MSMEs 2018-09-27

Banks Can Approve Loans up to 1 Crore to MSMEs Within an Hour: Government

The government is keen to push funding to small businesses through schemes like MUDRA as it sees them as an engine of growth and a generator of jobs.

By Senior Sub-editor
Banks Can Approve Loans up to 1 Crore to MSMEs Within an Hour: Government

Are you an entrepreneur but worried about the initial funding? Well, good news has arrived! Finance minister, Arun Jaitley has launched a new portal to approve loans for micro, small and medium enterprises (MSMEs).

The new portals will fast-track the process of approving the funding up to Rs 1 crore to MSMEs within 59 minutes without visiting the branches.

How to Get Loan Approved

Rajiv Kumar, the financial services secretary highlighted the vital points of how a business can get his/her loan approved.

Those businesses, who submit GST and income tax details, along with bank statement are eligible to get their loan approved for speedier sanctions.

The portal has been set up by Sidbi along with SBI, PNB, Bank of Baroda, Indian Bank and Vijaya Bank, with other banks expected to join in the coming days.

The MSME needs to fill up the online application form first and then submit the required details, a single gateway will integrate platforms, which will help perform back-end checks with the ministry of corporate affairs and credit information bureau to check fraud and product before the loan is sanctioned.

Opportunity Creator

The news report suggests that the government is keen to push funding to small businesses through schemes like MUDRA as it sees them as an engine of growth and a generator of jobs.

There are many MSMEs struggling to push their idea forward. But the thought of generating initial funds is keeping them at bay. With this great initiative, a lot of opportunities, as well as jobs, will be created in almost all cities and towns.

Other Initiatives

  The Finance Minister has also announced two new initiatives:

  • A mobile app to help patrons locate the nearest ATMs and bank branches in their area or locality.
  • Ranking states on financial inclusion

Kumar said banks have been asked to provide banking facility to 8,800 villages across the country, which currently does not have any touch point in a 5-km radius.

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Department & Convenience Stores
    About Us: MAAPK Family Bazaar is a retail company, established to..
    Locations looking for expansion Madhya pradesh
    Establishment year 2021
    Franchising Launch Date 2021
    Investment size Rs. 30lac - 50lac
    Space required 2000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Singrauli Madhya pradesh
  • Kids & Children Clothing
    Me n Moms Pvt. Ltd. was incepted in 1994, by..
    Locations looking for expansion Haryana
    Establishment year 1996
    Franchising Launch Date 2013
    Investment size Rs. 30lac - 50lac
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Quick Service Restaurants
      Investment Brand Fee Space Staff Exp. Monthly Sales Pro..
    Locations looking for expansion Madhya Pradesh
    Establishment year 2014
    Franchising Launch Date 2015
    Investment size Rs. 5lac - 10lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Indore Madhya Pradesh
  • About Us: TripFactory founded in 2013, is an online travel portal..
    Locations looking for expansion Karnataka
    Establishment year 2013
    Franchising Launch Date 2021
    Investment size Rs. 20lac - 30lac
    Space required 350
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater BANGALORE Karnataka
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads