Why can we not get a loan on current account in India?

Got an offer from them 6 months ago . Didn't join as their business didn't look sound . They said to me that they are building a UPI app I was like phonpe & paytm are already there na ! I expected some layoffs from slice as they were giving pretty high packages and a lot of over hiring. But surprisingly I didn't hear anything like that even though many start-ups which have stronger business models than slice are laying off.

Just finished an emi purchase of 1500, 500 divided in 3 months. Small test to see how it works, and it actually is zero % emi. Pretty good for small purchases less than 20k i guess, but how do they make money on 0% emi?

PM Modi was way ahead of the curve with public initiatives to push for Indians to build tech (SaaS) businesses.

Cred is truly a topic of surprise for me. Yes, I understand it has created a community of top spenders/credit worthy people in India. I also understand that they can use the information on such people for creating value for themselves. Being a cred user, I only use it to pay the bills. I really wonder if they have built any b2b business or alternative source of income beyond what's seen to the end user. What's the game plan for the cred? I also applaud the fact that cred hasn't laid off people having paid them better than most companies. I really wonder if the business is really that strong or the conviction is. Would you join cred if given a chance to work there?

Link: https://boringmoney.in/p/rbi-wants-banks-to-ditch-some-funds Summary: 1. RBI released a circular towards the end of last month which prohibited banks, NBFCs and other financial institutions from lending to companies that have received investments from funds where the banks are themselves investors. 2. The reason for this is that RBI feels "evergreening" of loans is a big problem. A borrower is unable to repay their loan, but instead of the bank recognising the loan as a bad loan, the bank (or NBFC, etc) indirectly gives them money via an alternative investment fund (AIF). 3. On the face of it, RBI disallowing banks from making these investments is a good measure. But once you scratch the surface there are a lot of problems. 4. For instance, the lending and the investing arm of a bank are supposed to be separated out. How would the investing arm know about the decisions of the lending arm? 5. Another problem is that AIFs which have bank investors will be wary about investing in companies that have borrowed from their bank investors. This is bad! It will stop them from making the best decisions for their investors.

A big challenge for arguably most early stage startups is going from 2-3 lakhs per month to 5-10 lakhs per month and more in revenue. Market is willing to provide credit or loans for the latter but not the former. It's the former that need it more but there are no collateral free loan options in the market that are reasonable. Even though India collects hefty tax and revenue from global businesses with digital platforms and products, it's unwilling to provide collateral-free loans to startups born in India. The best you can get is from NBFCs or private lenders at more than 12-15% interest (which is often more than the net profit for a lot of startups, hence impractical). Most govt loans and schemes aren't applicable to a large portion of startups because of their criteria. Even setting up the company can often take months. GST and taxes are a nightmare. Where is this "ease of business" that people talk about? Unless entrepreneurs bankroll everything from their own pockets, there is almost no way for bootstrapped startups to build and grow sustainably in India. I've never met a single entrepreneur who availed a govt scheme to get loans for their business in India. I wonder where all that budget money went.

I tried Paytm payments Bank but payment options were fairly limited. Deactivated after a few months. Has anyone tried this one? Is there even a point to such loans apart from emi/big purchases?