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Indian Startup Loan: Now startups will get loan without guarantee, limit will be Rs 10 crore

Indian Startup Loan: Now startups will get loan without guarantee, limit will be Rs 10 crore

Credit Guarantee Scheme For Startups: Good news is coming out for the startups of the country. Millions of startups have started in the country in the last few years. Let us tell you that the Central Government has launched a Credit Guarantee Scheme for Startups. Now the startup will be able to get a loan without any guarantee within a fixed limit.

they will benefit
It is to be known that the Department for Promotion of Industry and Internal Trade (DPIIT) of the Center has issued a notification. Information has been given in this notice that loans approved on or after 6 October 2022 for eligible startups can take advantage of this scheme.

What is credit guarantee scheme
According to the notification, the Central Government has approved the ‘Credit Guarantee Scheme for Startups’ (CGSS) with the objective of providing credit guarantee to loans given by Member Institutions (MIs) to finance eligible startups. ” This scheme will help startups to give loans without the necessary guarantee.

Government promoting startups
Recently, startups in India have received a lot of support from the central government in the last few years. There are now more than 100 startup unicorns in the country. Startups are called unicorns when their valuation is $1 billion. The government will give incentives to more than 10,000 startups under the Genesis program in the next 5-6 years to promote the startup culture.

will get loan
Lending institutions in the country include banks, financial institutions, NBFCs and AIFs. These institutions are eligible under the scheme for giving loans. In this regard, the department says that the maximum guarantee cover of each startup taking loan will not exceed Rs 10 crore. The credit amount being covered here should not be covered under any other guarantee scheme.

Government is making trust
Let us tell you that a trust or fund will be set up by the Government of India for this scheme. Its purpose is to guarantee payment to the lending institutions in case of default of loans given to eligible startups. It will be managed by the Board of National Credit Guarantee Trustee Company Limited.

Startup will get loan
Under this scheme, loans will be given to such recognized startups, which are in a position of stable revenue for 12 months, who are able to repay the loan and those startups which have not defaulted in repaying any kind of loan earlier. Startups should not be classified as non-performing assets as per RBI guidelines.

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