Quick Summary
Union Finance Minister and MoS, Finance launch the New Credit Assessment Model for MSMEs as announced in Union Budget 2024-25 The Model will leverage digitally fetched and verifiable data to devise automated MSME Loan appraisal for MSMEs In the Post Budget interaction at Vishakhapatnam today, the Union Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman and Minister of State, Finance Shri Pankaj Chaudhary launched the New Credit Assessment Model based on the scoring of digital fo
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FAQ :
It is a new model launched by the Finance Minister that uses digitally fetched and verifiable data, such as digital footprints, to automate the appraisal of MSME loans.
The model was launched by Union Finance Minister Smt. Nirmala Sitharaman and Minister of State, Finance Shri Pankaj Chaudhary.
The model uses digitally fetched and verifiable data, including PAN authentication, mobile/email verification, GST data, bank statement analysis, ITR uploads, and bureau fetches.
Benefits include online application submission, reduced paperwork and branch visits, instant in-principle sanctions, seamless processing, reduced turnaround time, and objective credit decisions.
For loans covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), no physical collateral securities are required.
Yes, the credit assessment model is designed to cover MSMEs that do not have a formal accounting system.
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