Today as I stand receiving the Entrepreneur of the Year Award, I never thought I would get to live out this dream. I never thought the sketches that I drew when I was young would ever turn out to be real.
A walk through my journey
All my life I wished to become a successful fashion designer. It was always my dream to make a mark in the fashion industry. So I was thrilled when I managed to enrol for the coveted course at a good college.
Each semester had something new to offer. By the end of my last semester, I had gained a lot of theoretical knowledge but it was time to transform it into practice – on the ground.
So I started interning with a fashion agency. It all begun well, I was a fresh and filled with a lot of enthusiasm. I would often make mistakes and learn from them. Most importantly, I learnt to unlearn and relearn.
Soon after I finished my internship and was hired as a full-time employee at the same fashion agency And I began living a hand-to-mouth existence in this big city very successfully.
Wading through the tough tides
It was during a late-night shift at office that it dawned on me that it was time I started working for myself. I have enough failures and accolades to guide me through thick and thin, ‘This is it’ I said to myself.
I wasn’t sure if the decision I was taking was right or wrong, but I went ahead nevertheless.
The very next day, I sat and jotted down the plans that would transport me towards freedom – my own dream company! Everything seemed perfect, except for one thing: a lack of funds. All my savings wouldn’t be enough
And I didn’t want to ask my parents for any money, they were already supported me enough.
The greatest support
Bottling up my feelings wasn’t helping. Eventually I confided to a close friend, who gave me the best advice ever. He suggested I take a business loan from TATA Capital, which perfectly fit my requirement. TATA provides this form of unsecured loan to self-employed individuals or entrepreneurs for furthering their business. The long repayment term allows the borrowed funds to function as an effective working capital tool.
Funding done right
The best part about the loan that it’s based on the creditworthiness of the applicant and the validity of the documents. I’m indebted to TATA Capital as I got the required funds at the right time. The company gives loans ranging from Rs 3 lakh up to Rs 50 lakh. The interest rate for business loans depends on the base lending rate, and is based on the discretion of TATA Capital. However, changes to the rate can be effected by TATA Capital as and when required.
Hassle free process
The documentation process was minimal – I only had to submit photographs, IT returns, balance sheets of the past two years, bank statements, and a couple of KYC documents. Apart from this, one would need to show partnership deed, memorandum of association (MOA) and Articles of Association (AOA) or license issued under the Shops and Establishments Act of the state for business proof. The procedure was wrapped up in two weeks and I was in business.
It’s been over four years since I established my boutique. I have successfully paid off the loan and even made a few investments with my earnings. I feel more confident than ever before. Truly, my entrepreneurial venture gave me the freedom to pursue my passion. With a little help from TATA Capital of course!