Bangalore, September 8: India is home to several startups and it has the third-largest startup base in the world. Startups require loan to help them to boost their business initially giving the necessary machinery and equipment. So startup loan is the business loan which basically caters to the main funding of a business with which you wish to start.
Eligible companies can get recognised as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more. In order to avail the benefit of Startup India, the company should have an annual turnover not exceeding Rs. 100 crore for any of the financial years since its incorporation. The entity should not have been formed by splitting up or reconstructing an already existing business. Period of existence and operations should not be exceeding 10 years from the date of incorporation.
Here Are Details About Start-Up India Business Loan:
The Stand-Up India Scheme offers Government loans for business ranging between Rs 10 lakh and Rs 1 crore to at least one Scheduled Tribe or Scheduled Caste borrower to set up a Greenfield enterprise. It is also granted to at least one woman borrower per bank branch to promote woman entrepreneurship among the scheduled caste and scheduled tribe. The tenure of the loan is 7 years.
Startup India scheme was launched on April 5, 2016, by the Prime Minister Narendra Modi with the backing of Department of Financial Services and is being monitored by the Ministry of Finance.