Ever since the Startup India campaign was announced in the year 2015, the number of new Micro, Small & Medium Enterprises (MSMEs) has been on the rise. The campaign is based on an action plan aimed at promoting bank financing for Startups and new businesses. It has encouraged startups, which will eventually lead to more job creation, equity and shall help in the nation’s socio-economic growth.
Several leading financial institutions offer Startup loans for new businesses at low interest rates. Further let’s discuss the eligibility required to start a new enterprise, along with popular business loan schemes
| Bank/NBFCs | Interest Rate |
| Axis Bank | 10.75% p.a. onwards |
| Flexi loans | 1% per month onwards |
| HDB Financial Services Ltd. | 8% – 26% p.a. |
| HDFC Bank | 10.75% – 25% p.a. |
| IDFC First Bank | 10.50% p.a. onwards |
| Indifi | 1.50% per month onwards |
| Kotak Mahindra Bank | 16% – 26% p.a. |
| Lending kart | 12% – 27% p.a. |
| M capital | 2% per month onwards |
| Neo Growth Finance | 15% – 40% p.a. |
| Tata Capital | 12% p.a. onwards |
| UGRO Capital | 9% – 36% p.a. |
