#MSME loan cooperative bank | Explore Tumblr posts and blogs

greaterbank · 3 months ago

Text

https://greaterbank.com/Loan/msme-loan

Apply for MSME loans with Greater Bank. Discover SME loan schemes, online application, and competitive rates tailored for small and medium enterprises in India.

#Apply for MSME Loan #SME Loan Schemes in India #Apply for MSME loan online #MSME loan cooperative bank #MSME Loan Scheme

0 notes

pmegploan · 3 months ago

Text

Best PMEGP loan : Government Support for Starting Your Own Business.

At sharda Associates The Prime Minister's Employment Generation Programme (PMEGP) is a government scheme in India that gives financial help to individuals who want to create small companies. It aims to create jobs and encourage self-employment, particularly in rural and semi-urban areas. Here's a simplified view of the scheme

What is PMEGP?

PMEGP Loan provides financial assistance to people starting new small enterprises by offering a loan with a subsidy. The Ministry of Micro, Small, and Medium Enterprises (MSME) manages it, while the Khadi and Village Industries Commission (KVIC) oversees its implementation.

Key Features:

1 Loan Amount

Manufacturing enterprises might receive up to ₹25 lakh.

Service enterprises, such as beauty salons or repair shops, can receive up to ₹10 lakh.

2 Government subsidy:

Rural areas:

25% of general category applications.

35% for special categories (such as SC/ST, women, and those from the Northeast).

Urban areas

15% for general category applications.

Special categories are eligible for 25% off.

Who can apply?

1 Eligibility:

Any Indian citizen above the age of 18.

Applicants for projects costing more than ₹10 lakh (manufacturing) or ₹5 lakh (services) must have finished 8th grade.

Self-help groups (SHGs), cooperative organizations, and charitable trusts can all apply.

2 Personal Investments:

General candidates must invest 10% of the project cost themselves.

Special category applicants must invest only 5%.

How do I apply?

1 Application Process:\

Apply online using the PMEGP portal at Official kvic Main.

Upload documents such as ID, address verification, educational certificates, and a business plan.

2 Selection and Loan approval:

A District-Level Task Force Committee will contact you to schedule an interview.

Once approved, the bank sanctions the loan and credits the government subsidy to your loan account.

3 Repayment:

The loan must be repaid within 3-7 years, however the subsidy does not have to be paid back.

4 Training:

All PMEGP grantees are required to complete a brief company management training program.

Example of How PMEGP Loans Work

Suppose you wish to start a small manufacturing plant in a rural region for ₹20 lakh.

For those in the general category, the government will provide a 25% subsidy, amounting to ₹5 lakh.

The bank offers a loan of ₹15 lakh, and you simply need to invest ₹2 lakh from your savings.

Why is PMEGP beneficial?

project report for PMEGP loan assists people in starting enterprises without the requirement for a large initial investment. This loan is ideal for young enterprises as it requires no collateral (up to ₹10 lakh) and offers long payback terms.

Summary

The PMEGP initiative is a useful approach to start a small business with government assistance, particularly if you come from a rural or underprivileged background. It encourages employment generation and economic development. For additional information, please visit the official PMEGP website or contact your nearest KVIC office.

PMEGP: Helping You Start Your Own Business with Government Support. For details and to reach us, visit https://shardaassociates.in/ contact us : 91 79870 21896 , address : HIG B-59, Sector A, Vidya Nagar, Bhopal, Madhya Pradesh 462026

#project report #bank lona #mp msme loan scheme #cmegp loan scheme #project report pmegp loan scheme

2 notes · View notes

legalman1 · 20 days ago

Text

Unlocking Opportunities: A Comprehensive Guide to the PMEGP Scheme.

The Prime Minister’s Employment Generation Programme (PMEGP) is a flagship initiative by the Government of India aimed at promoting self-employment through the establishment of micro-enterprises. Administered by the Ministry of Micro, Small, and Medium Enterprises (MSME), this scheme has been instrumental in empowering aspiring entrepreneurs and fostering job creation in rural and urban areas. Here, we’ll delve into the key features, benefits, and application process of the PMEGP Scheme.

What is the PMEGP Scheme?

Launched in 2008, the PMEGP Scheme integrates the erstwhile Prime Minister’s Rozgar Yojana (PMRY) and the Rural Employment Generation Programme (REGP). It provides financial assistance to individuals and groups to establish new micro-enterprises in sectors like manufacturing, service, and trading. The scheme’s primary objective is to generate sustainable employment opportunities, especially for unemployed youth and marginalized sections of society.

Eligibility Criteria

The PMEGP Scheme is designed to be inclusive, allowing a wide range of individuals and groups to benefit:

Individuals:

Must be at least 18 years old.

