Modi Boost for MSMEs: Loans up to Rs 1 Crore in 59 Minutes
ONI Bureau: Prime Minister Narendra Modi announced a Diwali Bonanza for the MSME (Micro, Small and Medium Enterprises) with a 59-minute loan facility of up to Rs 1 crore.
The loans will be disbursed by Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs) – SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
The 59-minute Loan Approval Portal available here: https://www.psbloansin59minutes.com/
GST-registered MSMEs will get 2 per cent interest rebate on incremental loan of up to Rs 1 crore. Interest rebate on pre and post-shipment credit for exports by MSMEs has been increased from 3 to 5%.
It is now mandatory that all the companies with turnover of more than Rs 500 crore will have to be join TReDS platform, that is Trade Receivables e- Discounting System.
While listing out 12 new policies for MSMEs, PM Modi said that the MSME Outreach Programme is expected to boost employment opportunities and make a significant contribution to the overall growth of the Indian economy.