The role of the MSME sector has always been important in taking forward and strengthening the country's economy.This sector has always been at the fore in increasing exports and generating huge employment opportunities.Be it the central government or the state governments are continuously working for the development of this sector and to help them, many types of subsidies and interest subvention are being given, so that they can strengthen their present position.
There are many possibilities in MSME, but challenges are also many in front of it.The biggest challenge is funding.The government has arranged for a loan at a low-interest rate, but taking a loan from the bank is like a cakewalk for them.A loanis the latter, the bank does not accept the application in the first place.However, the bank has its own compulsions.The way the cases of fraud are increasing, they do not want their money to go to someone from where it is difficult for them to get it back.Due to non-receipt of money, their NPA also increases.
MSMEs have to expand themselves through technology and other means and for this they need money, which only banks can provide.It is a clear instruction from the Prime Minister of the country, Narendra Modi, Finance Minister Nirmala Sitharaman and the Managing Director and CEO of the bank that the bank branch should receive the loan application of MSME and after a proper investigation from their side, decide whether to give the loan. Or not.
By the way, the biggest complaint of people, in this case, is that the bank branch does not take their loan applications.For the first time, CIMSME and MSME helpline have taken a pledge that if any bank branch does not accept your loan application, then Chairman of CIMSME (Chamber of Indian Micro Small & Medium Enterprises) Mukesh Mohan Gupta himself or his team. You will go to the bank to ensure that the loan application is taken.
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Accepting or rejecting the loan application depends on the policies of the bank.If your qualifications are in line with their policies then it will not be too difficult to get your application accepted.If you are not eligible then CIMSME cannot do anything about it.Yes, if the bank branch does not read your loan application and rejects it without verification, then the CIMSME team will accompany you to get your application submitted.However, it also has some conditions like -
1. For the first time this facility is only for MSMEs of Delhi and NCR.Gradually its scope will be extended to other places.
2. Before contacting the CIMSME team, you have to try yourself by visiting the bank branch.
3. After contacting the team, you will have to tell whether you have delayed or defaulted in repaying the bank and financial institution loan in the past.4. Your basic project report should be ready.Like what you want to take a loan for, how much will your work cost, how much money you want to invest and how much money you want to take from the bank?
5. You can call toll-free number 1800-309-2468 to get in touch with the CIMSME team.This is a Swavalamban Facility Center, which is supported by SIDBI (Small Industries Development Bank of India).