{"id":11910,"date":"2023-08-28T14:37:03","date_gmt":"2023-08-28T14:37:03","guid":{"rendered":"\/blog\/?p=11910"},"modified":"2024-08-01T15:41:06","modified_gmt":"2024-08-01T10:11:06","slug":"how-to-get-a-small-business-loan-from-the-government","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/how-to-get-a-small-business-loan-from-the-government\/","title":{"rendered":"How to Get a Small Business Loan from the Government"},"content":{"rendered":"\n<p>If you run a\nsmall business in India, you are all too familiar with the trials and\ntribulations. Perhaps the biggest roadblock to running and growing a business\nis a lack of funding. Be it for hiring staff or paying vendors, capital is the\nlifeblood of your venture.<\/p>\n\n\n\n<p>With a small\nbusiness loan, you cannot just keep the\nship afloat but also scale effectively.<\/p>\n\n\n\n<p>The good news\nis, a variety of government loan schemes are available to help you secure\nfunding your small business. Given the Indian government\u2019s focus on supporting\nsmall and medium businesses, this is one of the most practical ways to get\ncapital for your company.<\/p>\n\n\n\n<p>Keep reading to\nunderstand how to get a small business loan from the government. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Different government loan schemes for small businesses<\/strong><\/h2>\n\n\n\n<p>Here are some top\ngovernment loan schemes you can avail\nof &#8211;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mudra Business Loan: <\/strong>This scheme offers loans in three categories &#8211; Shishu, Kishore, and Tarun. You can avail loans up to Rs. 5 lakhs, depending on the category and your eligibility. The scheme demands no collateral, making it a good fit for small setups that don\u2019t possess sizable assets. The <a href=\"https:\/\/tata-blog.osian.dev\/business-loan\/interest-rates-and-charges.html\">business loan interest rate<\/a> under the scheme varies across banks.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>MSME\/PSB Loan in 59 Minutes: <\/strong>Loan-seekers can apply for this loan online and get sanctions of up to Rs. 5 crores in just 59 minutes. This scheme is just right for entrepreneurs looking for instant business loans. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>National Small Industries Corporation (NSIC) Subsidy: <\/strong>This government enterprise provides loans to assist small businesses with raw material acquisition and marketing.<\/li>\n<\/ul>\n\n\n\n<p><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/government-updates\/steps-to-apply-for-collateral-free-msme-loans-under-the-covid-19-relief-package\/\">Steps to apply for\ncollateral-free MSME loans under the COVID-19 Relief package<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Check your Eligibility<\/strong><\/h2>\n\n\n\n<p>Business loan\neligibility criteria are subject to changes depending on the scheme and\nfinancial institution you opt for. However, you should be aware of certain\ncommon prerequisites to quicken the process:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The age limit of the applicant <\/li>\n\n\n\n<li>CIBIL score <\/li>\n\n\n\n<li>Annual turnover<\/li>\n\n\n\n<li>Typically, businesses in\nsuccessful operation for three consecutive years are eligible <\/li>\n\n\n\n<li>Other factors specific to the\nbank and scheme chosen<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Documents Required<\/strong><\/h2>\n\n\n\n<p>To avail the government\nloan of your choice, it would be prudent to have some basic documents in place\nfor a smoother process:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>GST Identification Number\n(GSTIN) and GST User Name<\/li>\n\n\n\n<li>Details of the loan required<\/li>\n\n\n\n<li>Residence and identity proof of\nthe applicant<\/li>\n\n\n\n<li>Passport-sized photographs<\/li>\n\n\n\n<li>Business address proof<\/li>\n\n\n\n<li>Balance sheet of the last three\nyears<\/li>\n\n\n\n<li>Bank statements of the last six\nmonths <\/li>\n\n\n\n<li>Details of latest three years\u2019\nIncome Tax Returns<\/li>\n<\/ul>\n\n\n\n<p>To wrap it up,\nthere are several options when it comes to securing small <a href=\"https:\/\/tata-blog.osian.dev\/business-loan.html\">business loans<\/a> from the government. <\/p>\n\n\n\n<p><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/why-should-you-apply-for-a-small-business-loan\/\">Why should you apply for a small business\nloan?<\/a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n\n\n\n<p>However, this process is often tedious and may only have limited funding available. To be sure of getting a business loan, get in touch with Tata Capital. We offer a simple and easy application process with business loan interest rates starting at 19%. We understand your needs and our specially built tools like <a href=\"https:\/\/tata-blog.osian.dev\/business-loan\/business-loan-emi-calculator.html\">business loan EMI calculator<\/a> help you understand terms and repayments. <\/p>\n\n\n\n<p>For more information on <a href=\"https:\/\/tata-blog.osian.dev\/business-loan\/small-business-loan.html\">small business loans<\/a>, contact us today. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/business-loans\/home\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you run a small business in India, you are all too familiar with the trials and tribulations. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/how-to-get-a-small-business-loan-from-the-government\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":11911,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-11910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Get a Small Business Loan from the Government - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Know about the top business loan schemes offered by the Government of India that you can avail for small business. Get more details on Government Small Business Loans now!\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Get a Small Business Loan from the Government - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Know about the top business loan schemes offered by the Government of India that you can avail for small business. Get more details on Government Small Business Loans now!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-business\/how-to-get-a-small-business-loan-from-the-government\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T14:37:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-01T10:11:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/10\/small-business-loan-from-the-government.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-business\/how-to-get-a-small-business-loan-from-the-government\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-business\/how-to-get-a-small-business-loan-from-the-government\/\",\"name\":\"How to Get a Small Business Loan from the Government - Tata Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-28T14:37:03+00:00\",\"dateModified\":\"2024-08-01T10:11:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Know about the top business loan schemes offered by the Government of India that you can avail for small business. 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