Finance / Personal Loan

Want To Take Loan From Bank To Start New Business, Can't Give Mortgage

Want To Take Loan From Bank To Start New Business, Can't Give Mortgage

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  2713      01/08/2015

Question –

Hi, I am a 28 years old guy. Left job 3 years back, tried to start my business but did not succeed. Now I want to make a last attempt at starting a new business but I have no capital. I want to take loan from a bank but I do not have anything that I can give as mortgage. Is there a way I can get a loan from the bank, if yes then how? I want at least 10 Lac Rupees.
– Dhruv

 

Expert Advice –

Hi Dhruv,

I have no idea what business you had started and why it failed. But I know the pain of losing money and failing in the business. I am sure you also must be experiencing that pain and anguish. Though I appreciate the courage to give one more shot, I am afraid you should not be such aggressive since you have no money of your own to do so. I am not discouraging you; don’t be emotional about it, it is always better to have some capital of your own initially to start any venture. I am particularly saying this since at age 28 the experience you may require also may be lacking to scale the business.

Being practical, in case the business does not run, you would get debt ridden. I have many such clients with me who are earning just to repay their loans! Yes, you can attempt it if you can get a loan at cheap interest rates from some source. As far as banks are concerned they would not give you any money without guarantee. Hence forget raising money from the official channels.

Government has recently launched something called MUDRA Bank, but the amount you may get there is going to be low and since the government is just over one year old, the bank has to get fully functional yet.

If I were in your place, I would have worked for few years, accumulated some money and then started something new.

Best Regards
- Vivek Karwa




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