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Availing Loan From A Bank For A Business!

Postby A K Rao » 14 Apr 2019, 10:40

Now a days banks are providing loans to youngsters to do business and to become self sufficient in India. These loans are of not very big ones as they are provided without any collateral securities.

If we have collateral securities then we can have big loans to conduct a business and to make profits out of that!

Hav you ever availed any loan for the purpose of doing a business?

Could you kindly share your experience?
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Re: Availing Loan From A Bank For A Business!

Postby SUPERSINGH » 14 Apr 2019, 13:19

It's a very good facility provided by banks and many times Government lend a helping hand to the needy ones and banks to provide loan at a lower rate of interest.
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Re: Availing Loan From A Bank For A Business!

Postby cinderella » 15 Apr 2019, 01:58

In our country, banks usually require collateral. But there is a government institution (Department of Trade and Industry) provides loan assistance for individuals who want to avail for business purpose without collateral. You will only submit a feasibility study and other documents.
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Re: Availing Loan From A Bank For A Business!

Postby Alexandoy » 16 Apr 2019, 01:38

It is okay to take a bank loan for expansion of the business for you can make estimates on the projected profits vis-a-vis installments interest payments. But if you will borrow to augment your initial capital I don't think it is a wise thing to do.
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Re: Availing Loan From A Bank For A Business!

Postby skysnap » 16 Apr 2019, 07:47

Not a big amount to be honest. Usually don't cover many business areas from what I have noticed. It may be cheaper for buying low end machines etc.
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Re: Availing Loan From A Bank For A Business!

Postby katkat » 17 Apr 2019, 06:26

As far as I know banks will never allowed a loan without a colteral. And I understand why. There are some institutions who are lending a hand but they usually connect with the company where you work so they can right away get from payroll the payment for your loan.
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Re: Availing Loan From A Bank For A Business!

Postby ahmedo24 » 17 Apr 2019, 06:44

The interest rate and the duration to start paying back and the number of months that one will service the loan are very important factors to be considered.
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Re: Availing Loan From A Bank For A Business!

Postby A K Rao » 17 Apr 2019, 06:46

skysnap wrote:Not a big amount to be honest. Usually don't cover many business areas from what I have noticed. It may be cheaper for buying low end machines etc.


Yes, you are right ! These loans are good for small business people running some shops or in trading! One of my friend who used to run a Surgical stores availed a loan long back from one of the bank and he had to display the name of the Bank in his shop that the shop is hypothetical to the Bank, which I think is keeping the shop itself as a collateral security!
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Re: Availing Loan From A Bank For A Business!

Postby skysnap » 17 Apr 2019, 07:03

There is this bank named Suryoday which can be used for loans upto 8 lakh. But they have collateral required after 3 Lakh loan. Also there is also mudra scheme that can be used.
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Re: Availing Loan From A Bank For A Business!

Postby A K Rao » 17 Apr 2019, 17:49

cinderella wrote:In our country, banks usually require collateral. But there is a government institution (Department of Trade and Industry) provides loan assistance for individuals who want to avail for business purpose without collateral. You will only submit a feasibility study and other documents.


I think every country is having such Government bodies to help the needy aspirant people! Though getting loans from such bodies is bit difficult, I have seen people making good progress in their business with the aid they got from such bodies by their hard work and honesty!
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Re: Availing Loan From A Bank For A Business!

Postby skysnap » Yesterday, 07:27

I think in india, mostly the women can get loans easily for anything. For business and home usually they also have low interest than men. So it again is a big struggle in that context.
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Re: Availing Loan From A Bank For A Business!

Postby mrki444 » Yesterday, 07:38

I can it's hard got loan for IT business since you only have laptop and ideas. They can't took ideas if our project broke. You can get loan for other types of businnes but you have give them some guarantee.
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Re: Availing Loan From A Bank For A Business!

Postby anil02 » Yesterday, 07:40

A K Rao wrote:Now a days banks are providing loans to youngsters to do business and to become self sufficient in India. These loans are of not very big ones as they are provided without any collateral securities.

If we have collateral securities then we can have big loans to conduct a business and to make profits out of that!

Hav you ever availed any loan for the purpose of doing a business?
Yes I availed loan for business purpose. It is in PMY plan. Availing loan is not easy in India.

Could you kindly share your experience?
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Re: Availing Loan From A Bank For A Business!

Postby JASPREET » Yesterday, 09:18

There are different organisations which help people to get loan at lesser rate of interest and they can start some business with the loan.
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Re: Availing Loan From A Bank For A Business!

Postby arunima » Yesterday, 10:56

My brother has availed this benefit provided by current government in their promotion to Start Up India. He has really benefited from it. Now his start up is two years old and it has now 30 employees and by God's grace it is going in a profitable way. He worked for 15 years as IT professional in UK and then returned to India to have a start up of his own.
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