Prime Minister Narendra Modi launched a very important scheme on November 2nd 2018. This scheme aims to be the support of MSME in India. Micro-Small and Medium Enterprises are the backbone of growth in the country. This scheme was launched at Vigyan Bhavan in New Delhi.
Salient features of the scheme: PM Modi says get a Rs 1 Crore loan in 59 minutes. This is Narendra Modi’s Diwali Gift to the MSME Sector in India. A dedicated digital platform to help MSME’s secure and get loan approval of up to Rs 1 Crore in just 59 minutes.
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Next to agriculture, MSME is the most important sector in India. MSME generates 12 Crore jobs through the 6.5 Crore units spread across the country. MSME contributes 38% to India’s GDP (Gross Domestic Product). It also commands 40-45% of the overall exports and manufacturing output of the country. MSME is involved in the manufacturing of more than 6,000 traditional and hi-tech items.
A MSME loan is availed by micro, small and medium enterprises to start, expand, or improve a business. MSME is run by entrepreneurs who offer various products and services. MSME loans have tenure of 1-3 years.
MSME loans are very useful for women who can set up the day care business, flower shops, tailoring, catering and the grooming business.
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Interest starts at 8%. There is a 2% interest subsidy on loan payments by MSME. There is a 5% rebate on interest on loan payments by exporters.
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2. You then type the OTP which is sent to your mobile number. You then tick the “I agree” box and click “Proceed”.
3. Once the next screen arrives, you would be prompted to answer a few basic questions. You then tick all the boxes and select “I am a registered MSME and I agree with the above selected point” You then click proceed.
4. GST Details: When the next screen arrives, enter GST details like username, number and password. You provide tax details in the XML Format. You can also login with ITR details like PAN and date of incorporation.
5. Submit bank statements: You can upload bank statements or log in with net banking credentials. You will have to fill Directors details, Company address and Proprietors details.
6. You state the purpose of the loan: You need to furnish details and state the purpose of the loan. You will have to furnish the details of the previous loans you have availed.
7. You then select the bank: A list of banks would be provided to you. You then select the bank where the loan amount is to be processed.
8. There is a convenience fee. This would be Rs 1,000 + taxes.
9. You have paid the fees? Great, it’s time to download the approval letter.
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