COLLATERAL FREE LOANS OF UP TO RS 100 CR TO MSMES-GUARANTEE WILL BE GIVEN BY UNION GOVERNMENT
MSMEs will get collateral free loans of up to Rs 100 crores through a new credit assessment model by PSU banks very soon as per Finance Minister of India.
· Issues and the grievances faced by MSMEs will be solved after the introduction of a new credit guarantee scheme very soon by Union government.’’
· Presently ,MSMEs get working capital from banks, they don't get term loans, loans for plant and machinery. Now, with this guarantee, which was announced in the budget, for up to 100 crores, the guarantee will be provided, even if you are going to borrow more from the banks, for the first 100 crores, the guarantee will be given. And therefore you are going there collateral-free to that extent,"
· No collateral, no third-party guarantee. The Central government gives you the guarantee for up to 100 crores for the MSMEs term loan up to Rs 100 crores from public sector banks
· Banks will do the credit assessment within themselves. Each bank will have their own credit assessment model
· No doubt , this move will accelerate the MSMEs development and growth in large scale in India.
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