Should have passed at least the 8th standard for projects costing above ₹10 lakh in manufacturing and ₹5 lakh in the service sector.

Groups:

Self-help groups (SHGs), production cooperatives, and charitable trusts are eligible.

Institutions:

Societies registered under the Societies Registration Act, 1860.

Exclusions:

Existing units and those availing subsidies under other central or state government schemes are not eligible.

Financial Assistance under PMEGP

The PMEGP Scheme offers significant financial support to entrepreneurs:

Project Cost Limits:

Up to ₹25 lakh for manufacturing units.

Up to ₹10 lakh for service and trading units.

Subsidy Component:

Urban Areas: 15% of the project cost for general category and 25% for special categories (SC/ST, women, ex-servicemen, etc.).

Rural Areas: 25% of the project cost for general category and 35% for special categories.

Margin Money Contribution:

Beneficiaries must contribute 5% to 10% of the project cost from their own funds.

Bank Loan:

The remaining project cost is financed through bank loans.

Benefits of the PMEGP Scheme

Employment Generation:

The scheme encourages self-reliance by enabling individuals to establish their enterprises, leading to job creation.

Inclusive Growth:

Special provisions for women, SC/ST, and rural entrepreneurs promote equitable economic development.

Financial Empowerment:

Access to subsidized credit helps entrepreneurs overcome financial barriers.

Skill Development:

Mandatory Entrepreneurship Development Programmes (EDPs) equip beneficiaries with the necessary skills to run their businesses efficiently.

Steps to Apply for PMEGP

Applying for the PMEGP Scheme is straightforward and can be done online:

Visit the Official Portal:

Go to the PMEGP e-Portal .

Registration:

Complete the online registration process by filling out personal and project details.

Submit Required Documents:

Upload necessary documents, including ID proof, address proof, project report, and caste/category certificates (if applicable).

Approval and Loan Sanction:

The application is reviewed by the District Level Task Force Committee (DLTFC).

Upon approval, the beneficiary receives the sanction letter, and the margin money subsidy is credited to their loan account.

Success Stories

Numerous individuals and groups across India have transformed their lives through the PMEGP Scheme. From small-scale manufacturing units to innovative service ventures, these enterprises are a testament to the scheme’s impact. For instance, artisans in rural areas have revived traditional crafts, while urban entrepreneurs have established tech-based startups, all with the support of PMEGP.

Challenges and Solutions

While the PMEGP Scheme has been a game-changer, it faces certain challenges:

Awareness Gap:

Many potential beneficiaries are unaware of the scheme. Enhanced awareness campaigns can bridge this gap.

Loan Processing Delays:

Simplifying the approval process and providing dedicated support can expedite loan disbursements.

Training Needs:

Tailored EDPs addressing diverse sectors can better equip entrepreneurs.

Conclusion

The PMEGP Scheme is a cornerstone of India’s mission to promote self-employment and inclusive economic growth. By providing financial assistance, skill development, and an enabling ecosystem, it empowers individuals to transform their entrepreneurial dreams into reality. If you aspire to start your own venture, the PMEGP Scheme could be the launchpad you need. Explore the opportunities today and contribute to the nation’s economic progress.

For professional assistance with the PMEGP application process, visit LegalMan. Their expert team ensures a seamless experience, from documentation to securing approvals.

#gst return filing services #tds return filing services #lmpc registration #pmegp scheme #roc compliances #msme debt recovery

0 notes

udyamregister · 7 months ago

Text

Detailed Instructions on How to Register Your Business Under the Udyam Scheme

Micro, Small, and Medium Enterprises (MSMEs) form the backbone of India's economy, providing significant employment opportunities and contributing to the country's GDP. To support and streamline the registration process for these enterprises, the Government of India introduced the Udyam Registration. This new system replaces the earlier MSME registration process and aims to make it easier for businesses to register and access various benefits. In this blog, we will provide detailed instructions on how to register your business under the Udyam scheme.

What is Udyam Registration?

Udyam Registration is a simplified and fully digital process for registering MSMEs in India. It is designed to provide businesses with an official certificate and a unique identification number, known as the Udyam Registration Number (URN). This registration is essential for availing various benefits offered by the government, such as subsidies, tax exemptions, and easier access to loans.

Eligibility Criteria for Udyam Registration

Before you begin the registration process, it's important to determine whether your business qualifies as an MSME. The classification is based on investment in plant and machinery or equipment and annual turnover:

Micro Enterprises:

Investment: Up to ₹1 crore

Turnover: Up to ₹5 crore

Small Enterprises:

Investment: Up to ₹10 crore

Turnover: Up to ₹50 crore

Medium Enterprises:

Investment: Up to ₹50 crore

Turnover: Up to ₹250 crore

Step-by-Step Guide to Udyam Registration

Step 1: Visit the Udyam Registration Portal

The first step is to visit the Udyam Registration portal. This portal is user-friendly and provides all the necessary information and forms for the registration process.

