The Government of India has initiated a number of lending schemes to promote businesses that drive the growth of the nation’s economy. These schemes seek to promote entrepreneurship development in the country.
Here are some of the government loan schemes for businesses in India.
The Central Government has launched a public limited company, ‘Online PSB Loans Ltd.’ The Small Industries Development Bank of India (SIDBI) and other public sector banks hold the majority shares of the company and offer loan approvals in 59 minutes.
Here are some of the features of the MSME Loan in 59 Minutes:
You can get two types of loans under this scheme, which include Term Loans and Working Capital Loans
The loan amount ranges from ₹10 Lakhs to ₹5 Crores
The loan facility under this scheme offers flexible tenures with interest rates starting from 8.50% p.a.
Pradhan Mantri MUDRA Yojana (PMMY) aims to provide financial assistance to non-corporate, non-farm small/micro enterprises through MUDRA Loans. Here are some of the main characteristics of the PMMY scheme:
You can get three types of loans under this scheme
Shishu: Loan of up to ₹50,000
Kishore: Loan from ₹50,000 to ₹5 Lakhs
Tarun: Loan from ₹5 Lakhs to ₹10 Lakhs
The Credit Linked Capital Subsidy Scheme (CLCSS) is another scheme run by the Union Ministry of MSME. Its aim is to facilitate technology upgradation in the specified 51 sub-sectors/products. Here are some of the features of this scheme:
You can get an upfront capital subsidy of 15% on institutional finance of up to ₹1 Crore
The maximum subsidy on this scheme extends up to ₹15 Lakhs
12 nodal banks/agencies, including SIDBI and NABARD, implement this scheme
National Small Industries Corporation (NSIC) is a government-certified enterprise that seeks to promote and support the MSME sector in the country. The NSIC subsidy scheme falls under different categories, which include raw material assistance, performance and credit rating, marketing assistance, etc.
The Indian Government established the SIDBI in 1990 with a view to promote the development of the MSME sector. The organisation provides a number of loans and subsidies for the inclusive growth of micro and small industries.
The following are some of the notable features of the SIDBI loan:
SIDBI provides two categories of loans, ‘Direct Loans’ and ‘Green Loans’
Express, Speed, Arise, and Sthapan are some types of the ‘Direct Loans’
Green Finance Scheme, 4E, and eGPS are the types of ‘Green Loans’
Apart from seeking finance from these government loans for your business, you can also avail of a business loan on Bajaj Markets. You can compare different loan offers and choose the one that best suits your business’ financial requirements.