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Tata Capital > Blog > Loan for Business > Top Government Business Loan Schemes Of 2022

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Top Government Business Loan Schemes Of 2022

Top Government Business Loan Schemes Of 2022

What do you mean by government business loan schemes?

Finance is the lifeblood of every type of business for establishing it. If finance is provided to each enterprise easily, it will result in maximum growth. The government of India has taken the initiative, and a certain amount of finance is offered by the government to micro, small and medium enterprises as a loan for growth at regular intervals. As we know, medium, micro, and small enterprises play a vital role in the GDP of the Indian economy. The government has taken these changes for the development of the country. Such policies bring change and boost MSME's businesses to grow with more liquid power.

Government business loan schemes result in the right offer of financial backing, which supports expansion and current business conditions. Such loans are provided by government financial institutions like private sector banks, public sector banks, other financial institutions, etc. The amount of loan is provided under various schemes.

Top Government Business Loan Schemes Of 2022

There are several government business loan schemes for 2022 started by the government. Such business loan interest rates vary from scheme to scheme. Some topmost schemes of business loan schemes by the government are discussed below:

  • Pradhan Mantri mudra yojana:

The Honorable prime minister launched this scheme on April 8, 2015. Under this Pradhan Mantri mudra yojana amount of loan is provided up to 10 lakh to non-corporate and nonfarm micro and small level enterprises. The borrower can calculate their loan amount with the help of a business loan EMI calculator.

The loan has been taken from various financial institutions such as commercial banks, RRBs, cooperative banks, NBFcs, etc. Under this scheme, the loan amount is divided into three categories, namely Shishu, Kishore, and Tarun, which also describe the loan stage and the borrower's age.

  • Credit guarantee fund scheme:

The government of India has launched this scheme for micro, medium, and small level enterprises. Under this scheme, the amount of loan is provided for the third-party credit risk mitigation to lenders by absorbing a portion of the lender's losses on the loans made to SMEs in case of any default. Both new and existing enterprises are eligible for this credit guarantee fund scheme. The borrower can calculate their loan amount with the help of a business loan EMI calculator.

  • SIDBI loans:

SIDBI scheme was launched on April 2 in the year 1990. The main aim of India's small industries and development banks is to provide cash flow in the MSME sector. As we know, MSME plays a vital role in the economy, so any development in this sector benefits the economy. The borrower can calculate their loan amount with the help of a business loan EMI calculator. This scheme aims to provide customized loans to the MSME sector for growth purposes. The amount of loan is provided according to the size of the business. The business loan eligibility is for companies such as private, sole proprietors, and companies in trading under this scheme.

  • National small industries’ corporation subsidy:

This program was launched in the year 1955-1956. This scheme is certified under ISO 9001:2015 by the government of India. This scheme aims to promote faster growth of various enterprises such as micro, small and medium. Under the scheme, the loan amount is provided for the purchase of raw materials within India or outside India. It includes technology, marketing, finance, and other support services.

  • Credit linked capital subsidy scheme:

This scheme was launched on October 1, 2000. The credit-linked capital subsidy scheme aims to provide credit to micro, small and medium-term enterprises for the technology up-gradation, especially in the rural and semi-urban areas. Low-income groups are eligible for this loan scheme.

Conclusion:

Governments have started many schemes every year to develop the private and public sectors of the Indian economy. Government loans play a primary loan in these schemes. The number of loans is provided to various sectors such as startups, MSMEs, traders, manufacturers, sole proprietors, etc. People with a minimum age of 18 will apply for government business loans. Such government loan schemes will result in maximizing the growth of the economy.

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