Step 2: Aadhaar Verification

Aadhaar verification is a crucial part of the registration process. Depending on the type of ownership, the Aadhaar number of the proprietor, partner, or director must be provided. Here’s how to proceed:

For Proprietorship: The Aadhaar number of the proprietor.

For Partnership Firm: The Aadhaar number of the managing partner.

For Hindu Undivided Family (HUF): The Aadhaar number of the Karta.

For Company, LLP, Cooperative Society, or Trust: The Aadhaar number of the authorized signatory.

Ensure that the mobile number linked to the Aadhaar is active, as you will receive an OTP (One-Time Password) for verification.

Step 3: PAN Verification

After Aadhaar verification, you will need to verify your PAN (Permanent Account Number). This step is mandatory for all enterprises, as the Udyam portal is integrated with the Income Tax Department's database for seamless verification.

Step 4: Fill in the Basic Details

Once Aadhaar and PAN are verified, you need to fill in the basic details about your business, including:

Name of the entrepreneur

Name of the enterprise

Type of organization (Proprietorship, Partnership, LLP, Private Limited Company, etc.)

PAN number and GSTIN (if applicable)

Business address (including district and state)

Email address and mobile number

Step 5: Classification of the Enterprise

Next, you will classify your enterprise based on the investment and turnover criteria. This classification will determine whether your business falls under micro, small, or medium enterprise.

Step 6: Enter Bank Details

Provide the bank details of the enterprise, including the bank account number and the IFSC code of the branch. This information is crucial for availing financial benefits and subsidies.

Step 7: Additional Details

Enter additional details such as:

Major activity (manufacturing or service)

National Industrial Classification (NIC) code

Number of employees

Social category (General, SC, ST, OBC)

The NIC code is a statistical standard used to classify business activities. You can find the appropriate NIC code for your business from the list provided on the Udyam portal.

Step 8: Self-Declaration

Complete the self-declaration section, confirming that all the information provided is true and correct. This section is important as it serves as a legal affirmation of the details you have entered.

Step 9: Submit the Application

After filling in all the required details and completing the self-declaration, submit the application. Upon successful submission, you will receive an acknowledgment with a unique Udyam Registration Number (URN).

Step 10: Receive Udyam Registration Certificate

Once the application is verified, you will receive an Udyam Registration Certificate. This certificate is an official document that serves as proof of your registration and includes the URN. It can be downloaded from the Udyam Registration portal.

Benefits of Udyam Registration

Registering under the Udyam scheme offers several benefits to MSMEs, including:

Access to Government Schemes: Registered MSMEs can avail various government schemes such as the Credit Guarantee Fund Scheme, Interest Subsidy Schemes, and more.

Easier Access to Finance: Banks and financial institutions provide loans at lower interest rates and with fewer collateral requirements to registered MSMEs.

Tax Benefits: Registered MSMEs can enjoy various tax exemptions and rebates provided by the government.

Protection Against Delayed Payments: The MSMED Act provides protection against delayed payments, ensuring timely payments from buyers.

Preference in Government Tenders: Registered MSMEs get preferential treatment in government procurement and tenders.

Subsidies and Incentives: Various subsidies and incentives are available for technology upgrades, quality certification, and marketing.

Export Promotion: Registered MSMEs can benefit from export incentives and subsidies, as well as assistance in international marketing.

Capacity Building and Skill Development: The government offers various programs for capacity building and skill development to enhance the productivity and efficiency of MSMEs.

Conclusion

Print Udyam Registration is a critical step for MSMEs in India to gain official recognition and access a wide range of benefits and support systems offered by the government. The registration process is straightforward and entirely online, making it accessible to all eligible businesses. By obtaining Udyam Registration, small businesses can enhance their credibility, financial stability, and overall growth potential, contributing significantly to the country's economic development.

For entrepreneurs and small business owners, understanding and leveraging the Udyam Registration process can be a game-changer, providing the necessary boost to thrive in a competitive market. Whether you are starting a new business or running an existing one, registering under the Udyam scheme is a step towards sustainable growth and success.

#udyam registration #print udyam certificate #udyam registration online

0 notes

checkoutafrica · 5 years ago

Text

Bellafricana partners with Nest Cooperative to launch a Fund to Scale for Creative MSMEs in Nigeria

Creative indigenous businesses lack the required skills and support to grow a sustainable business that can compete globally and this is what the Bellafricana platform for creative businesses is providing.

Bellafricana is an organised community which provides the much needed support and creates an enabling environment for the world to connect and trade online with reliable and credible creative Indigenous Businesses, anytime, anywhere

To further this goal, they have identified the similar interest in MSMEs with the Nest Cooperative and are partnering with them to drive it home via their Investment fund bouquet.

