MSME in India is very important as they contribute\na lot to our economy. As per a report from the Confederation of Indian\nIndustries, MSMEs contribute a huge amount to us. Here’s a breakup:<\/p>\n\n\n\n
MSME contribute 6.11% of India’s manufacturing GDP<\/p>\n\n\n\n
MSME contribute 24.63% of GDP from service\nindustries<\/p>\n\n\n\n
MSME contribute 33.4% of manufacturing output.<\/p>\n\n\n\n
These numbers prove how important they are for\nIndia. As we struggle with the impact of COVID-19, small and medium businesses\nhave taken a huge hit. Their expenses have continued to remain the same but\nsales and profits have plummeted. <\/p>\n\n\n\n
In such a scenario if they wish to continue their\nbusiness, it’s almost impossible. If this goes on for another few months, most\nof these small and medium business owners will shut shop as they won’t be able\nto survive this industry.<\/p>\n\n\n\n
What\ncan they do?<\/strong><\/p>\n\n\n\n The best scenario for them is to apply for an MSME loan<\/a>\ntoday. RBI, the apex institution for finance and lending in India launched a\nnew scheme for MSME loans.<\/p>\n\n\n\n This scheme is titled “Guaranteed Emergency\nCredit Line” (GECL). In this scheme, loans given will be given a 100%\nguarantee by the National Credit Guarantee Trustee Company (NCGTC). The scheme amount is Rs 3 lakh crores.<\/p>\n\n\n\n What\ndoes this mean for the businessman?<\/strong><\/p>\n\n\n\n This means, you can now borrow up to 25 crores as\nthe loan amount and the guarantee of that loan amount will be taken by NCGTC.\nThe loan tenure is up to 4 years.<\/p>\n\n\n\n You can also apply for a moratorium in the first\nyear of the loan. This means you can get the whole loan amount, use it for your\nbusiness, and no need to repay the monthly EMI in the first year. From 2nd year\nonward, you will have to repay the EMI for all 4 years along with accumulated\ninterest.<\/p>\n\n\n\n Where\ncan I apply for an MSME loan?<\/strong><\/p>\n\n\n\n Ruloans is the best option for you today for the best MSME loans in India<\/a>. With our network and best offers, any small and medium business owner can visit our website, contact us and get the best deals on MSME loans. Click Here if you wish to apply for an MSME loan in India<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":" MSME in India is very important as they contribute a 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