Q&A library

We are planning to setup a unique Tent stay(Camping) experience in Idukki, Kerala. We found a very attractive location for this. Along with Camping there will be Trekking, adventure activities, food, music, relaxation and Recreation activities. Currently we are in the process of creating a project report, Cost calculation, designing etc. We are looking for loans to buy a property and set up the infrastructure. Please advise.
Questioned by Manu Mohan, Kerala
Loans are available from all major banks at around 9-10% interest rate. (HDFC, ICICI Bank etc.) You will need to fulfill the requirements from the bank to avail the loan. Seed funding is used during the formation of start-up i.e during the infancy stage of the startup. It is provided by investors in exchange for an equity stake in the company. It can be obtained from family, friends, relatives etc. This is only for the initial stage processing after securing it, one can approach investors for additional funding. This is utilized for the initial operations of the company.

Thank you for your prompt response. You said I can conduct online classes on cure fit. So how do I do that mam? I gave to conact them regarding training? Will they let me do that on their portal? They might be asking for experience. Is there anything else I can pursue apart from physiotherapy online. Thnks.
Questioned by Radhika K, Jammu
For career related queries you can reach them at careers@curefit.com. You can discuss with them all yours queries related to the job. It’s always better to have certifications and prior experience for the jobs you are applying for. Apart from physiotherapy, there are many other options like fat loss program, diet consultation, cross fit, boxing and many others which could be suitable for you.

My firm is an Uber fleet operator in Kochi. We operate 20 CNG fuelled small cabs exclusively for Uber. Out of 20, 14 vehicles are finance by Oriental Bank of Commerce (Now PNB), first 6 vehicles are from 3 NBFC's. I would like to consolidate finance of these 6 vehicles. Is it possible to get at least 6 months moratorium?
Questioned by Jinesh Mathew, Kerala
COVID-19 and the impending recession have completely changed the risk levels of all loan portfolios. If the loan is under moratorium, then the moratorium period has to cease to avail the consolidated loan from a new financial entity. As companies lay off employees, existing borrowers with retail loans e.g. personal loans, home loans find it harder to make their EMI payments. This results in deterioration of the credit quality of existing retail portfolios. Further, the pool of potential borrowers (of good credit quality) shrinks, making future disbursements of new loans riskier. As a pool of creditworthy MSME and Corporate borrowers shrinks making it harder for banks & NBFCs to find good borrowers to lend to, the large banks with the lowest cost of capital afford to lend only to investment grade corporates operating in sectors not heavily impacted by the impending recession, However the criteria remains is that there needs to be a good credit score. Also, the nature of risk today is determined, not only by the credit history (as it was before COVID), but also by a variety of factors pertaining to the financials of the borrower and the nature of the industry in which they work (applies to SMEs). If you have gold as collateral, you can take a gold loan which is a hassle-free option. Muthoot Fincorp Ltd. has launched a special Gold Loan Scheme for businesses known as "Ashwas Dinam Gold Loan" It’s features are maximum loan value against gold, steady interest rate for 180 days, 24x7 online repayment options, reducing interest on daily payments, etc. The Restart India Pradhan Gold Loan is also another excellent choice for businesses and individuals in the process of restarting their lives. The features are maximum value for gold, loan from Rs 5,00,00, Interest rates from 11.99% and maximum tenure up to 9 Months. https://bit.ly/RISIDBI

Indian MSMEs need a proper channel for selling their products. Walmart/Amazon in India are mainly supporting in importing the products rather than exporting / procuring local products. Is there any plan for building a portal like Alibaba to strengthen our MSME sector in India?
Questioned by Anubhav Singh, Uttar Pradesh
The government plans to develop a portal for creating a market place like Alibaba where all stakeholders from India's MSME sector can find the demand and supply inputs. The Union Minister Nitin Gadkari said that India is developing an e-market portal like Alibaba which will be called Bharat Craft. The government is looking at the MSME sector for its huge potential to generate income and employment, boost exports and its contribution to economic growth.

