidy of Rs. 1.5 lakh for individual 
          • West Bengal Swarojgar Corporation Ltd is providing 3.5 lakh for groups of five or more, which represents 30% of the project cost 
          What is the Eligibility of SVSKP Yojana?
          • The applicant must be between 18-45 years of age. 
          • The monthly family income of the applicant should be less than Rs.15,000
          • This project is applicable to any type of small-scale industry, production unit, trading unit, or service point in rural or urban areas. It also includes any unit involving agriculture and animal resources.
          • Employees of the Central Government, State Government and any government-approved organization or his family cannot participate in this project.
          • Swami Vivekananda Swanirbhar Karmasansthan Prakalpa pays 5 per cent of the project cost to the applicant.
          • 30 per cent grant from the State Government (maximum of Rs. 1.5 lakhs in individual projects and maximum of Rs. 3.5 lakhs in joint ventures)
          • State-owned banks or financial institutions must pay the remaining 65 per cent or the remainder at current interest rates.
          What are the Documents Required for SVSKP Yojana? 
          • Birth certificate
          • Employment Exchange Card / Unemployment Certificate from BDO
          • Caste Certificate
          • Colour Photograph
          • Project Report/Business Plan
          • Trade License
          • Educational Qualification Certificate. 

          In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your project report.

          How to apply for Swami Vivekananda Swanirbhar Karmasansthan Prakalpa(SVSKP) Yojana? 

          Visit the following link to download the application form for the SVSKP Scheme

          Categories
          Loan Schemes

          Chief Minister’s Rojgar Yojana (CMRY), Goa

          The State Government of Goa has started the Chief Minister’s Rojgar Yojana (CMRY). Collaboration with the Economic Development Corporation of Goa for unemployed youth. Under this scheme, with the help of government loans, other backward class people, scheduled castes, scheduled tribes and all ordinary people have to provide employment.

          Under the CMRY scheme, the government provides 30 days of compulsory entrepreneurship training before disbursement of loans after the loan approval of the beneficiaries. The main objective of this scheme is to enable and educate unemployed youth. Introducing income generation by providing self-employment activities supported with institutional loans, and government subsidies with financial support.

          What are the Objectives of the Chief Minister’s Rojgar Yojana(CMRY)?

          The objective of the Chief Minister’s Rojgar Yojana scheme is to uplift employment potential and nurture the life of every unemployed person. This scheme is for those living in Goa who have lived in Goa for at least 15 to 40 years. Under this scheme, the state government provides loans up to a maximum of 20 lakh rupees for an individual. Those including professional degrees/diplomas/ ITIs are participating in special training programs organized by authorized government departments in Goa. 

          What are the Benefits of the Chief Minister’s Rojgar Yojana(CMRY)? 
          • The government is providing loans to start its own business.
          • An individual with a professional degree/diploma/I.T.I., including those undergoing special training programs conducted by authorized Government Departments/Corporations, can avail a maximum project cost of Rs 25.00 lakh, including a 50% share capital under the DITC scheme (80% in the case of SC/ST applicants).
          • For others, the maximum amount is Rs 20.00 lakh, including 50% (80% in the case of SC/ST applicants) share capital under the DITC scheme.
          •  30 days of compulsory entrepreneurship training before disbursement of the loan after the loan approval of the beneficiaries is also being provided.
          What is the Eligibility for CMRY?
          • Applicant must be a resident of Goa State.
          • Unemployed applicants should normally be between 18 and 45 years. 5 years exemption in case of widows, disabled persons, scheduled castes, scheduled tribes and other backward classes.
          • The applicant should not be guilty of any nationalized bank / financial institution / co-operative bank.
          • Applicants must have passed at least Class 8 but exemption in eligible cases.
          • The income of a beneficiary with a husband and a family member should not exceed Rs 10,00,000/- p.a.
          What are the Documents Needed for CMRY?
          • Aadhaar card/Passport/PAN Card 
          • Residential proof
          • Project Report/Business Plan
          • School leaving Certificate
          • Passing certificate
          • Documents of merit
          • Passport size photo

          In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval.

          With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your project report.

          How to apply for Chief Minister’s Rojgar Yojana, Goa?

          One can apply for the scheme in the following manner prescribed: 

          • The application form for the Chief Minister’s Employment Scheme is available at the offices of the Economic Development Corporation of Goa.
          • The applicant will have to fill out the application form by attaching it with all the necessary documents.
          • The price of the application form is Rs 100 / – for loans above Rs 50,000 and Rs 25 / – for loans below 50,000
          • The application has to be submitted to the office with the application fee at the Economic Development Corporation of Goa.
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