World MSME Day: Check out THESE loan schemes by govt of India

The Government of India gives several loan schemes to further finance the small-scale businesses which can be used for running their operations, buying new equipment, increasing their business and more. 

World MSME Day is celebrated on June 27 every year to mark the contribution made by the small-scale business sector. The Small and Medium Enterprises (SME) sector, gives around 40% to the total GDP of India and it plays a pivotal role in bringing more employment to the country.  The Government of India (GoI) gives several loan schemes to further finance the small scale businesses which can be used for running their operations, buying new equipment, increasing their business and more.  Check out the schemes offered by the government – MSME government business loan scheme – This scheme by the Government of India was unveiled as a working capital loan wherein an MSME can get a loan worth Rs. 1 crore in 59 minutes. The interest rate at which this loan is offered is 8% with easy re-payment options. To get the required loans, one needs to enter the GST identification number of the business and then Income Tax Returns in XML format. Also, upload the bank statement for the last 6 months in the business account and then enter the personal, educational, and ownership criteria of the director and submit the application.