Nest Cooperative through Finn Labs Ltd is a registered Cooperative focused on developing and enabling mostly SMEs to be better business corporations in Nigeria through the facilitation of smarter and improved financial systems to include savings, investments and loans.

During the signing of the agreement, Bukky Asehinde, CEO of Bellafricana said that “This initiative is a necessity at this point and especially with the African Trade Agreement; as a lot of Micro, Small and Medium Businesses need this support to enable them scale effectively to be able to participate in this global trade opportunity.”

“As we believe that businesses producing quality products Made-in-Nigeria play a key role towards increasing our export income as well as taxable income for the economy. Seeing how the Nest Cooperative have a proven track record of providing financial expertise with a focus towards SMEs in Nigeria; we couldn’t think of any reasons why not to partner with them.”

Through the Bellafricana platform, various business categories have been vetted, trained and guided through the different business management facets and many of them are currently registered and listed with Bellafricana as verified Nigerian businesses. These categories include Food and Beverage, Fashion, Arts & Crafts, Home and living, Health & Beauty to name a few.

Other partners already signed up with the community are the Lagos Chamber of commerce and industry, the Nigeria-American Chamber of commerce, National Export Promotion Council, DHL, Digital Marketing Skill Institute and so many others.

Mr Seyi Olusanya, COO of Nest Bank, said;

“It is quite impressive to see the amount of quality products with attention to details that are being made by members of the Bellafricana community and this becomes a great encouragement to ensure that the support they need to succeed is being provided and that is why NEST has extended their unwavering commitment to supporting SMEs and ensuring their growth through funding and advisory services.

The Made in Nigeria Creative business is set to gain easier access to financial support via new Bellafricana-Nest partnership which should also drive socio-economic factors like unemployment a bit lower than currently is in the Nigerian sphere.

The Alliance of the two business entities provides the opportunity for more creative businesses to leverage the partnership for mutual benefits.

Some of the Nest Cooperative services the Bellafricana community members will benefit from include a financial model analysis where they advise the SME owners on the smarter ways to position their business to generate more revenue through trade and equipment financing as has identified as the crux of their needs.

The management teams of both companies have specialized skills ranging across understanding the best practices to raising funding for production, material sourcing, branding and packaging. All of which are what these SMEs need to be well on their way to being better positioned amongst the first batch of Made in Nigeria goods to be eligible for the AfCTA and trade globalization.

Mrs Bukky Asehinde also reiterated the fact that whilst her focus has been on ensuring that the creative businesses she openly promotes via the Bellafricana platform are verified, a number of the unverified businesses are yet to get to this stage because of imminent gaps in their business operations that prevent them from scaling that milestone achievement. She is hopeful that with the new partnership that more of this category can also get verified and scale their businesses via avenues to include partnerships, collaborations and service rendering offers from even within the NEST SME community.

Who knows if the next global brand will emerge from amongst any of these small businesses? Time will tell.

The post Bellafricana partners with Nest Cooperative to launch a Fund to Scale for Creative MSMEs in Nigeria appeared first on CheckoutAfrica.

from WordPress http://www.checkoutafrica.com/bellafricana-partners-with-nest-cooperative-to-launch-a-fund-to-scale-for-creative-msmes-in-nigeria/

#Business #Bellafricana #Funding #MSMES #Nest Corperative #Nigeria

1 note · View note

tradewindfinance2 · 3 years ago

Text

The case for international trade and post-shipment financing in India

There have been recent trade agreements between India and the UAE as well as Australia in order to support India's growing ambition to become a USD 1 trillion economy in 2030. For this objective to succeed, India intends to extend its reach to other Gulf Cooperation Council nations and to nations in the EU. These types of contracts would provide the economy with the manufacturing boost it requires to become a major supply center, resulting in business growth, job creation, and in turn enabling the economy to undergo growth and prosper.

In India, the banking sector is relatively stable. Economic targets like these will serve as the impetus for banks and other lending institutions to broaden their financing scope and appetite to cater to the needs of hungry, growing businesses. As a result of the accomplishments and development of digital payments and enhancements in the credit sector, the trade finance sector is poised to meet a rising demand for working capital. As seen in the last decade, the Indian government has supported and strengthened initiatives that have improved access to credit and payment infrastructure in the country. The government's sharp increase in capital expenditure can be viewed both as a demand-enhancing activity as well as a supply-enhancing one as it is creating infrastructure capacity for future growth and development.

Because the government is keen to support Indian business, it decided that all non-banking financial institutions would be allowed to take on factoring services, also known as post-shipment financing, rather than only specialty factoring companies. This move is intended to provide an even broader ecosystem for factoring in India and help businesses significantly by opening up further avenues for credit.

