The micro, small and medium industries are one of the emerging sectors for the growth of the country. It contributes about 40% of the total of the GDP. The government has shown interest in the growth prospects of the MSME sector by introducing attractive business loan schemes.
Here are some business loan schemes provided by the government.
MSME Business Loans in 59 Minutes: The micro and small businesses can get financial assistance up to 1 crore for the growth of their business. The MSME loans can be approved in 59 minutes. However, it takes 8 to 12 days to complete the process of sanctioning these loans.
Mudra Loans- These MSME loans are provided by Micro Units Development and refinance agency to non-rural and non-corporate sectors. Businesses can avail loans up to Rs. 10 Lakhs. The three Mudra loan products offered by the government are Shishu,Kishor and Tarun.
Credit Guarantee Fund Scheme for Micro and Small Enterprises: New and existing enterprises can avail collateral-free credit for the micro and small enterprise up to 10 Lakhs from public and private sector banks. However, to get loans between the range of 10 Lakhs to 1 crore, they need to provide primary security or mortgage.
National Small Industries Corporation Subsidy: The government provides the raw material and marketing assistance to the new and existing MSME units.
Credit Link Capital Subsidy Scheme for Technology Upgradation: The business units can get MSME loans for the upgradation of their technology in the different processes of business such as marketing and manufacturing of goods. They can get a capital subsidy of 15% to reduce the cost of production.
Here are some business loan schemes provided by the government.
MSME Business Loans in 59 Minutes: The micro and small businesses can get financial assistance up to 1 crore for the growth of their business. The MSME loans can be approved in 59 minutes. However, it takes 8 to 12 days to complete the process of sanctioning these loans.
Mudra Loans- These MSME loans are provided by Micro Units Development and refinance agency to non-rural and non-corporate sectors. Businesses can avail loans up to Rs. 10 Lakhs. The three Mudra loan products offered by the government are Shishu,Kishor and Tarun.
Credit Guarantee Fund Scheme for Micro and Small Enterprises: New and existing enterprises can avail collateral-free credit for the micro and small enterprise up to 10 Lakhs from public and private sector banks. However, to get loans between the range of 10 Lakhs to 1 crore, they need to provide primary security or mortgage.
National Small Industries Corporation Subsidy: The government provides the raw material and marketing assistance to the new and existing MSME units.
Credit Link Capital Subsidy Scheme for Technology Upgradation: The business units can get MSME loans for the upgradation of their technology in the different processes of business such as marketing and manufacturing of goods. They can get a capital subsidy of 15% to reduce the cost of production.
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