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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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MSME (Micro, Small, and Medium Enterprises) sector is a significant contributor to the Indian economy. The government of India recognizes the importance of MSMEs and has implemented several initiatives to promote their growth. One of the critical challenges faced by MSMEs is access to finance. To address this challenge, the government has introduced various loan schemes to support the growth of MSMEs.

Types of MSME Loans:
  1. Term Loan: A term loan is a loan provided for a specific period, which can be used for capital expenditures or working capital needs. This loan is generally secured against collateral and carries a fixed or floating rate of interest.
  2. Working Capital Loan: A working capital loan is a loan that provides funding for the day-to-day operations of a business. It helps to finance short-term expenses such as inventory, salaries, and other operating expenses. This loan is usually unsecured and carries a higher rate of interest than a term loan.
  3. Equipment Finance: Equipment finance is a loan that is specifically provided for the purchase of machinery or equipment. The loan can be used to buy new or used machinery or equipment. The loan is usually secured against the equipment being purchased and has a fixed or floating rate of interest.
  4. Trade Finance: Trade finance is a loan that helps businesses to finance their import and export activities. This loan provides financing for purchase orders, letters of credit, and other trade-related activities. The loan is generally secured against the trade transaction and has a fixed or floating rate of interest.
  5. Invoice Financing: Invoice financing is a loan that helps businesses to finance their accounts receivables. In this loan, the lender provides funding against the unpaid invoices of the borrower. The loan is generally unsecured, and the interest rate is linked to the creditworthiness of the borrower.
Government Loan Schemes for MSMEs:
  1. Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGMSE): This scheme provides collateral-free credit facilities up to Rs. 2 crore to new and existing micro and small enterprises. The scheme covers both term loans and working capital loans.
  2. Prime Minister’s Employment Generation Programme (PMEGP): This scheme provides financial assistance to new and existing micro-enterprises in the manufacturing and service sectors. The scheme covers both rural and urban areas. The loan amount can range from Rs. 10 lakh to Rs. 25 lakh, depending on the project cost.
  3. Credit Linked Capital Subsidy Scheme (CLCSS): This scheme provides a subsidy of 15% on the capital investment made by micro and small enterprises for technology upgradation. The scheme covers 51 different industries.
  4. National Small Industries Corporation Subsidy Scheme (NSIC): This scheme provides financial assistance to small and medium enterprises for marketing, technology, and export-related activities. The scheme also provides support for the procurement of raw materials and machinery.
  5. Mudra Loan Scheme: This scheme provides loans up to Rs. 10 lakh to micro and small enterprises. The scheme is divided into three categories – Shishu,  Kishor, and Tarun, depending on the loan amount.
Eligibility Criteria for MSME Loans:

The eligibility criteria for MSME loans can vary depending on the lender and the loan scheme. However, some of the common eligibility criteria are as follows:

  1. The borrower should be aregistered MSME with a valid Udyog Aadhaar Memorandum (UAM) or MSME Registration Certificate.
  2. The borrower should have a good credit score and credit history.
  3. The borrower should have aviable business plan and a clear repayment strategy.
  4. The borrower should have all the necessary documents, such as PAN card, Aadhaar card, bank statements,

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