Today, technology plays a significant role in everyone’s life and has altered how humans think and act. As a result, having a computer or laptop is a must for every college student, working professional, businessman, and even housewife because it makes tasks go more quickly and allows access to a wealth of knowledge online. The market for computers and related accessories is expanding swiftly. The following industry has seen a stable demand throughout economic downturns. Additionally, this industry’s market is highly diverse, and the same can be said about its consumer base. Large computer bases, a healthy e-commerce sector, rising disposable income levels, and government programs like e-governance foster the industry’s expansion. Thus, business loans in India offer financing options to support business owners’ entrepreneurial aspirations.
3 Types of Computer Business Ideas
- Starting a Computer Store
In this sector, it is an incredibly profitable business. Computer shops or retail showrooms might have a solid foundation because of the IT sector. There is a steady need for computers and accessories since consumers continue to yearn for newer items after each anticipated product launch. As a result, the business is highly self-rewarding and requires significant financial investment.
- Computer Assembling or Computer Service Business
It is a good idea to start a business in computer assembling as it is profitable and one of the smartest ideas. You can take up loans for the computer components required for this business from domestic or overseas.
- Computer Accessories Store
Starting a computer accessories store is also a good idea. You can have a wide range of products such as motherboard, keyboard, mouse, desktop, laptop, hard disk, batteries, processors, and accessories for the same parts. You may occasionally be able to earn more money selling these accessory items than from the primary merchandise.
Advantages of Loan for Computer Business
- No Security: We promise not to disturb you with requests for security to pay back your loan.
- Less Paperwork: You won’t need to hurry around looking for paperwork. We only need you to upload a few key papers online. The loan disbursement process is simple and speedy. Within two days of submitting your online application, your loan will be granted.
- Safe and Secure: We are aware of customers’ safety concerns. We maintain the standards of security to protect your data.
- Customized Products: We are aware of the specific requirements your company has. As a result, we offer specialized loan services to satisfy your needs.
- Convenient Borrowing: Up to INR 2 crore, we offer 100% of the loan amount.
Types of Loans for Computer Business
- Term Loan
Currently eligible are many types of term loans, including short-term, long-term, and other small business loans. Based on their needs and financial situation, a contractor will use these loans. A short-term loan typically lasts 12 months, whereas a long-term loan may have a term of up to 3 years. Uninsured company lending and protected business lending are the two divisions of term lending. Secured loans, which typically have lower interest rates than unsecured loans, require a specific item, piece of machinery, or business as the defense or collateral. Most corporate loans are unsecured loans, and NBFCs can accept them without any security or collateral.
- Working Capital Loan
Working capital loans and even small business loans are utilized to meet the ongoing financial requirements of businesses. Paying staff, acquiring raw materials, paying rent, preparing for firms, etc., are all regular business expenses.
- Mudra Loan under PMMY
Most of the nation’s top NBFCs provide loans to micro, small, and medium-sized businesses (MSMEs), including Micro Growth and Refinance Agency (MUDRA). The Pradhan Mantri MUDRA Yojana accounts for start-up loans for enterprises and SME units with a minimum of Rs. 50,000 and a maximum of Rs. 10 lakhs. Through the Yojana Mudra Loan, the government is aiming to ensure that first-time company owners and existing business owners receive adequate finance. The Indian government set up the PMMY scheme to distribute grants up to Rs 10 lakhs. Shishu, Kishore, and Tarun are the three classes into which Mudra loans are divided. Such loans can be obtained through financial institutions. Small business loans are also possible under this method.
- Business Loan for Independent Entrepreneurs
Given that self-employed business owners take out the most loans overall, this group is the most prevalent. The loan amount can range from 50,000 rupees at the lowest to 2 crores at the highest. The suggested interest rate is established by the lenders at their discretion and is based on the applicant’s financial history.
- Business Loan for Start-Up India
The Indian government established the Stand-up India program to support female entrepreneurs and members of the SC/ST class. The project’s main objective is to enable financial institutions to offer credit between Rs 10 lakhs and Rs 1 crore to at least one SC/ST borrower and at least one female entrepreneur per branch.
- Overdraft Loan
When you have an overdraft, your current or savings account has been overdrawn. Simpler language is utilized to get more money out of the account holder. If an existing agreement covers the overdraft, an agreed-upon interest rate will be paid.
Facts about Loan for Computer Business
Benefits and Features of Loan for Computer Business
- The highest loan amount offered under the computer kind of loan is Rs. 1 crore
- An interest rate of 17-27% per year will be imposed by the NBFCs. This interest rate may fluctuate at the NBFCs’ discretion
- You will have to pay equivalent monthly installments for each crore you borrow which depends on the NBFCs’ discretion
- The maximum repayment period for this computer business loan will be 36 months or 3 years.