Can i apply for a loan to setup a new business?
This query is : Resolved
Bapi Karmakar
(Querist)
20 September 2017
Hi, My self Bapi Karmakar, age 25, I want to set up a new manufacturing business. The investment that about Rs 30 lakhs. And I have need a loan of Rs 10-12 lakhs for a production machine. And I have only S/B a/c. Can I apply for a loan for my requirement with out maintaining any current account in bank? If yes than how?
CA R SEETHARAMAN
(Expert)
20 September 2017
You can apply for the loan with your savings account and open current account when you start your business. Contact bankers they will help you and schemes are there to help you. IDBI can help you.
K Srinivas, CMA CS
(Expert)
20 September 2017
Yes, Banks insist on Current account history.
K Srinivas, CMA CS
(Expert)
20 September 2017
Alternately, you may enrol yourself for entrepreneurship development program in MSME Centre of your area and undergo training. The MSME Centre will then forward your requirement to the Bank.
However, banks still have the last say
However, banks still have the last say
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