After China, India has the world's largest MSME base. They contributed 30% to India's GDP, 45% to its manufacturing, and 40% to its exports. Unlike banks, alternative trade finance companies such as Tradewind are aware of and understand regulatory requirements in the jurisdictions that they operate in; this enables them to apply credit policies to clients that banks would use, but with an eye to finding creative and resourceful solutions for their clientele. Additionally, foreign factoring companies such as Tradewind possess specialized knowledge of the underlying business that is very unlikely to be replicated by a traditional financial institution.

The credit environment in which we operate is very positive. It grants opportunities for exporters and importers to connect with trade finance funders from other markets who would be more willing to examine the transaction, who have experience assessing risks in different types of transactions, and who might feel more comfortable providing funding. This will make it easier for Indian exporters to access foreign currency loans from a trusted, established international lender, such as Tradewind, and not just from their existing Indian lenders who have limited financing expertise, experience, and exposure to foreign markets, such as the EU, US, and the Middle East.

Here’s a snapshot of how Tradewind offers post-shipment financing to Indian exporters:

Tradewind is dedicated to providing low-cost, collateral-free trade finance solutions to businesses looking for finance solutions to enable them to trade sustainably and become more competitive in the global marketplace. Our goal is to offer Indian businesses practical trade-based solutions to help them expand their foreign trade and diversify their lending sources.

To know more: https://www.tradewindfinance.com/news-resources/the-case-for-international-trade-and-post-shipment-financing-in-india

#International trade finance companies #Supply Chain Finance Companies

0 notes

ijtsrd · 4 years ago

Photo

Financial Inclusion through Karad Urban Co Operative Bank, Karad

by Dr. Sharwari Sharad Kulkarni "Financial Inclusion through Karad Urban Co-Operative Bank, Karad"

Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021,

URL: https://www.ijtsrd.compapers/ijtsrd42356.pdf

Paper URL: https://www.ijtsrd.commanagement/business-economics/42356/financial-inclusion-through-karad-urban-cooperative-bank-karad/dr-sharwari-sharad-kulkarni

callforpaperarts, artsjournal, peerreviewedjournal

The Karad Urban Co operative Bank Ltd., Karad is now a prominent name in Urban Banking Sector. This Bank was established first as a Co operative Urban Credit Society in the year 1917. The Bank has made tremendous progress in all these districts and considering the financial inclusion, has amended its bye laws to cover other districts of Maharashtra. The numbers of members of KUC Bank were increased from 43746 to 75206 during 2010 2011 to 2019 2020. The Average Annual Growth Rate of members was 71.92 with proportionate growth in socially backward classes. The Compound Growth Rate was 6 . The AGR and CGR of branches were increased by 28 and 2 respectively during same period. The CGR and Coefficient of variation of the numbers of Staff in the Bank was 3 and 12.97 respectively during the study period. In 2010 11, the share capital of the Bank was Rs. 3286.8 lakhs. It increased by 9820.9 lakhs at the end of March 2020. The S.D., C.V., and CGR of share capital were 2421.50, 33.30 and 12 respectively during the same years. In 2010 11 the loans and advances of Rs.76505.04 lakh was provided by the Bank. It increased 129.00 and reached at Rs. 175197.15 lakhs in the 2019 20. In order to ensure timely and efficient loan disbursement, similarly with an intention to adopt legitimate professional approach for financial inclusion. The capital Adequacy Ration of the Bank was higher than the norms of RBI and CD ratio was about 63.61 in the study period. Bank has succeeded in strengthening the capital base and ultimately achieved the CRAR 16.58 well above the benchmark 9 in the year 2019 20.Out of 62 branches 23 branches have O NPA in year 2019 20 and total NPA is 7.65 in 2019 20.Bank provides deposit Insurance upto 5 lakhs since Feb,2020. It provides loans to priority sectors like MSME, agro based sectors, women entrepreneurs, small traders etc. at low rate of interest and under PM Avas Yojana 136 proposals have been sanctioned and 1.94 crores are deposited in the accounts of beneficiary.

#CRAR #Financial inclusion #MSME

0 notes

legalman1 · 4 months ago

Text

Prime Minister Employment Generation Programme (PMEGP) – Eligibility, Subsidy, and Application Guide | Legalman

The Prime Minister Employment Generation Programme (PMEGP) is a flagship initiative of the Government of India aimed at generating employment opportunities by promoting entrepreneurship. This scheme, launched in 2008, combines two prior schemes—the Prime Minister’s Rojgar Yojana (PMRY) and the Rural Employment Generation Programme (REGP)—under one umbrella to foster micro-enterprises across the country. With an emphasis on self-employment and job creation, PMEGP stands as a critical tool for socio-economic empowerment. The website legalman.in/pmegp provides a comprehensive guide to understanding the PMEGP scheme, its benefits, eligibility criteria, and the application process.

