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National Small Industries Corporation (NSIC) offers support and works for the growth and development of Micro, Small, and Medium Enterprises (MSMEs) nationwide. NSIC works under the Ministry of Micro, Small, and Medium Enterprises (MoMSME) for the promotion of these enterprises.
NSIC offers Credit support to MSMEs with the help of three major credit facilities:
With the objective to meet the credit needs of MSME units, the NSIC has signed an MOU (Memorandum of Understanding) with leading nationalized and private sector banks and non-banking financial institutions. Under this pivotal deal with the bank, NSIC enables MSME units to avail the credit support from the banks to successfully operate and manage their business venture.
The interest rates levied on MSME loan varies from bank to bank, banks typically charge floating interest rates. Certain significant sectors play a crucial role in deciding the interest rates, including the credibility of the venture and present and future viability and stability.
NSIC works with its wide network of branch offices and technical centers spread across the country. Its range of services includes financial assistance, core training, and incubation. NSIC offers integrated support services under finance, technology, marketing, and support services. The corporation also focuses on providing machinery on hire purchase basis and marketing in exports.
The eligibility criteria for unsecured business loan include:
Under the MSME scheme, the guidelines clearly mandate that banks shouldn’t accept any collateral if the loan amount is to the tune of Rs. 10 lakh. The upper limit can be raised to Rs. 25 lakh if the enterprise depicts a fabulous track record.
Also Read: What is the NSIC Registration process?
| Bank/NBFCs | Interest Rate |
|---|---|
| Axis Bank | 10.75% p.a. onwards |
| Flexiloans | 1% per month onwards |
| HDB Financial Services Ltd. | 8% - 26% p.a. |
| HDFC Bank | 10.75% - 25% p.a. |
| IDFC First Bank | 10.50% p.a. onwards |
| Indifi | 1.50% per month onwards |
| Kotak Mahindra Bank | 16% - 26% p.a. |
| Lendingkart | 12% - 27% p.a. |
| Mcapital | 2% per month onwards |
| NeoGrowth Finance | 15% - 40% p.a. |
| Tata Capital | 12% p.a. onwards |
| UGRO Capital | 9% - 36% p.a. |
| Bajaj Finserv | 10% to 26% |
To avail the MSME loan, the following documents have been stipulated:
Month-wise production and sales data for the current financial year, the value of stock in process, finished goods, debtors, creditors, etc.
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Working capital loan: Under the working capital loan, a range of loans are disbursed to MSMEs to give impetus to their growth, these include:
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