Money Guru: How To Get An Online Business Loan? Top 5 Ways Explained Here
If you are looking to start your business or expand your business, you might be wondering how to get financing? Where will you get the loan from? To get the answers to all these questions, Zee Business presenter Swati Raina on the ‘Money Guru’ show spoke with Mahesh Shukla, founder of Pay Me India, to understand the key details of ‘5 Ways to ‘get a loan for your business’.
What is a business loan?
Responding to Swati Raina’s question, Mahesh Shukla said, “Business loan, as the name suggests, is a loan taken for the purpose of starting a business or expanding the business.”
How do I get a business loan?
Shukla answered this question by Raina as “The process and steps include: –
-Fill in the application form
-Form submitted to bank or NBFC
-The bank will evaluate the form
-Perhaps a bank representative will physically contact you and inspect your home and office. This is called -PD (Probability of default)
-Then they will check your buro offline.
-And then they will send a confirmation that your business loan is approved.
-Then you will have to accept the terms and conditions which include the ROI (Return of Investment)
-Finally, the loan agreement will be signed and you will get the money.
Which entities are eligible for the loan?
Responding to this question, Mahesh said, “Businesses, startups and established businesses are eligible for business loans. ”
Online business loan
Responding to Swati Raina’s question about how easy it is to get a loan online, Shukla said, “Taking a loan online has now become easier thanks to digitization. There are many online companies like Pay Me India where we give you money completely digitally. Thus, you do not have to come to our branch. He then added, “Digital loans have small banknotes and for large banknotes the physical meeting is important.”
Government programs for small business start-ups
Swati asked which government program has been proven to be effective in starting a new business, to which Mahesh replied, “If you want to start your business on a small scale, the Mudra loan is an effective and efficient program. The sanction rate of the Mudra loan is also very high.
Raina, while speaking to Shukla, said: “In the Mudra loan you will get an amount of Rs 50,000 – Rs 10 lakh in the form of a loan and a private / public bank, commercial banks, Gramin banks, small financial banks and corporate banking will sanction your loan in this program. “
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Shukla added, “Stand-up India is also a very good government start-up program.