MSME Loan – Eligibility Loan Amount, Documents, Interest Rates 2024

Canara Bank MSME loans

Canara Bank on Monday distributed MSME loans to the tune of ₹403 crore under Mudra, Stand -up India and also some schemes of the bank at an MSME road show in Chennai.

Happy Loans MSME Loans

Happy loans At present, the platform has disbursed more than 18,000+ MSME-based merchants loans. The platform also has over 15 partners onboard, giving it an access to over five million merchants across the country. They are willing to disbursing more than 7 lakh loans to microenterprises operational across all key geographies of the country till 2024.

What is MSME?

MSME Stands for Micro, Small & Medium Enterprises (M/o MSME).

Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:

1. Manufacturing Enterprises-he enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use. The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery.
2. Service Enterprises:-The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment..

The limit for investment in plant and machinery / equipment for manufacturing / service enterprises, as notified,vide S.O. 1642(E) dtd.29-09-2006 are as under

MSME Loan लोन कैसे लें

प्रधान मंत्री मुद्रा योजना की पूरी जानकारी, कैसे लोन मिलता है क्या दस्तावेज लगते है, कितने प्रकार का है

1. शिशुः इसके दायरे में 50 हजार रुपए तक के कर्ज आते हैं।
2. किशोरः इसके दायरे में 50 हजार से 5 लाख रुपए तक के कर्ज आते हैं।
3. तरुणः इसके दायरे में 5 से 10 लाख रुपए तक के कर्ज आते हैं।

All Schemes for MSME Loans in India

Prime Minister Employment Generation Programme and Other Credit Support Schemes

1. Prime Minister Employment Generation Programme(PMEGP) – The maximum cost of the project/unit admissible in manufacturing sector is ₹ 25 lakhs and in the business/service sector, it is ₹ 10 lakhs.
2. Performance and Credit Rating Scheme – Rating fee payable by the MSEs is subsidized by the Government to the extent of 75% subject to maximum ceiling of Rs. 40000/-based on the turnover of the unit.
3. Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE) – Collateral free loan up to a limit of ₹ 100 lakh is available for individual MSE on payment of guarantee fee to bank by the MSE.
4. Interest Subsidy Eligibility Certificate (ISEC) – Under the ISEC Scheme, credit at a concessional rate of interest of 4% per annum for working capital, is made available as per the requirement of the institutions. The difference between the actual lending rate and 4% is paid by the Central Government through KVIC to the lending banks.

Who can apply for MSME Loan?

• Any individual, above 18 years of age. At least VIII standard pass for projects costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakh in the business / service sector. Only new projects are considered for sanction under PMEGP. Self Help Groups (including those belonging to BPL provided that they have not availed benefits under any other Scheme), Institutions registered under Societies Registration Act,1860; Production Co-operative Societies, and Charitable Trusts are also eligible.
• Existing Units (under PMRY, REGP or any other scheme of Government of India or State Government) and the units that have already availed Government Subsidy under any other scheme of Government of India or State Government are NOT eligible.