Good time for small entrepreneurs! Hassle free loan under Pradhan Mantri Mudra Yojana (PMMY) Scheme which is initiated by the Ministry of Finance, Govt. of India to "Fund the Unfunded". PMMY allows loans through Public Sector banks, Regional banks, Rural banks, State and Urban cooperative banks to manufacturing, trading and services sector that comes upto Rs.10 lakhs fund needs. All of above PMMY is a Collateral Free loan Scheme.
SBI for SME provides financial assistance to authorized Sellers of Snapdeal or Flipkart engaged in selling products through online portal of Snapdeal or Flipkart. Sellers have to be registered with the online portal for a minimum of 6 months tenure can avail this smart loan.
You have skills, knowledge, ideas, experience and confidence to become an entrepreneur but needs financial assistance. If you make a project report then, approach a bank for financing the project, they simply ask what is the guarantee for repayment? They will ask you to provide collateral security as the secondary security to get back the fund you have been used in case failure in the business.
SBI provides collateral free business loan. New and existing Micro and Small Enterprises engaged in Manufacturing and Service sector can avail this scheme. For Manufacturing sector, original investment in plant & machinery should be upto Rs 5 crore and for Service sector, original investment in equipment upto Rs 2 crore.