Government business loans were introduced to provide funding to Micro, Small and Medium Enterprises and there are many schemes like the MUDRA scheme, PSB loans in 59 minutes, National Small Industries Corporation (NSIC) Subsidy. You can get a working capital loan where the funds can be used to conduct and manage activities in the company like pay utility bills, debt management, salaries for employees, etc. Businesses looking forward to expanding their business can get a corporate term loan. Term loans are required to be repaid within defined tenure by the lender.
For example, if you are planning on taking a MUDRA loan, you would have to choose between three categories that the scheme has to provide: Shishu, Kishore and Tarun. According to your business and eligibility you’ll be able to avail a loan. You can apply online on the official MUDRA website or you can also contact your lender regarding the what category of the scheme you want to avail.