Every developing country first and the utmost aim is to focus on the young growing population but when it comes to a country like India it becomes more important to focus on the youth as its 50% population below the age of 25 and 65% below the age of 35 so the focus on the youth can be; by launching such schemes which benefits them. A number of schemes are launched by the government but very few to empower the youth. The MODI government have started a number of the scheme for benefitting the customer by providing them loan under various schemes with the joint effect of manufacturing units or non-financial banking cooperation (NBFC), Small Industries Development Organisation (SIDO),National Small Industries Corporation Limited (NSIC),Small Industries Development Bank of India (SIDBI) such as or the government agencies.
More about schemes launched is given on the page below to know more check the page.
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The Mudra banks were set up to provide the loan to the user as only a few businesses get the loan from the regular banks. The bank will function as a finance company and a subsidiary of the Small Industries Development Bank of India (SIDBI). However, it will regulate Microfinance institutions and provide the loan at reasonable rates.
MUDRA Loans types
SHISHU: The scheme provides loan up to Rs.50000.
KISHORE: The scheme ranges loan from Rs.50001 to Rs.5.00 Lacs.
TARUN: The amount of loan covered under the scheme from Rs.5,00,001 to Rs.10.00 Lacs.
The government will also provide the additional benefits and the amount of benefit is described briefly below in the listed points:
- Shishu:- They will get the benefit upto 40%.
- Kishor:- They will get the benefit upto 35%.
- Tarun:-They will get the benefit upto 25%.
To read further about MUDRA Read our article on MUDRA LOAN
It was the government initiative taken which aims to provide micro-finance, low-interest rates loans to the low social economic background to support them by providing them with loans. The condition for the startup India loan is annual turnover in any preceding financial year must not exceed Rs. 25 crore.The amount of loan you can apply for depending on your credit score. The customers will not pay interest on the borrowed sum for the first nine to 15 months to provide a start good start to the business. Then the customer will pay interest ranging between 7.9% and 19.9%. To apply for the Start-Up Loan your credit score should be above 700.
The scheme aim at the following points listed:
- Simplification of the services.
- Providing funds
- To make a partnership with the industry Academia.
Click Here To Read More About Start Up India
Stand Up India
The scheme Provide the bank loans ranging from Rs. 10 lac to Rs. 1 crore for SC (scheduled castes) and ST (scheduled tribes) and women setting up new business other than the farm sector to empower them. The loan will be provided for the manufacturing, trading and for the service sector. It is a type of handholding support provided to the user. You can directly apply for the loan from the bank. The loan is provided at the lowest rate applicable by the bank. The time duration to pay back the loan is 7 years with an extension time of 18 months.
Anyone from above mentioned can apply for the Loan who is above the age of 18 years. To get the detail information about the Stand Up Loan you can click on the link given:-STAND UP INDIA LOAN
Bhartiya Mahila Bank (BMB)
To empower the women of India a number of schemes have been launched to make her independent of her own and set her own business to earn her own livelihood.one of such scheme launched is Bhartiya Mahila Bank (BMB). The business loan up to the maximum value of Rs. 20 Crores can be provided by it. The scheme includes the non-financial banking company(NFBC) also which help in providing the loans to the customers. The interest rate applicable for the loan is the lowest applicable by the bank which can vary between 10.15% – 13.65% per annum. And the tenure for the loan repayment is 7 years.
This loan has also been categorized as follows:
- The retail trader or service enterprises can get loan up to 5 crores.
- The manufacturing enterprises can get loan up to 20 crores.
- The collateral free loan of 1 crore is also provided under this scheme.
Udyami Mitra Loan
Small Industries Development Bank of India (SIDBI) started a new scheme the ‘Udyami Mitra’ to improve the accessibility of credit and handholding services to Micro, Small and Medium Enterprises (MSMEs). MSME provide loan without collateral security if the loan is up to Rs. 10 lac. The loans upto 10 crores can be accessed and enterprises SME Loans (presently upto 200 lakh).
The Government has launched a scheme of microfinance with SIDBI for the MFIs/NGOs to get the loan from SIDBI. The scheme is being administrated under-served States and under-served districts of other States.‘Portfolio Risk Fund’ (PRF)is the name given by the Government of India provide funds in form of microfinance programme. SIDBI takes an interest of 10 % of fixed deposit for the loan amount. The share of MFIs/NGOs contributes 2.5% of the loan amount and balance 7.5% has been adjusted from funds provided by the Government of India.
To get more about the scheme visit the link:-MICRO FINANCE PROGRAM