7 Government Business Loan Scheme 2022: Government Business Loan Schemes

 Business loan is of both type Secured & Unsecured loan. Any bank or financial institution checks the credit history of the customer before giving a business loan, so your CIBIL score should be very good. If you fulfill all the conditions of the lender, then you can get a business loan at an attractive business loan interest rate.

Whether your business is small or big, you can take a startup business loan from any bank. Government subsidy loan for business is also provided to you in these business loan schemes run by the government. If you have a question that whether to take a loan to start a new business and how to get a loan for business, then you can take advantage of these startup business loans of the government.

MSME and Startup Business Loan Schemes of Government of India

Given below are some important business loan schemes run by the Government of India, with which you can start your business: Pradhan Mantri Mudra Yojana Startup India PSB/MSME Loans in 59 Minutes National Small Industries Corporation (NSIC) Subsidy stand-up india Credit Guarantee Scheme (CGS) bank credit facility scheme

1. Pradhan Mantri Mudra Yojana

This scheme was started by the Government of India in the year 2015. You can take advantage of Pradhan Mantri Mudra Loan Scheme by visiting almost any bank or financial institution in the country. The main objective of this scheme is to provide loans to the people for all types of business. The main features of Pradhan Mantri Mudra Loan Yojana are as follows: This loan is mainly used for small businesses and startups. This loan is provided for the industries coming under Non-Corporate Small Business Sector (NCSBS). Under this scheme you can get loan up to Rs.10 lakh. Women are given a discount in the interest rate on taking this loan. The scheme is headed by MUDRA (Micro Unit Development and Refinance Agency). The following entities can avail benefits under NCSBs: small industry artisans small manufacturing units Service Sector Units truck operator food service units repair shops shopkeeper fruit/vegetable seller machine operator a food processor You can apply for this scheme by visiting any bank or visiting the official website of Mudra Yojana.

2. Startup India

The Government of India has started the Startup India Scheme to promote startups. The main objective of this scheme is to make the country's economic development and to develop employment on a large scale. Government of India provides instant loan for startup development under this scheme. By joining this business loan scheme of Government of India, you can get loan at attractive interest rate.

3. PSB/MSME Loans in 59 Minutes

This business loan scheme was launched by the Prime Minister of India in the year 2018. This is a small business loan scheme. Under this scheme, your loan up to Rs 5 crore gets passed in just 1 hour. To apply for this scheme, the government has also launched the official portal psbloansin59minutes.com. The loan amount under this loan starts from Rs 1 lakh up to Rs 5 crore.

4. National Small Industries Corporation (NSIC) Subsidy

The government has launched this scheme for small industries. Mainly two types of financial benefits are provided under this scheme, marketing assistance and raw material assistance. You do not need to make any security deposit to take advantage of this business loan scheme.

5. Stand-up India

This scheme was started in the year 2016 which is governed by Small Industries Development Bank of India (SIDBI). Under this scheme, loans ranging from Rs 10 lakh to Rs 1 crore are given to the beneficiary. This scheme has been started for people belonging to Scheduled Castes, Scheduled Tribes, Backward Classes and women entrepreneurs. If people falling under these categories are not able to start their own business, then the central government helps them.

6. Credit Guarantee Scheme (CGS)

The Credit Guarantee Scheme for Micro and Small Enterprises (CGSMSE) has been launched by the Government of India to strengthen and facilitate the industries of the MSME sector of the country. For those who want to do micro and small industries, this government business loan scheme has been started. You can apply for this scheme by visiting any public, private or rural bank in the country. Under this scheme, 85% credit facility is provided to micro enterprises for loans up to 5 lakhs.

7. Bank Credit Facility Scheme

Loans are provided under this scheme for micro and small scale industries. The loan given under this scheme is given by the National Small Industries Corporation (NSIC). National Small Industries Corporation provides this loan to the customer through the bank.

How to Apply for Government Business Loan?

Most of the business loans are provided by banks and financial institutions. To apply, you have to visit the nearest branch of the bank or financial institution. You can easily apply for a business loan by visiting the nearest branch and contacting the lender. Some lenders provide the facility to apply for the loan online through the official website. All you have to do is visit the official website of the lender, then click on the option of Apply online and fill the form. You can also apply for government subsidy loan for business by calling the customer care number of the lender.