Education and Career Forum

Dear sir/madam,
i am a mechanical engineering student at present in 2 nd year.
after completing b tech i want to become a entrepreneur,
please tell me answers for my questions detailly

1.what type of benefits and assistance's i can get from government ?
2.whether banks will give full amount for establishing a industry or not ?
3.is it ANY SECURITY(LAND,CASH...,,,ETC) required for getting loan from banks or from government ?
4.if banks will agree how much amount will give for establishing a industry ?
5.which type of industry is best for a mechanical engineering considering demand for that product mainly ?

like that i want full details help me,
please send answers to my mail id([email protected])

The government provides various benefits and assistance for entrepreneurs and startups. There are schemes such as the Prime Minister's Employment Generation Programme (PMEGP) under which you can get subsidies up to 30-35% of the project cost. There are also schemes for women entrepreneurs and college students. The government aims to encourage innovation and job creation.

While banks may provide loans for setting up an industry, they typically do not provide the full amount. They will evaluate your business plan and proposed collateral to determine the loan amount. Security such as land, property, cash reserves or equipment is usually required for business loans from banks and government agencies to mitigate risk. The loans will need to be repaid with interest, so you need to make sure the cash flows from your business can service the loan.

The amount provided for a business loan can vary significantly based on the viability of your business plan, security offered, credit score, and lending policies of the bank. It could be in the range of 5-25 lakhs for a small startup. The interest rates are often lower than personal loans. Some banks also provide concessional rates for government promoted schemes.

For a mechanical engineer, industries such as automotive components manufacturing, industrial machinery and equipment manufacturing, electronics manufacturing, medical devices, renewable energy, etc. tend to have good potential. These industries have growing demand, utilize mechanical engineering skills, and there are also government support initiatives for sectors such as renewable energy and electronics manufacturing. However, you need to evaluate the demand for your specific product idea, potential customers, resources required and competition to determine if it can be a viable and profitable business opportunity.

In summary, there are definitely opportunities for funding and assistance as an entrepreneurial mechanical engineer. But you need to develop a strong business plan, understand the requirements fully and make sure you can build a sustainable business to repay any loans and generate good returns on investment.