The Bihar government has taken active steps over the last few years to encourage entrepreneurship in the state. Recently launched schemes like Mukhyamantri Mahila Udyami Yojana (MMUY) and the Mukhyamantri Yuva Udyami Yojana (MYUY) have made business-making much easier for women and youth in Bihar.

To gain maximum benefit from these schemes, a Business Loan in Bihar would be helpful for an entrepreneur to kick-start his/her business. Follow these steps to get an SME loan in the state:

Shortlist the Best Loan Provider: Several loan companies offer low rate Business Loans in Bihar. Aspiring borrowers must compare their interest rates, loan amounts, repayment terms, and other credentials before finalising a loan offer.

Fulfil Eligibility: Most NBFCs have eligibility requirements for the applicant’s age, turnover, ITR, business vintage, and business type. Ensure fulfilling them before applying for a Business Loan.

Provide the Required Documents: Check the NBFC’s documentation requirements and arrange them before submitting the application form. Standard required documents include recent photographs, identity and address proofs, bank statements, income proofs, GST, ITR, and proof of business existence.

Submit the Application: Once everything is in place, verify the details in the application form and submit it. A customer representative may contact you for further queries or send a loan approval with a loan scheme. Accept the loan offer and get the loan disbursed within a few hours.

With a well-planned Business Loan in Bihar, entrepreneurs can expand their business in the state and get the most out of the available schemes. Over the coming years, Bihar will be a burgeoning state with a high profit and employment rate.

Must Read: How to Apply for Unsecured Business Loan in Kerala