Ola Rodinhooders !
Just before I begin on the core topic, this being my first post on Rodinhoods, I wish to convey thanks to Alok & Asha for setting up this nice & simple platform, which has been helping me since quite a while now, though I recently registered myself here. It’s been very fruitful to read several posts that have cleared several notions for me with respect to starting-up
Now, the question that I have – I came across this scheme (sources shared below) Pradhan Mantri Mudra Yojana, launched by the GoI in April, 2015 targeted towards SMEs. The funding is categorized as follows depending on your loan requirements –
a) Shishu: covering loans up to ₹50,000
b) Kishore: covering loans above ₹50,000 and up to ₹5,00,000
c) Tarun: covering loans above ₹5,00,000 and up to ₹10,00,000
Although it seems like a good move by the Government aiding thousands & lakhs of enterprising individuals, I just wanted to take a first hand advice of anyone who has opted for funds from them (be it for Capex, Working capital, Seed capital etc), the interest rates that prevail on for this & which Financial institution (in Mumbai preferably) would be the best (rather convenient) to deal with & not get duped much on any ad-hoc/hidden charges
Also, I’m not entirely sure how the collateral free mechanism would work in this scheme, so anyone who can share their 2 cents on this too, I would highly appreciate. In a nutshell, please share your experience regarding this scheme, if availed 😀 My intent of knowing this is to identify if this scheme could be a good source to generate funds for an idea I wish to give shape to, backed with some skin of my own in it 🙂 (Since it involves asset purchase)
Have discussed my idea with some VCs/Angel networks and have garnered their interest on investing in it, though some took a back step, claiming conflict of interest 🙂 while some showed interest in the concept & the numbers, have requested a PoC given that I highlighted some nice execution challenges which I’m all set to take on 🙂
[ Yes, I know I’m being too ‘secretive & stuff’ about this whole idea thing, currently is irrelevant to my posted question, but as things shape up, I would soon come back to the community for seeking valuable advice, having entered the ‘Doers’ stage after surpassing my ‘Thinkers’ stage 🙂 ]
Advance apologies if my responses are a tad late to this post, I’m juggling & sorting many things for now & being running much ( Yes, Half Marathons too, a Half-Marathoner in the house ! 😀 )
Thanks in advance !
Cheers,
DDB
Source: