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World MSME Day today, 27 June 2022: Check out THESE loan schemes by govt of India

New Delhi: Every year on June 27, World MSME Day commemorates the contributions of the small-scale business sector. The Small and Medium Enterprises (SME) sector contributes over 40% of India's total GDP and is critical to increasing employment in the country. The Government of India (GoI) offers many loan packages to help small enterprises fund their operations, purchase new equipment, expand their operations, and more.

Check out the schemes offered by the government –

Zee Media Bureau|

Updated:Jun 27, 2022, 04:43 PM IST

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National Small Industries Corporation Subsidy

By providing services such as finance, market, technology, and others around the nation, this programme supports the expansion of MSMEs. The Marketing Support Scheme and the Credit Support Scheme are the two programmes offered by NSIC.

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Udyogini

This programme focuses especially on empowering women, and loans are provided to help people who need money to establish a business. The most that can be borrowed under this programme is Rs. 15,000,000. Women must be between the ages of 18 and 55 in order to be eligible for this loan. The woman's family's annual income cannot exceed Rs. 15,00,000. To apply for the loan, you will also want passport-sized photos, a Below Poverty Line card, a birth certificate, a caste certificate, an Aadhar card, a passbook or bank account, a ration card, and proof of income.

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Credit Guarantee Fund Scheme for Micro and Small Businesses

Businesses that fall under the MSME sector are given loans under this specific programme without the need for security. The Ministry of MSMEs and Small Industries established the Credit Guarantee Fund Trust to launch the CGFMSE programme.

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MUDRA business loan

This initiative, which is funded by public and private sector institutions, provides low-cost financing for loans to small firms and start-ups. This credit is available to MSMEs operating in the manufacturing, trading, and service industries. Sishu loan up to Rs. 50,000, Kishor loan up to Rs. 5,000, and Tarun loan up to Rs. 10,000 are the three subheads included in this programme.

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MSME government business loan scheme

An MSME can obtain a loan for Rs. 1 crore through this government of India programme, which was introduced as a working capital loan. This loan comes with simple repayment choices and an interest rate of 8%. One must provide the business's GST identity number and then income tax returns in XML format in order to obtain the necessary loans. Along with entering the personal, academic, and ownership requirements for the director, upload the business account's bank statement for the last six months before submitting the application.