India has been engaged with wide ranges of registered and unregistered SMEs (small to medium enterprises) including packaging, food processing, IT, and manufacturing. These kinds of sectors have been appraised as the key growth of the country and it should be lead in a good way for achieving furthermore success. The two major sectors in India are SME (small to medium enterprises) and MSME (micro small and medium enterprises).
The government has decided to introduce a few schemes in Mumbai banks for simplifying the process of obtaining a loan for SME and MSME. A business loan in Mumbai has been encouraged by the government for minimizing the burden of the entrepreneurs and makes their work more efficient. Now you are going to see the schemes introduced in Mumbai for enhancing the benefits of SME and MSME.
MUDRA Loan
The government has established this scheme for providing financial help to non-farm small/micro, non-corporate enterprises. The entrepreneurs in Mumbai can be allowed to avail this MUDRA loan from commercial banks, small finance banks, public sector banks, corporate banks, and regional rural banks (RRBs). The interested applicants have to contact anyone of the lending institutions in Mumbai that are mentioned in the above lines or you can apply via the official website of MUDRA. Some of the features of mudra loan have been given below:
- Loan Amount:
While buying the loan amount through the MUDRA scheme, the applicants can able to grab a maximum of Rs. 10 lakhs and a minimum of Rs. 50,000.
- Business Under Surveillance:
The small businesses can be effectively inspected under this scheme, then only the entrepreneurs get motivated and provide better performance.
MSME Loan Within 59 Minutes
The main objective of this scheme is to motivate more and more entrepreneurs to achieve their business goals and expand their business at a greater level. Perhaps, wide ranges of business people have been engaged to avail this loan for enjoying the benefits included in it.
The entire formalities and procedures have been completed quickly and the amount will be issued to the borrowers within 59 minutes. Not only the paperwork and documents have been minimized but they also started to support the requirement of a loan.
- Loan Amount:
The minimum loan amount offered under this scheme will be between Rs. 1 lakh whereas the maximum loan amount can be offered up to Rs. 5 crores.
- Fast Disbursal:
The loan application of banks in Mumbai can be approved within an hour and you people can expect the money in your bank account in 6 to 7 working days.
CGMSE Scheme (Credit Guarantee Fund Scheme For Micro And Small Enterprises)
This scheme can be perfectly suitable for all the entrepreneurs who are all looking for a loan to enhance your business growth. It can mainly focus on working capital to obtain the bill payments and day-to-day expenses. The entrepreneurs have to rectify your business hassles easily via this scheme. A lot of entrepreneurs have been decided to avail the business loan in Mumbai under these schemes to enhance their business growth.
Enjoy the features and benefits of government loan schemes provided for the reducing the burden of business people in Mumbai.
