Are you thinking of starting your own business? Though you probably don’t have prior knowledge to set up your own business or might be leaving the plan for lack of investment. Let me tell you that this article is for you. 

You can get a business loan of up to Rs. 10-20 lakhs to start your business, but you are worried about how. Continue reading this article to find out how. Our Prime Minister Narendra Modi has announced a scheme called Startup India Seed Fund on 1st April, 2016. The budget of this scheme is Rs. 10,000 crore. Here are some of the eligibility criterias to fit in this scheme: 

• Your registered company has to either Private Limited Company or LLP Company.
• The overall age of the company has to be less than 2 years.
• The business plan has to be unique such that it can create more jobs or undertake business expansion
• If your business has a tie-up with the foreign investors then your shareholding needs to be more than 51%.
• If you have an existing company and you want to start your business as a venture then this scheme is not applicable for you.

Now, let’s have a quick look on the key benefits of Startup India Seed Fund Scheme. 

Seed funding 

The Startup India Seed Fund Scheme offers early investment for the beneficiary of business expansion as well as the ability to raise funds. The investors generally acquire equity on behalf of their capital investment, known as seed capital or seed money. 

Financial Support

This scheme offers financial assistance to startups related to the product development, market entry, commercialization and product trials. 

Infrastructure

This scheme also offers assistance related with physical infrastructure, legal compliances, human resources, support for testing etc. 

Loans 

Additionally, this scheme also allows the startup owners to avail loans from the lenders & various other financial institutions.

You will be receiving the loan amount from various other banks after your loan is approved. One can also gain tax benefits on any 3 years within the timespan of 10 years at the commencement of your business. You can choose those 3 years as per convenience and notify accordingly. The interest rate on your loan amount will be 4%, which you need to pay as an EMI within 5 years after successful completion in 1 year of business commencement. Therefore, you will be getting near about 6 years time to repay the loan amount. However, the overall process for registering Startup India Seed Fund scheme is not as easy as it seems like. 

During the final stage of Startup India Seed Fund Scheme you will be required to have an interview with the government officials to share the opinion regarding your business. We will offer assistance up to the interview stage. Here we will be offering assistance related to documentation support, business plan, business module support. So, if you want to start your business & make it to the top level, then we are there to help you out. 

Finally, it can be concluded that the registration for the Startup India Seed Fund Scheme might seem to be a little bit complicated, but still you can complete the process with the right assistance. The Startup India Seed Fund Scheme is an government initiative that is initiated for those who typically require significant support for the early stage startups in India.