Hi,
First things to understand is that there are two schemes where banks go for non collateral based and all the bank gives offers those two schemes
1st is CGTMSE-
The CGTMSE scheme is like a safety net for small businesses in India. It helps these businesses get loans without needing to put up collateral, which can be difficult for them. The government guarantees a big portion of the loan, making it less risky for banks to lend money to these businesses. Small businesses that qualify can use these loans for things like buying equipment or managing day-to-day expenses. It's a way to support and encourage the growth of small businesses across the country, making it easier for them to thrive in the economy.
And 2nd one is PMEGP
The Prime Minister's Employment Generation Programme (PMEGP) is a scheme by the Indian government to help people start their own businesses. It provides financial support for setting up small enterprises in both rural and urban areas. The program aims to create jobs and promote entrepreneurship among young people and traditional artisans. It offers subsidies for project costs and is implemented through various agencies across the country. Eligible individuals and groups can apply for loans through banks, and the program supports a wide range of economic activities. Overall, PMEGP is designed to boost self-employment and economic growth by encouraging small business development.
If the businesses unit is new then go for Pmegp or if it is already on floor then go for CGtmse.
You can approach any bank and small finance Bank for Mudra loan and one more option is Bajaj finance an NBFC and IDFC with less documents required to process your requirement for loan with non security
For all your financing requirements, including business loans, loans against property, and home loans sourced from various banks based on customer eligibility, we offer our expertise. Our commitment lies in securing the best interest rates and minimal processing fees for our clients.
You can approach any bank and small finance Bank for Mudra loan and one more option is Bajaj finance an NBFC and IDFC with less documents required to process your requirement for loan with non security
