The importance of the Small and Medium Enterprise (SME) sector can be ascertained by the fact that around 40% of the total GDP of India is contributed by the SME sector. Realising the massive potential in this sector, the Government of India has launched several initiatives to fund the Small and Medium enterprises in the country, because after all, a great business idea must not die a premature death due to lack of funds. So, if you are looking for a source of institutional monetary support, then here are the top 5 government loan schemes that can help you fulfil your entrepreneurial dreams.
MSME Business Loans in 59 Minutes Announced by the government in September 2018, this loan scheme is available for both new and existing businesses. Processing of loans is an inconvenient process. From making several rounds of the bank for weeks, to submitting cumbersome paperwork, the process can be quite exhausting. To resolve this problem and support and encourage small and medium business owners of the country, the Indian government has launched a website (www.psbloansin59minutes.com) where medium, small and micro enterprise owners can get loan approvals within 59 minutes.
These automated, contact-less business loan approvals are being provided for financial assistance worth Rs 10 lakh to Rs 1 crore. The entire process for disbursement of loan will take 8-12 days, while the approval or disapproval is given within the initial 59 minutes of applying. In t