Today many private and public sector banks, government institutions and financial companies are offering loans to small and medium enterprises. One of these popular loan schemes is the GST Business Loan.
A GST business loan is a working capital loan of up to Rs.1 crore based on GST returns for micro, small and medium enterprises. This means by simply furnishing their GST returns MSMEs can procure funding for fulfilling their working capital needs.
Through this government portal Psbloanin59minutes, or through banks like SBI, ICICI Bank, Yes Bank or even through Fintech companies like FlexiLoans by simply using one’s GST returns one can procure a business loan. So skip the tedious documentation process and apply for a loan using your GST returns.
Through this government website MSME’s can get a business loan ranging from Rs.10 lakh to Rs.1 crore within an hour. The loan approval process is automated and contact-less. The interest rate for this loan starts from 8% and no collateral coverage is mandatory because these loans are connected to Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. After approval, the loan gets disbursed in about a week.
Steps involved –
Step 1. Register by providing your name, email address and a mobile number on which you will receive and OTP.
Step 2. Answer 4 questions regarding GST registration, filing your GST and IT returns regularly and have never defaulted on a loan.
Step 3. Provide your GST details
Step 4. Provide tax info by either uploading your tax returns in XML format or login with your tax credentials — your PAN and date of incorporation.
Step 5. You can either upload your bank statements or log in with your netbanking credentials.
Step 6. Provide details of company directors
Step 7. Provide loan info such as details of your business, the purpose of loan, any collateral security, and any previous loans.
Step 8. Select the lender, pay the convenience fee and download the approval letter.
So those were the details of GST Business Loans in India. Apply at FlexiLoans to see similar products for GST business loan. You can apply for a GST business loan here