Atmanirbhar Bharat Loan

Table of Contents

PM Modi’s Vision of Rs. 20 lakh crore packages has been announced in 5 tranche economic doses on 13th, 14th, 15th, 16th and 17th May 2020. Below is the direct apply online process to avail benefits of various loan schemes announced in different tranches of Atmanirbhar Bharat Abhiyan 2020 package.

MSME Loans

The central govt. has made a a provision of Rs. 3 lakh crore for Micro, Small and Medium Enterprises sector. In this MSME loan scheme, govt. will provide collateral free loans to facilitate MSMEs. These loans will have 4 years tenure and will get moratorium of 12 months from which approx. 12 crore workers would be benefited. These business loans can be used for setting up new enterprise or stepping up (expansion, diversification, modernization, technology up-gradation). 

MSMEs can avail of the MSME Loan scheme until 31 October 2020. While announcing the first tranche of the governments stimulus package on May 13, Finance Minister Nirmala Sitharaman said that MSMEs, with an annual turnover of Rs 100 crore or less, will be eligible to receive these collateral-free government-backed loans. Moreover, govt. has also announced Subordinate Debt based scheme of Rs. 20,000 Crore for Stressed and NPA MSME to benefit around 2 lakh stressed and NPA MSMEs. A new Fund of Funds worth Rs. 50,000 crore would be created for equity infusion into those who have potential and doing viable business.

The definition of MSMEs would be changed with an increase in investment limit and size along with turnover size. Moreover, the differentiation b/w manufacturing and service MSME will be removed. Now, all the global tender upto Rs. 200 crore to be disallowed and govt. procurement tenders upto 200 crore will no longer be on global tender group. E-market linkage would also be provided across the board in absence of trade fairs to promote e-commerce. Within 45 days, CPSEs and Govt. of India will clear their receivables.

Kisan Credit Card (KCC) Loans

Around Rs. 2 lakh crore concessional credit would be extended for Kisan Credit Card (KCC) Scheme by the central government. Around 2.5 crore farmers to benefit from this KCC scheme. Fisheries and animal husbandry farmers will be included in KCC Scheme.

CLSS Loans under PM Awas Yojana

Credit Linked Subsidy Scheme (CLSS) loans would be provided under PM Awas Yojana to the lowest strata of middle income group. It includes MIG 1 (Rs. 6 to 12 lakhs per annum) & MIG 2 (Rs. 12 to 18 lakhs p.a). PMAY CLSS scheme which was started in May 2017 and which ends on 31 March 2020 has now been extended till March 2021. Around 3.3 lakh families have already been benefited till now from PMAY CLSS scheme. Now another 2.5 lakh MIG group people will benefit from PMAY CLSS scheme in the next 1 year. This scheme will result in immediate job creation and will also raise demand for construction material such as steel, cement, transport and other house construction materials.

Street Vendors Loan Scheme

There is an adverse impact on the livelihoods of the street vendors due to COVID-19. Government will launch a special scheme within a month to facilitate easy access to credit to street vendors. The Initial working capital upto Rs. 10,000 would now be provided to support nearly 50 lakh street vendors. Digital payments will be incentivized through monetary rewards and enhanced working capital credit would be made available for good repayment behavior. The central govt. will provide liquidity of Rs 5000 crores.

As soon as the official web portal of the Special Loan Scheme for Street Vendors will launch, we will update the apply online process here. Till date, it is known that Rs. 10,000 immediate loans would be provided to street vendors to assist them in their working. All of these would be short term capital loans i.e those which would be provided for a shorter duration to meet daily needs.

Shishu Loans under MUDRA Yojana

Small businesses under MUDRA have been disrupted the most due to Coronavirus (COVID-19) lockdown & has also impacted their capacity to pay EMIs. So, Loan moratorium has already been granted by RBI. The current portfolio of MUDRA-Shishu loans is Rs. 1.62 Lakh crore (Maximum loan amount of Rs. 50,000). Now the Government of India will provide Interest subvention of 2% for prompt payees for a period of 12 months. This will provide relief of Rs. 1500 crore to MUDRA-Shishu loanees