If you are on the verge of starting your own business but worried about SME loan interest rates and the complicated registration process, UDYAM Registration can be an ideal solution for you. Read on to know more.
What is UDYAM Registration?
Known as the Pradhan Mantri Udyog Yojana earlier, UDYAM is a government registration scheme for new Small and Medium-Sized Enterprises (SMEs). Along with UDYAM Registration, the government provides you with a unique number and a recognition certificate. These documents certify your SME.
Benefits of UDYAM Registration
UDYAM is a simple registration procedure that will legitimize your business and make you eligible to avail of various facilities, like:
- Helps you to get government tenders
- Allows tax benefits of different types
- Aids you in meeting the SME loan credit eligibility requirements easily; here, you can get affordable funding, as the interest rate is up to 1.5% lesser than conventional loans
- Gets you access to low-interest credits
- Makes it simpler for you to get approvals and licenses regardless of the field of the business
- Helps you get tax, capital, and tariff subsidies
- Makes you eligible for rebates that effectively reduce the cost of business setup and patents
How to get the UDYAM Registration
You can complete the UDYAM Registration process online by following these steps:
- Visit the UDYAM Registration portal
- Click ‘For New Entrepreneurs’
- Provide information regarding your name and Aadhar card number
- Declare the category of SME and enter your PAN card details for verification
- Input information about your enterprise or company, including complete address, state, mobile number, and e-mail address
- Share the details of the SME’s bank account along with the bank branch’s IFSC code where you have the company’s account
- Select your business’ main activity from ‘manufacturing’ or ‘services’ and provide the SME’s National Industry Classification (NIC) Code signifying the activities and number of employees you have
- Choose the SME’s industry center of the district, agree to the declaration, and click on ‘Get final OTP’
- Provide the OTP sent on your phone and click on ‘Final Submit’
Upon completing the procedure successfully, you will get a registration number. Next, the government will verify your details and send the registration document via e-mail.
With UDYAM Registration, the government will legalize your business. You can then apply for a loan from Mahindra Finance by submitting the SME loan documents. This lender offers loans at competitive interest rates, which can help you grow your business efficiently. Visit the company’s website to know more!