MSME Loans Schemes Available
In Maharashtra
Maharashtra is one of India’s most industrialized states, having a thriving MSME sector that creates major jobs and contributes to the state’s GDP. The Maharashtra state government has introduced a number of financing schemes and policies to promote the growth and development of MSMEs in the state. These schemes provide entrepreneurs with financial support, subsidies, tax breaks, and other tools they need to start and grow their firms.
In recent years, the Maharashtra state government has concentrated on boosting entrepreneurship among women and the SC/ST populations, creating various MSME financing schemes specifically for them. These programs seek to stimulate and facilitate the participation of women and SC/ST entrepreneurs in the state’s economy by providing them with necessary financial and other resources. In this article, we’ll look at some of the MSME credit schemes available in Maharashtra for women and SC/ST entrepreneurs.
MSME Loan Schemes Available In Maharashtra:
Maharashtra MSME Champion Scheme
The Department of Industries, Government of Maharashtra, introduced the MSME Champions Scheme to provide financial aid and other support services to the state’s high-potential MSMEs. It intends to empower and accelerate the growth of these enterprises, which will have a substantial impact on the state’s economy. Here are some of the highlights:
- Loan amount: Up to 50 lakhs.
- Interest rates depend on an MSME’s credit rating and turnover.
- Loan tenure: 3-7 years.
- Minimum annual turnover: Rs. 50 lakhs.
- Age: Minimum age of 18.
Chief Minister’s Employment Generation Programme (CMEGP), Maharashtra
The Chief Minister’s Employment Generation Programme is a project launched by the Maharashtra government. The scheme’s primary goal is to empower the state’s youth by creating self-employment possibilities throughout the state. The following are the major highlights:
- Loan amount: Up to 50 Lakhs
- Rate of Margin: Money Maximum 35% of project cost
- Loan tenure: Up to 5 years
- Educational Qualification: Minimum 7th pass
- Age: Between 18-45 years
Mahila Bachat Gat Yojana
The Maharashtra State Rural Livelihoods Mission (MSRLM) launched the Mahila Bachat Gat Yojana to support women’s self-help groups. This plan is open to SHGs that are registered with the Gram Panchayat or Zilla Parishad and participate in MSRLM initiatives. Here are some of its advantages:
- Loan amount: Up to one lakh.
- Interest rate: 7%.
- Loan tenure: Up to three years.
- Margin money equals 5% of the project cost.
- Registration of SHG is mandatory.
Credit-Linked Capital Subsidy Scheme (CLCSS)
In October 2000, the Government of India established the Credit Linked Capital Subsidy Scheme. This plan offers MSMEs with the necessary financing to upgrade their present technologies. Businesses can utilize this initiative to improve their existing plant and machinery and increase profits. This policy has no upper loan limit, however the subsidy is based solely on the loan amount sanctioned for P&M purchases. It has the following primary features:
- Loan amount: no upper limit.
- Subsidy: 15% of loan amount.
- Annual guarantee fee: 0.75-1.0%.
- Loan tenure: Flexible tenure based on the repayment capacity
Pradhan Mantri Mudra Yojana (PMMY)
The Pradhan Mantri Mudra Yojana (PMMY) is a major central government plan that debuted in 2015. It makes microloans to non-corporate, non-farm micro, and small businesses in both rural and urban locations.
PMMY provides loans in three categories, based on the stage of business growth and finance requirements:
- Shishu Mudra: Up to Rs. 50,000
- Kishore Mudra: Rs. 50,001 to Rs. 5 lakh
- Tarun Mudra: Rs. 5 lakh to Rs. 10 lakh
MUDRA loans are available through a variety of financial institutions, including public and private sector banks, regional rural banks, small finance banks, microfinance institutions, and non-banking financial companies (NBFCs).
Unlike other loan schemes, PMMY has no age, gender, duration, or interest rate requirements. All of these elements can vary depending on the loan category and the lending institution’s policies.
PM’s Employment Generation Programme (PMEGP)
PMEGP is a credit-linked subsidy system operated by the Ministry of Micro, Small, and Medium Enterprises (MSME) that intends to provide job possibilities through the establishment of micro-enterprises. The primary beneficiaries of this initiative are women, traditional and potential craftspeople, and unemployed youngsters. Here are some of its primary features:
- Age: Minimum age of 18.
- Interest rates vary between 11% and 12% based on the bank.
- Loan tenure: 3-7 years.
- Education qualification: VIII standard pass.
- Maximum loan amount: Rs. 1 Crore.
- Subsidy: 15% to 35%.
Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
The Ministry of Micro, Small, and Medium Enterprises (MSME), the Government of India, and the Small Industries Development Bank of India (SIDBI) jointly established the CGTMSE project in 2000. It pushes financial institutions to grant micro and small businesses credit plans without collateral. The bank has the right to make a claim with CGTMSE in the event of a default. Some of its primary characteristics are as follows:
- Maximum loan amount of 5 crore
- Not necessary collateral
- Loan term: five to ten years
- Guarantee fee per year: 0.37%–1.35%
- Age: Minimum 18-year-old age
Stand-up India
Stand up India is a 2016-launched central government initiative. It offers women and members of Scheduled Castes (SCs) and Scheduled Tribes (STs) bank loans to pursue business. This scheme does not allow loans to existing firms; instead, it only provides funds to launch new businesses. Regional rural banks (RRBs), small financing banks, and scheduled commercial banks are some of the banks that offer these loans.
Loan amounts under this scheme range from Rs. 10 lakhs to Rs. 1 crore. Interest rates and terms are subject to change based on a number of criteria, including the type of business, the lender’s credit policies, and other variables.
SIDBI Make in India Soft Loan Fund for Micro, Small, and Medium Enterprises (SMILE)
Under the “Made in India” campaign, the central government developed the SMILE program, which offers financial support to 25 identified sectors. This program encourages entrepreneurs to support the “Make in India” agenda. SMILE offers sufficient money for both the establishment of new businesses and the growth of already-existing ones. Some of its primary characteristics are as follows:
- Loan tenure: Maximum 10 years
- Loan amount: From Rs.10 lakhs to Rs.25 lakhs
- Interest rates: Depending on enterprises’ requirement
- Nature of loan: Quasi-equity and term loans
Conclusion
The growth, creativity, and sustainability of SMEs in Maharashtra are greatly aided by these financing programs and efforts. Entrepreneurs can achieve their business goals, generate employment opportunities, and boost the state’s economy by utilizing financial aid and support services.
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