What is PMEGP?

The PMEGP scheme, administered by the Ministry of Micro, Small, and Medium Enterprises (MSME), is designed to promote self-employment through the establishment of micro-enterprises in non-agricultural sectors. These enterprises can be set up in both rural and urban areas, providing a way to generate sustainable employment, especially for marginalized sections of society.

The scheme operates with financial assistance in the form of subsidies on the project cost. Beneficiaries, such as individuals or groups, are provided credit support through banks to establish their ventures. PMEGP Scheme aims to bridge the gap in employment opportunities, particularly in rural and semi-urban areas, by providing the necessary resources for individuals to become self-reliant entrepreneurs.

Key Objectives of PMEGP

The primary goal of PMEGP is to generate employment opportunities by promoting self-employment and entrepreneurship. The scheme has several key objectives, including:

Employment Generation: PMEGP is aimed at creating self-employment opportunities in rural and urban areas through the establishment of micro-enterprises.

Encouraging Traditional and Modern Enterprises: PMEGP encourages both traditional industries and modern businesses to flourish, contributing to the overall development of rural and semi-urban regions.

Upliftment of Weaker Sections: The scheme is particularly beneficial to individuals from weaker sections of society, such as Scheduled Castes, Scheduled Tribes, OBCs, minorities, women, and differently-abled persons.

Strengthening the Rural Economy: By encouraging entrepreneurship at the grassroots level, PMEGP Scheme seeks to strengthen the rural economy and contribute to national development.

Financial Assistance and Subsidy

One of the highlights of PMEGP Scheme is the financial support provided to the beneficiaries. The scheme provides a subsidy on the project cost—ranging from 15% to 35% depending on the category and location. Rural beneficiaries receive a higher subsidy than those in urban areas. The subsidy distribution is as follows:

For General Category:

Rural Areas: 25% subsidy

Urban Areas: 15% subsidy

For Special Category (SC/ST/OBC/Minorities/Ex-Servicemen/Physically Handicapped/Women/NER and Hill Areas):

Rural Areas: 35% subsidy

Urban Areas: 25% subsidy

In addition to the subsidy, the remaining cost is covered through bank loans. Beneficiaries must contribute 5% to 10% of the project cost, depending on their category, while the rest is financed by banks.

Eligibility Criteria

To avail the benefits of PMEGP Scheme, individuals and groups must meet certain eligibility criteria. These include:

Age: The applicant must be at least 18 years old.

Education: For projects costing above ₹10 lakhs in the manufacturing sector and ₹5 lakhs in the service sector, the applicant must have passed at least the 8th standard.

Entrepreneurs: Any individual, Self Help Group (SHG), Cooperative Society, or Institution registered under Societies Registration Act, 1860 is eligible to apply for PMEGP.

New Enterprises: The scheme is applicable only to new ventures; existing units or enterprises established before the scheme’s implementation are not eligible.

How to Apply

The PMEGP Scheme application process is straightforward and user-friendly. The website legalman.in/pmegp provides step-by-step guidance on how to apply for the scheme. Applicants need to:

Visit the official PMEGP e-portal.

Fill out the online application form with details such as personal information, project type, and cost estimation.

Submit the required documents, including project reports, proof of identity, address proof, caste certificate (if applicable), educational certificates, and a photograph.

Await the processing of the application. Once the application is processed, the concerned District Industries Centre (DIC), KVIC, or KVIB will forward the application to a bank for credit sanction.

Monitor the status: Applicants can track their application status on the official PMEGP portal.

Benefits of PMEGP

PMEGP Scheme offers a range of benefits that have a lasting impact on society. Some of the notable benefits include:

Employment Creation: PMEGP has the potential to generate employment in both rural and urban areas. The establishment of micro-enterprises creates direct and indirect employment opportunities for both skilled and unskilled labor.

Encouragement of Self-Employment: PMEGP fosters a culture of self-employment, allowing individuals to establish their own businesses, become job creators, and contribute to economic growth.

Financial Inclusion: The scheme facilitates access to credit for individuals who may otherwise find it challenging to secure financing from formal institutions.

Support for Vulnerable Groups: The higher subsidy rates for marginalized communities ensure that people from economically weaker sections of society can benefit from entrepreneurship opportunities.

Conclusion

The Prime Minister Employment Generation Programme (PMEGP) is a crucial initiative designed to empower individuals through self-employment and entrepreneurship. By providing financial support and encouraging the establishment of micro-enterprises, PMEGP plays a significant role in reducing unemployment and fostering inclusive growth. The website legalman.in/pmegp serves as a valuable resource for potential entrepreneurs, offering detailed information on how to apply for the scheme and the benefits it provides. By promoting entrepreneurship at the grassroots level, PMEGP contributes to the overall economic development of the nation while uplifting its most vulnerable citizens.

