Micro Credit Scheme was launched with the help of Micro Finance Institutions in empowering women and providing lending support to poor people living in rural, semi urban and urban areas.
| Micro Credit Loan - Interest Rate & Features | |
|---|---|
| Interest Rate | 11.20% onwards |
| Loan Amount | Depends on business requirements |
| Repayment Tenure | Up to 3 years |
| Purpose of loan | Can be used for agriculture and allied activities, consumption, production and other activities |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges .
Eligibility for Micro Lending
Documents Required
1) The first and foremost step is to find what kind of work you desire in the market. On this basis, there are 3 possibilities
a) On-demand/direct to garment printing
b) Wholesale customization
c) Designing and creating
2) It is really important to research the market and look at demographics to understand what kind of clothing you are specializing in; sportswear or formal wear, luxury or cheap whichever is the most appropriate for your target audience.
3) After that, it is important to develop your budget for investing in equipment, licensing fees, insurances, rent for a location, supplies, staff, marketing, etc.
4) Then decide the base of operation of your preference, either you are doing it from home or moving into a shop/store/studio. Keep in mind that to expand your business you would require a working space and with that, you can start expanding your business.
5) Plan on the equipment you require, such as tailoring machines, printing machines, silk or cotton threads or any other fabric, blank clothes, etc.
6) Create a proper brand name, it should have an impact on people and should be memorable, easy to spell and unique.
7) For starters make a prototype design which you plan on releasing into the market. After creating the prototype have the product on sale for a limited time and ask the customers for their feedback about the design and comfort level.
8) If you are planning on creating a big brand, you would require staff members for handling different fields of work for your clothing business or line up.
9) Start mass manufacturing of the selected designs by getting in touch with a manufacturer, supplier or if you have the equipment units available, you can produce them yourself.
10) Keeping in mind the latest trends, test out new products, as clothing business requires a lot of testing and understanding the needs of the target audience.
11) Implement proper marketing strategies which may include paid promotions, connecting with your customers through social media and interacting with them is very important as well.
Also Read: Business Plan - Elements, Types & How to Write a New Business Plan
