How to get a startup loan for new business from NBFCs

Starting your own business is surely a great way to build a flourishing career. You have all the innovative ideas for your business but do you have the financial resources that can help you to start your business. There is no need to worry about financial support for your startup. This is because these days you have the option of getting a startup business loan from a Non-Banking Financial Institution (NBFC).

Choose the right NBFC to get your startup business loan:

A start-up business requires a big amount. Getting a loan to establish a business is now easy with the evolution of private financial institutions called Non-Banking Financial Companies or NBFCs. Right now, there are several NBFCs from where one can easily get a business loan for startups. 

  • These institutions offer startup loans at affordable interest rates and they also have flexible repayment tenure. 
  • The top NBFCs have an online loan application and loan disbursal process and one can apply for the loan with minimal documentation.
  • If you choose the right NBFC then there are chances that you can get the startup business loan even if you have a low credit score. 
  • In the case of an eligible applicant, the NBFC disburses the loan in a few hours and the amount is credited directly to the bank account of the applicant.

Money View is one such trustworthy money lender that provides loans for the startup business at the interest rate of 1.33 %. The loan amount ranges from Rs.5000 to Rs.5, 00,000 and the repayment tenure of such loan can be up to 60 months.

Want to know the eligibility criteria for getting a startup business loan from NBFC?

If you want to apply for the startup business loan from an NBFC then the first and the prior factor that you have to check is the eligibility criteria. The eligibility criteria may be different for different NBFCS. Let’s check the eligibility criteria of Money View for the startup business loan.

  • For getting the startup business loan the applicant has to be in the age group of 21 to 57 years.
  • For the Money View startup business loan, the income of the applicant should be at least Rs.13, 500. It is also necessary that this amount gets credited to the bank account of the applicant.
  • For applying for the startup business loan from Money View, the applicant needs to have a minimum CIBIL score of 600 or a minimum Experian score of 650.
  • The applicant has to submit the documents that are needed for the approval of the startup business loan. For this, the applicant should submit the photo id proof (PAN card) address proof (Aadhar card, etc.), and proof of income (last 3 months bank statement).

Are you keen to explore other startup loan options in India?

The Government of India is encouraging the startup sector by offering certain startup business loan options. So, if you are interested in getting some additional loans for your startup then you must explore these options as well.

1. The Pradhan Mantri Mudra Yojna:

This is a Government scheme that is designed to support Micro, Small, and Medium Enterprises. 

It has 3 categories based on the state of the business i.e. Shishu, Kishore, and Tarun. 

  • Shishu is for startups where you can get a loan up to Rs.50, 000.
  • Kishore which aims to strengthen an ongoing business offers loans in the range of Rs.1, 00,000 to Rs.5, 00,000. 
  • Tarun is for established businesses and the loan amount offered is in the range of 5, 00,000 to Rs.10, 00,000

2. The Credit Guarantee Scheme for Micro and Small Enterprise (CGSMSE):

This is for those micro and small enterprises that are finding it difficult to raise collateral to get a loan. This scheme which was started way back in 2000 offers collateral-free loans. Under this scheme new and existing small and micro enterprises can get a loan up to Rs 1 crore. Under this scheme, a Credit Guarantee Trust has been established which acts as guarantor and in case of the borrower defaults then the trust offers a coverage of up 75% of the loan amount.

Are you interested in applying for a startup loan from Money View?

  • Money View is today considered a top-notch NBFC that offers startup business loans. If you are keen to apply for a startup business loan from this company, then some steps need to be followed.
  • First, you have to go to the website of Money View and check if you are eligible to apply for the startup business loan. You can also check your eligibility for a startup business loan from Money View by using its app.
  • If you are eligible to apply for the startup business loan from Money View, then you have to fill up the online loan application form.
  • Along with the online loan application form, you also need to submit soft copies of certain documents (photo id proof, address proof, and income proof). All the documents have to be submitted online on the website or the app of Money View.
  • The loan experts of Money View check the application and documents submitted by the applicant and if everything is as per the requirement then the applicant is sent the details of the sanctioned loan and the terms and conditions.
  • Once the applicant accepts the terms and conditions of the loan contract, the loan amount is disbursed by Money View in the next few hours in the bank account of the candidate.

Conclusion:

If you are struggling to get financial support for your startup businesses then all that you need to do is approach a reputed NBFC. These days NBFCs are offering startup business loans at competitive interest rates and flexible loan repayment tenure. 

Money View is a reputed NBFC that is offering startup business loans. To check if you can get a startup business loan from Money View, go to their: https://moneyview.in/ and check your eligibility. You can get startup business loans from Money View with minimal documentation.

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