#PMEGP Scheme #TDS/TCS return filing services #TDS return filing services #ROC Compliances

0 notes

rohitkakkar · 4 years ago

Text

What is CLCS (Credit-linked Capital Subsidy? How it aims to help MSMEs?

CLCSS or Credit-linked Capital Subsidy Scheme is a scheme launched by the MSME Ministry in India for all micro, small, and medium scale enterprises within India. The reasoning behind launching the scheme was to offer handholding and financial help to the MSME sector to continually and consistently invest in the upgradation of existing machinery, equipment, and technology for better performance and improved productivity. However, since the costs associated with such upgradation can run in crores and it is difficult for most entities in the sector, especially in the rural areas, to afford, the government decided to step in with CLCSS.

Which business entities are eligible for the Credit-Linked Capital Subsidiary Scheme?

The types of business entities that can apply for the scheme and benefit from it include:

Sole proprietorship firms,

Limited liability partnerships,

Partnership firms,

Cooperative societies,

Start-ups,

Private Limited companies and

Public Limited Companies.

The condition is that the business must be a part of the Indian SSI sector. The Ministry of Micro, Small, and Medium Enterprises in India prefers woman-led firms and entrepreneurship firms.

What are the inclusions in the scheme?

The key features of the scheme include:

- 15% upfront subsidy for technological upgradation for institutional credit up to INR 100 crore. It means that the beneficiary unit can get a subsidy up to INR 15 lakh with credit up to INR 100 crore.

- The upper ceiling that was earlier INR 40 lakh had been raised to INR 1 crore.

- The subsidy rate has been improved from 12% to 15%.

- The admissible capital subsidy is not linked to the term loan but with the investment in purchasing the plant and machinery.

- Earlier SSI units were categorized in different slabs based on their current investment, and then the eligible subsidy was calculated. However, this clause has been removed now.

- The identified subsector and technologies can also get reviewed flexibly from time to time.

- The application can be submitted online and tracked online.

Purpose of CLCSS

The primary cause of the launch of the CLCSS is to help the Indian small-scale sector with:

- Induction of state-of-art or near art-of-art technological upgradation.

- Stepping up from the current technology level to higher levels.

- Replacing plants and machinery/equipment or acquisition of new machinery & equipment.

- The purpose is to improve productivity and product quality

- Improve the working environment of MSMEs.

- Installation of better packaging techniques.

- Installation of anti-pollution measures.

- Equipping the unit with energy conservation machinery.

- Units can start with in-house testing facilities as well as invest in digital quality control measures.

The Credit Linked Capital Subsidy Scheme ensures fair distribution of the scheme amongst different socio-economic categories and scales of businesses. Hence, the scheme focuses on women entrepreneurs, entrepreneurs from the SC/ST categories, and entrepreneurs from the North-Eastern Region, Hill states of J&K, Himachal Pradesh, and Uttarakhand. Emphasis is also given to entrepreneurs to island territories like Lakshadweep and Andaman & Nicobar Islands and identified Aspirational Districts.

Beneficiaries can approach and apply to scheduled commercial banks, Regional Rural Banks, North-Easter Development Financial Institutions, State Financial Corporations, and scheduled cooperative banks that include urban cooperative banks formed by SIDBI as part of the Technological Upgradation Fund (TUF).

For Original Post Visit: https://rohit-kakkar.blogspot.com/2021/07/what-is-clcs-credit-linked-capital.html

#Rohit Kakkar American Express #Rohit Kakkar case #Rohit Kakkar dispute #Rohit Kakkar Review #Rohit Kakkar Review American Express #Rohit Kakkar Reviews #Rohit Kakkar Reviews American Express

0 notes

techsciresearch · 4 years ago

Text

India Loan Against Property Market to Grow at a CAGR of Over 14% Through FY2026 | TechSci Research

Increase in government focus to promote small and medium enterprises, affordable loan offers, and longer repayment tenures are the factors driving the India loan against property market.

According to TechSci Research report, “India Loan Against Property Market By Property Type (Self-occupied residential property, Rented Residential property, Commercial property, Self-owned plot & Others), By Type of Loan (Personal Loan, Business Loan, Building & Construction Loan, Others), By Interest Rate (Fixed Rate; Floating Rate), By Source (Bank & Housing Finance Companies (HFCs)), By Tenure (Upto 5 years; 6-10 years; 11-24 Years; 25-30 Years), By Region, Forecast & Opportunities, FY2026”, the country’s loan against property market is expected to register a CAGR of over 14% during FY2020-FY2026 and in value terms it is expected to reach around USD857.87 billion by FY2026.

