To promote entrepreneurship and small businesses in India, the government launched the Mudra Loan scheme in 2015. Mudra refers to Micro Units Development and Refinance Agency. The scheme helps small businesses and entrepreneurs starting or expanding their ventures. The scheme offers Loans to micro and small enterprises up to Rs. 10 lakh. Here is a guide to understanding the Mudra Loan application process in India.

Identify the Loan type

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Interest rates play a crucial role in the financial management of any business, and this is particularly true when it comes to Business Loans. The interest rate or the borrowing money is the price that the lender charges the borrower for the use of the funds. The significance of Business Loan interest rates cannot be overstated as they can affect a business's financial health in several ways:

Cost of borrowing

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Applying for Business Loans are common for small and large businesses. However, before applying for a Loan, you need to consider certain aspects to ensure the Loan is suitable for your business. These factors include:

Identify the Loan purpose

Identifying the Loan purpose helps you choose the right Loan and the right lender and the repayment period of your Business…