SIDBI: MSME Will Get A Loan Of Upto 1 Crores Without Any Mortgage Or Guarantee In 48 Hours

Small Industries Development Bank of India (SIDBI) has decided to lend money to Micro, Small, Medium Enterprises (MSME) which has been involved in producing the essential goods in the corona war.

SIDBI is lending loan of 50 lakh to 1 crore rupees at an interest rate of just 5%.

There will be no need to give any guarantee or mortgage for the MSME to avail of the loan. SIDBI is not charging any processing fees for this loan and no additional charges will be levied even on pre-payment.

Small Industries Development Bank of India (SIDBI)

This information was given by senior officials of the SIDBI in the e-pathshala conference organized by CIMSME. This loan is available to all MSMEs providing services connected with the production of essential commodities.

These products include such items as masks, sanitizers, gloves, medicines items,  permitted drugs, Ventilators, N95 or higher Masks, Eye protection (visor / goggles), Protective Gowns / Aprons, Shoe covers, IV Fluid – DNS, IV Fluid – Dextrose, IV Sets, IV Cannula, ICU Beds, Cardiac monitors, Syringe pumps, Portable x ray machines, Endotracheal tube, Suction tube, Oxygen cylinders, Rubber Sheets, testing labs, etc. The list is indicative. 

Galleries - Small Industries Development Bank of India

SIDBI General Manager Vivek Kumar Malhotra said that during the fight against Coronavirus, loans are being given to MSMEs under two types of schemes. Loans up to 50 lakh rupees are available under the first scheme called Safe, then under Safe Plus, MSMEs can take loans up to 1 crore.

Only 5 percent interest will have to be paid on the loan taken under both schemes. The loan will have to be applied online and the loan will be approved in just 48 hours. Necessary investigation procedures will also be completed electronically before lending. Funds to the tune of Rs 100 crore have been placed under both schemes.

Mukesh Mohan Gupta

Anand Prakash Srivastava, the second general manager of SIDBI, who attended the e-school organized by the chamber, said that MSMEs already availing loans can also avail the scheme, which has no connection with SIDBI till now. He said that the only condition for taking a loan under this scheme is to have cash profit in the balance sheet of that MSME. Those who are old customers of SIDBI, their balance sheet should be in the cash profit last year and the two-year cash profit should appear in the balance sheet of MSME, which was first associated with SIDBI

. Mukesh Mohan Gupta, President of CIMSME, said that about 200 MSMEs participated in the e-Pathshala organized on Friday and showed keen interest in this scheme of SIDBI.

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