Assume that you are new entrepreneurs to start the business which financial resources you opt
Answers
Finance for starting business’ may be loaned or partly used from ones’ savings, the most popular method being business loans. Loans are available from the Indian Government or from banks, at varying rates.
The Micro, Small and Medium Enterprises (MSME) Business Loan is quite popular. While the processing of this loan takes close to two weeks, it is approved/disapproved within an hour. It is intended to give financial assistance for growth of MSME. Its interest rate depends on nature of business to be started.
Micro Units Development and Refinance Agency or MUDRA Loans is another government sponsored financing system for start-ups and micro-business’. Here too, the interest rates vary according to nature of business.
Other schemes on offer by the Indian Government are Credit Guarantee Fund Scheme for Micro and Small Enterprises, National Small Industries Corporation Subsidy etc.