Is it necessary to have GST Registration for the MSMEs whose turnover is lesser than 40 lakhs, for selling their products on online platforms like Amazon, Flipkart, Myntra, etc.?
Questioned by Mrs.Chhaya Hitendra Bhagat, Maharashtra
A trader needs to get registered under GST to be able to sell on the online platforms such as Amazon, Flipkart, Myntra etc. Registration under GST is mandatory and the business had to get registered and get a GSTIN. The turnover limit of Rs. 40 / 20 / 10 lakh do not apply on selling online. These platforms also do not allow to register without a GSTIN.A person who already has GSTIN need not take another registration. For registrering you can visit this website:https://reg.gst.gov.in/registration/

I work with government firms but payments are on-hold due to Covid-19 and the future is uncertain. Please guide.
Questioned by Ravi Yadav, Haryana
You can raise a delayed payment complaint on the MSME Helpline which is an initiative of the Indian MSME Helpline Private Limited and is promoted by professionals from national repute. It is a one stop solution for the MSMEs to start/run their business.https://www.msmehelpline.com/.

I failed to qualify for the national engineering entrance exam this year due to lack of guidance. I had prepared only from free resources. I really want to study in a premier institution and excel in my studies. Will it be feasible if I take a year off, considering the fact that Covid-19 has already delayed the exam and the next exam is around the corner?
Questioned by Muhamed, KERALA
This decision depends on whether you have qualified for any other institution and have got admission into a course that you like. On one hand, while the exams for this year and the next, are scheduled more closely together than usual, if you begin your course this year, you will likely join the workforce and begin earning a year earlier if that is your long term goal. On the other hand, you have to decide on whether the institution in which you are aspiring to study offers significant advantages to the institutions in which you have already secured admission this year. While we don't have context to the details of your situation, our general advice would be to weigh your options keeping in mind not only the dates of the entrance exams but also the date of your graduation. If you feel strongly motivated to pursue your institution of choice, then that is a valid option as well especially if the chosen institution offers significant advantages over your current choices. Something that may help in deciding this is to contact people who have studied in these institutions through your network(A good place to start would be through the senior batches from your school or students groups on social media platforms). As to the second part of the question, it is definitely feasible to prepare using freely available resources and qualify in the entrance exam. Make sure you do the adequate amount of research and preparation online and using reference books. If you feel that the right guidance will help you accelerate your progress to your goal, you can reach out to the teachers at your school or explore signing up for specialized classes as well.

I run a proprietorship firm registered under the name, Archimedes Caliber India (www.meltmeri.com). I would like to start my own small-scale women clothing manufacturing unit. Please guide me
Questioned by Lalita Dahiya, Haryana
You will need to create a business plan which covers the following points - investment you need to make, no. of women you can include in the unit, your range of products, potential target customers, a marketing plan, additional resources and so on. You can find out about small business loans too especially if it is for women entrepreneurs and how to access them. Plus, you can join networks like SHEROEs through which you can gain mentoring as well as visibility as a business owner.

On what simple platforms can a small business track customer loyalty and get instant feedback?
Customer loyalty is based on previous positive experiences, the level of online customer satisfaction and of course, what the brand offers. It can be done through customer feedback forms or by reaching out to customers directly. The business can also get customer feedback through emails. If your customers are actively communicating with you through e-mail, the information you gain there can be valuable. The feedback form can be attached in the company website as well. The responses from the customers can also be collected using phone calls through a customer service executive. You can also depend on online social media platforms like Facebook, Instagram, Google reviews etc. for gathering feedback. Providing a proactive live chat support can address many issues instantly. The feedback can also be collected using online loyalty surveys like Customer Satisfaction (CSAT), Net Promoter Score (NPS), Customer Effort Score (CES) Smiley Online Survey or through Survey Monkey, Google forms etc.

Why is lead generation an inevitable part of small businesses?
Be it a small start-up business or a big established business, lead generation is actually what gives meaning to a business. An increase in conversion rates will help a business gain higher revenue in the process. You can have leads generated and sent to you using available technology. Lead generation allows you to target your desired customers at different demographic locations and collect important information about prospects, their needs, and their preferences. That can help you tailor your product or service to meet their wants, needs and/or interests. Most small businesses thrive on word of mouth publicity so make sure to keep your existing customers happy in all situations.

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