The MSME Segment is getting good support from the government for its growth. It is the best chance for all those seeking assistance with money as the government has a lot of schemes to fund the MSME. Thus, We will discuss the 2024 MSME loan scheme for new businesses in the article below. According to the three segments in MSME, which are Micro, Small, and Medium, the loan demands are also different. Following are the loan schemes for the various types of MSMEs.
MSME Loan Schemes For New Business In 2024
- MSME Loan In 59 Minutes: As the name says, the scheme helps in providing loans within 59 minutes for the value of Rs. 1 Lakh to Rs. 5 Crores. Its major benefit is that the scheme provides collateral-free loans for amounts up to 10 Lakhs. It is best for those looking for immediate cash needs in their business. It has an interest rate of 8.5% per annum.
How To Apply?
Visit psbloansin59minutes.com.
2. Credit Guarantee Fund Scheme For Micro and Small Enterprises (CGTMSE): This scheme offers collateral-free loans up to Rs. 2 Crores where there is no need for collateral up to Rs. 10 lakhs of loan. For a loan above this limit, you may or may not need the collateral. It covers a a lot of other benefits as well like the minimal paperwork and digital acceptance. It has been working since 2000 and will be popular in 2024 also. The scheme is best for small enterprises that don’t have enough to pay collateral. It has an interest rate between 9-14% per annum.
How to Apply?
You can visit any major bank in your city and ask for this scheme. You will get the loan if you meet the eligibility criteria.
3. PM Mudra Loan: It is the most popular loan scheme giving three types of loans for you carrying business needs. If you need a loan up to Rs. 50,000, you can apply for the SHISHU Loan. If you need a loan between Rs. 50,000 to Rs. 5 Lakh, you can apply for the KISHOR Loan. If you want a loan from Rs. 5 Lakh to Rs. 10 Lakh, you can apply for Tarun Loan. It has an interest of an average of 8% per annum for Kishor and Tarun loans.
How to Apply?
You can visit your bank for an application.
4. Credit Link Capital Subsidy Scheme For Technology Upgradation (CLCSS): It is for businesses that use technology and want to upgrade their machinery. You will get a 15% subsidy as an upfront capital on the loan amount you apply. It has an interest rate of 10-15%.
How To Apply?
Visit clcss.dcmsme.gov.in for details. You can also visit the websites of SIDBI and NABARD.