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Business News

Jun 03, 2020
4:35PM

Centre allocates Rs. three lakh crore to provide easy loans for MSMEs

AIR
Union Government has taken a slew of measures so that entrepreneurs are not hit badly due to the COVID-19 pandemic.

A sum of Rs. three lakh crore  has been allocated to provide easy loans for the Micro, Small and Medium Enterprises. MSMEs can also apply for a loan at the nearest bank or on their portals.

AIR correspondent reports, Government will provide 100 per cent guarantee for the  loan taken by MSMEs.

Exemption in monthly EMI for one year will be provided with interest of only 7.5 per cent.

Centre had also changed criteria for defining MSMES to boost the sector.

Turnover limit for small manufacturing and service providing companies has been increased up to Rs. five crore.

And the turnover limit for Micro segment has been increased to Rs. 50 crore and for medium industries, to Rs. 100 crore.

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