Business Startup in India, according to Wikipedia is “A rapid series of changes in business affairs in India over the past two decades. Technological advancements have affected almost every industry, and Indian businesses have begun to mirror the technological advances of multinational companies.” The primary reason for the growth in business startups is the penetration of technology in Indian lives. Indian consumers are also technologically advanced.
So, for any business startup in India, it must necessarily begin with an apt business plan. A business plan is a written document outlining the business goals and strategies of an organization. It is very important that an entrepreneur chooses the right plan for his/her business startup in India. Business plans for starting a business in India must be structured in a way that it outlines all the required planning stages for the start-up, its establishment, operations during its initial stage, management, and the subsequent maintenance.
In order to help businesses start-up in India, the government of India has several financial schemes and loans available. The basic aim of the government of India is to help improve the overall economic development of the country. The basic functions of the government of India are to provide stable state-to-state competition in the business sector, thereby enhancing business competitiveness. Government of India offers various types of business loans and business schemes to businesses.
First up is the government business loans scheme (Mudra scheme). Under this scheme, businesses are provided with loans at low or moderate interest rates with the flexibility of repayment. Also, the company need not repay the money from one installment to another for a stipulated period of time. This makes the business free from the pressure of bearing the burden of heavy interest payments. However, before you apply for the said loan scheme, you must check with the lender that your business is eligible under the Mudra scheme.
Another scheme that is very popular among individual investors and small business loan seekers is the Individual Investor Program (IAP). This scheme allows individual investors to avail low-interest loans against Individual Investor Personal Loan (IIPL). IIPL has been specially designed to cater to the needs of both established and start-up businesses. Also, the amount of debt funds advanced under this scheme depends upon the equity value of the individual investor.
One of the most sought after schemes by entrepreneurs in India is the Startup Business Loan Scheme (SBLS). The basic aim to offer these loans to entrepreneurs is to assist them in establishing their own business and make their dreams come true. The amount of debt offered under this scheme depends on the equity value of the applicant. For startup business loan schemes, entrepreneurs are also offered two options – standard & accelerated debt. The amount of money advanced under these schemes also depends upon the repayment duration.
The Startup Business Start Up Loan is considered as one of the most promising loans for entrepreneurs in India. As per the plan, the loan is provided to the borrower at a very low interest rate and will be repaid along with the normal monthly installment. In case if the entrepreneur opts for the standard plan, he is able to repay his loan in two installments; while if he opts for the accelerated plan, he is only expected to repay his loan in one installment. As with the other scheme, the cost of availing this loan depends upon the repayment option chosen by the borrower.
All the business minded individuals in India are now looking forward to availing small business loans. According to the current scenario, the number of borrowers getting funds has increased phenomenally. Moreover, as the investors get finance at very less rates, business owners are able to reduce their overheads. If you too want to take advantage of these offers, you can simply search online and find out an ideal plan that suits your requirements and capital available.