227. Loan to start new business in India
Q: Mr V K Chand, I must say - this is a great website. It is hard to find all this information in such a consolidated manner. I have two questions: I am an OCI who currently resides in UK(British citizenship) and wish to start a sole proprietorship in India. Can this be done? If not, which business type can I start in India? As an OCI who has not begun trading in the business yet, can I apply for a business loan (for fixed assets/store display stock) for a new business venture? What is the high level process for this? I will keep an eye on the website. Thank you. Harmeet Hans A. As a OCI holder you can start a sole proprietorship in India. The type of business you can start of course would depend on your expertise. While the bulk of loans and grants from IDBI and various state governments in India are provided for setting up factories in India, You would have to approach the private sector banks for loans to start a retail type business. Getting a loan would depend to a large extent on your own personal investment, your work background and business plan that you present to the bank when applying for a loan. Startup for new business loans are usually difficult to get without collateral. On the other hand business expansion loans become easier.
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227. Loan to start new business
in India
Q: Mr V K Chand, I must say - this is a great website. It is hard to find all this information in such a consolidated manner. I have two questions: I am an OCI who currently resides in UK(British citizenship) and wish to start a sole proprietorship in India. Can this be done? If not, which business type can I start in India? As an OCI who has not begun trading in the business yet, can I apply for a business loan (for fixed assets/store display stock) for a new business venture? What is the high level process for this? I will keep an eye on the website. Thank you. Harmeet Hans A. As a OCI holder you can start a sole proprietorship in India. The type of business you can start of course would depend on your expertise. While the bulk of loans and grants from IDBI and various state governments in India are provided for setting up factories in India, You would have to approach the private sector banks for loans to start a retail type business. Getting a loan would depend to a large extent on your own personal investment, your work background and business plan that you present to the bank when applying for a loan. Startup for new business loans are usually difficult to get without collateral. On the other hand business expansion loans become easier.
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