Quick Summary
Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) provides 60% guarantee for credit facility up to Rs.100 crore Measures pertaining to direct taxes taken by the government for reducing the compliance burden for smaller businesses and individual taxpayers The Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) has been launched for providing 60% guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs) for credit facility up to R
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FAQ :
The Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) is a government initiative providing a 60% guarantee to Member Lending Institutions (MLIs) for loans sanctioned to eligible MSMEs.
The scheme provides coverage for credit facilities up to £100 crore.
The loans are intended for the purchase of equipment or machinery by eligible MSMEs.
Eligible MSMEs must have a valid Udyam Registration Number, not be an NPA with any lender, and the minimum cost of equipment/machinery must be at least 75% of the project cost.
The scheme is being implemented by the National Credit Guarantee Trustee Company Limited (NCGTC), a company wholly owned by the Department of Financial Services, Ministry of Finance.
Scheduled Commercial Banks (SCBs), All India Financial Institutions (AIFIs), and Non-Banking Finance Companies (NBFCs) are eligible MLIs, provided they execute an agreement with NCGTC.
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