The recent rise in manufacturing businesses has significantly contributed to the growing economy of India.
With a growth rate of nearly 5%, the manufacturing sector witnessed a rise in the establishment of various production units and plants as well.
With a growth rate of nearly 5%, the manufacturing sector witnessed a rise in the establishment of various production units and plants as well.
Among all the states, Delhi is home to extensive support in establishing new small scale businesses as well as expanding the old ones.
Due to the substantive availability of wholesale products in the city, the convenience of setting up an entire business, there is also easier.
The quick access to a machinery loan in Delhi extended by various lending institutions has further added to the convenience of establishing and expanding businesses.
The expansion of a business is directly proportional to the growth of the same.
And hence, to grow, it is essential to increase sales, which is possible only if you have a significant inventory.
Financing facilities for business expansion
Irrespective of whether you are expanding in the same city or moving to another, the funds are likely to help you scale up your business to a newer height. Even the government has come with several schemes to assist entrepreneurs in growing their firms.
With the right finance, you can make sure your business never runs out of working capital. All you need is to adopt specific ways to manage your finances and keep a check on the related expenses.
The different sources of finance that can be as effective as a machinery loan in Delhi, including the following –
1. Standup India
The ‘Standup India’ scheme is one of the most widely popular programmes launched to boost entrepreneurship. Under this plan, people belonging to economically weaker classes (SC/ST) and women are encouraged to start their businesses and promote jobs.
They can avail loans between Rs.10 lakh and Rs.1 crore. You can use the amount to fund your purchase with a machinery loan in Delhi, or inventory management, etc.
2. Start-Up India
The ‘Start-Up India’ scheme was soon launched after Stand-Up India. Under this scheme, a business can gain access to a corpus of around Rs.10, 000 for 4 years initially.
Other benefits of this scheme are tax exemptions as well as retaining the startup status for about 10 years if the turnover does not exceed Rs.25 crore.
Other sources of finance
Several private lenders provide an unsecured capital loan as a convenient option of financial assistance to help companies grow in Delhi. You can avail such loans by fulfilling minimum eligibility criteria as these do not demand any stringent documentation process. Besides, you also do not need to mortgage collateral to avail the amount.
In this regard, financial institutions like Bajaj Finserv provide Machinery Loans at affordable rates of interest and nominal terms.
They also provide you with pre-approved offers to make the overall application for a loan easier and faster. These pre-approved offers are available on financial products such as personal loans, business loans, home loans, etc.
Who can take a business loan?
Anyone with a decent credit score of around 750 is eligible for the loan. Although, make sure you meet the eligibility criteria of the lender you are opting for. It will help you to avail a higher amount of loan for your business.
These are mentioned below –
- An individual should be between 25 and 55 years of age.
- He/she should have filed IT returns for the previous year.
- He/she should have at least three years of business vintage.