Loan against property is generally used by small businesses as a working capital finance, which has faced a huge downfall due to the pandemic. It will take time to recover the lagged effect of financial conditions, relief programs supported by banks and NBFCs. The government’s efforts in promoting businesses are expected to provide aid to the growth of the India loan against property market.

Browse 38 market data Figures spread through 70 Pages and an in-depth TOC on “India Loan against Property Market”

https://www.techsciresearch.com/report/india-loan-against-property-market/4964.html

India’s loan against the property market is majorly driven by the factors like lower interest rates, quick approvals of loans and flexibility. Loan against property, which is also termed as Secured loans, is considered to be more stable than unsecured loans, due to lower interest rates offered by banks.

Loan against property’s eligibility depends on the variables such as age, wages, existing financial commitments, repayment and credit history, and the value of the property as per current market rates. An individual can also include his/her spouse or child as a co-applicant to meet the eligibility criteria, even though they are not a co-owner of the property, but as a co-applicant for the loan they could provide their income proof and credit history. These factors are expected to boost the India loan against property market.

The benefit of a loan against property is that a loan against property in India can be given as collateral for different types of properties. They may also be of various sizes or values. As a protection for this loan, residential, industrial, and even rental property is provided as collateral at different rates, which could be either fixed or floating rate. The fixed rate of interest is anticipated to account for the largest value share in FY2020 as these are being adopted by various banks and housing finance companies in India. Another reason for the dominance of fixed rate is the secured return to the bank.

Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=4964

Customers can also request for 10% free customization on this report.

Housing Development Finance Corporation Limited (HDFC), Industrial Credit and Investment Corporation of India Bank Limited (ICICI), Life Insurance Corporation Housing Finance Limited (LIC), Punjab National Bank Housing Finance Limited (PNB), State Bank of India (SBI) are the leading players operating in the India loan against property market.

“The growth of loan against property market in India is backed by government’s initiative to promote and boost the MSME’s sector, as well as the cheaper interest rates offered by banks, which acts as major factors in the demand for loan against property.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Loan Against Property Market By Property Type (Self-occupied residential property, Rented Residential property, Commercial property, Self-owned plot), By Type of Loan (Personal Loan, Business Loan, Building & Construction Loan, Others), By Interest Rate (Fixed Rate; Floating Rate), By Source (Bank & Housing Finance Companies (HFCs)), By Tenure (Upto 5 years; 6-10 years; 11-24 Years; 25-30 Years), By Region, Forecast & Opportunities, FY2026” has evaluated the future growth potential of the India loan against the property market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India loan against property market.

Browse Related Reports

India Home Loan Market By Customer Type (Salaried, Self-Employed), By Loan Type (Retail, Corporate), By Type (Housing Loan & Non-housing Loan), By Source (Bank & Housing Finance Companies (HFCs)), By Bank Type (Private, Public), By Interest Rate (Fixed Rate & Floating Rate), By Tenure (Up to 5 years; 6-10 years; 11-24 Years & 25-30 Years), By Area of Property (Up to 500 Sq. foot; 501-1000 sq. foot; 1001-2000 sq. foot & Above 2000 sq. foot), By Mode of Purchase, By Customer Profile, By Region, Competition, Forecast & Opportunities, 2026

https://www.techsciresearch.com/report/india-home-loan-market/4237.html

India Microfinance Market By Type (Bank, Non-Banks), By Bank Type (Small Finance Companies, Commercial Banks, Regional Rural Banks, and Cooperative Banks), By Non-Banks (NBFC-MFIs, NBFCs, and Not for Profit MFIs), By End-Use (Agriculture and Allied, Services, Trade & Business, Production/Manufacturing, and Others), By Area (Urban, Rural), By Region, Competition, Forecast & Opportunities, 2025

https://www.techsciresearch.com/report/india-microfinance-market/3210.html

India Gold Loan Market By Type of Lenders (Formal v/s Informal), By Mode of Disbursal (Cash, Cheque, Electronic Transfer), By Interest Rate (Up to 10%, 11%-20%, 21%-30%, 31%-40%, Above 40%), By Regulatory Body (RBI v/s Ministry of Corporate Affair), By Market Type (Organized v/s Unorganized), By Application (Investment v/s Collecting), By End Users (Salaried Middle Class, Housewives, Traders, Micro-Enterprises, Self-Employed, Others), By Region, Forecast & Opportunities, 2025

https://www.techsciresearch.com/report/india-gold-loan-market/4902.html

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

Our Blog : https://techsciblog.com/

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

Email: [email protected]

Web : https://www.techsciresearch.com/

#TechSci #market research reports #market research #India Loan Against Property Market #Loan Against Property Market #India Loan Against Property Market Size #India Loan Against Property Market Forecast