This video covers various schemes of micro, small, and medium enterprises (MSME) and other targeted entrepreneurs, including women as well as SC/ST Business Start-Up loans provided by the Government of India.
CGTMSE Loan (Credit Guarantee Fund Trust for Micro and Small Enterprises)
Objective: Assists MSMEs in obtaining finance by providing a credit guarantee.
Eligibility: MSME and SME with a viable project.
Loan Amount: Up to 2 crore.
Guarantee: 50% to 85%, depending on the loan size from the estimate loan size.
Interest Rates: Depends on each lender.
How to Apply: Proposals are submitted to the participating banks, and the application is forwarded to CGTMSE for a guarantor’s approval.
MUDRA Loan (Pradhan Mantri MUDRA Yojana)
Objective: Provides loans for plantation and other non-farm businesses that require purchasing equipment, vehicles, and even offices.
Loan Amount: Up to 10 lakhs
Types Of Loans:
Shishu Loan: up to Rs. 50,000
Kishore Loan: 50,000 to 5 lakhs
Tarun Loan: 5 lakhs to 10 lakhs
How to Apply: Complete the form on the website mudra.org.in along with the supporting documents.
Eligible Institutions: All public and private sector banks, NBFCs, RRBs, and microfinance institutions.
Stand-up India Scheme
Objective: Provides credit and financing to SC/ST members, women entrepreneurs and more for new project setups.
Loan Amount: 10 lakhs to 1 crore.
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Criteria:
Women and SC/ST Entrepreneurs qualify
Women or SC/ST must possess a minimum of 51% ownership of the company equity.
Repayment Period: Up to 7 years.
Procedure to Follow: Register at standupmitra.in site.
MSMEs Business Loans in 59 Minutes
Objective: Facilitate swift approval for loans in regards to MSMEs.
Loan Amount: 100,000 to 5,000,000 Indian Rupees
Loan Purpose: For equipment purchases, working capital, etc.
Approval Process: Approved in 59 minutes and paid within 7-8 days.
Eligibility Requirements: Submit GST Return, income statements, and credit report.
How to Apply: Go to psbloansin59minutes.com site.
National Small Industry Corporation (NSIC) – Subsidy And Other Assistance
Objectives: Provides MSMEs with loans and other support for marketing and technology.
Services:
- Raw material procurement credit
- Consortium, tender and exhibition marketing resources
- Technology support and rating services
- Interest Charges: 10.5% – 12%.
How to Apply: More information can be found at NSIC site.
Key Outcomes:
Choosing the Right Scheme: Analyze the offers made under different schemes and select the one that is most business oriented.
Making an Application: Each website contains a contact point for important documents required for each scheme application.
By learning the structures of financial aid from the government, entrepreneur’s ability to get loans, grants, investments and other resources become much more attainable.
