Lap Loan Legal

MUDRA LOAN

Pradhan Mantri Mudra Yojana (PMMY) is a scheme set up by the Government of India (GoI) through MUDRA (a subsidiary of SIDBI) that helps in facilitating micro credit upto Rs. 10 lakh to small business owners. MUDRA supports Financial Intermediaries to extend loans to the non-corporate, non-farm sector income generating activities of micro and small entities with credit needs upto Rs. 10 lakhs). The interventions have been named 'SHISHU', 'KISHOR' and 'TARUN' to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur.

PMEGP LOAN

PMEGP scheme is integrated two earlier schemes, viz. Prime Minister’s Rojgar Yojana (PMRY) and the Rural Employment Generation Programme (REGP) that were working along similar lines to generate employment among the youth. Under this scheme, the beneficiary has to invest only 5-10% of the project cost while the government provides a Subsidy of 15-35% of the project based on different criteria. The participating banks provide the rest of the funds as term loans to the entrepreneur.

The PMEGP has a four-fold objectives:

(1) To create employment in rural, as well as urban areas in India by setting up new self-employment micro enterprises or projects.
(2) To provide a common ground for the widely dispersed traditional artisans and unemployed youth in both rural and urban areas to come together and create self-employment avenues.
(3) To take steps to prevent migration of rural people to cities to seek employment by giving them stable and sustainable employment. This is especially for traditional and prospective artisans and rural and urban unemployed youth who get traditional or seasonal employment and remain unemployed rest of the year.
(4) To increase the income earning capacity of artisans and focus on increasing the growth rate of rural and urban employment.

Micro Small And Medium Enterprises (MSMEs)

Applying for a loan at a physical location, means that you are approaching just one lender. When you apply for a loan in person, you may need to book an appointment. You could be waiting in a queue. You may have to travel for a while, to reach the lender’s physical premises.

Remember that business loans can be used for setting up new enterprise or stepping up (expansion, diversification, modernization, technology upgradation).

These can be for the following:
(1) Acquisition of factory, land and construction of building spaces,
(2) Purchase of Plant and Machinery including lab equipment, testing equipment, furniture, electric fittings, etc
(3) Meeting working capital requirements, like raw materials, stock-in-progress, finished goods, etc
(4) Trade Finance (Bill discounting) – for paying the creditors, while awaiting payment from debtors
(5) Launch of new product range, expansion of business, warehousing need, credit for marketing and advertising purpose
(6) Additional monitory assistance for any eligible purpose.

It’s good that you have made up mind for applying business loan online. You will have choices of wider range of lenders (Banks / NBFCs / SFBs/ FinTechs) who can access your application and according to your geographic location, the nearest lender may approach you or a fintech from another city may also touch base you.

This means, you can apply online 24/7. You can apply even in your spare time at leisure. If you have your budget / documents / information ready, you will find the application forms are easy to fill in.

STAND UP INDIA LOANS

Stand-Up India (SUI) scheme for financing SC/ST and/or Women Entrepreneurs has been launched by Hon’ble Prime Minister (PM) on April 05, 2016.

The objective of the SUI scheme is to facilitate bank loans between Rs.10 lakh and Rs. 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. This enterprise may be in manufacturing, services or the trading sector. In case of non-individual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or woman entrepreneur.

Animal Husbandry Infrastructure Development Fund (AHIDF)

The recently announced Prime Minister’s AtmaNirbhar Bharat Abhiyan stimulus package mentioned about setting up of Rs. 15000 crore animal husbandry infrastructure development fund (AHIDF).

The animal husbandry infrastructure development (AHIDF) has been approved for incentivizing investments by individual entrepreneurs, private companies, farmers producers organizations (FPOs) and Section 8 companies to establish

(I) The dairy processing and product diversification infrastructure,
(II) Meat processing and product diversification infrastructure and
(III) Animal feed plant.

EDUCATION LOAN

Education loan is offered by leading banks in India to help students achieve their academic dreams. Education loan Interest rates start from 7.30% p.a. with loan tenures of up to 15 years. Education loans are offered for higher education in both India and abroad.

What courses are eligible for an education loan will be decided by the lender. You can get an education loan for studies starting from Nursery. For higher studies, you can get a loan for full-time as well as part-time courses, and loans for working professionals.