Under the SIDBI creation scheme, technology is giving loans to related business. The advantage of the scheme can lift the new and old SMEs.
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If you have a business idea related to the use of technology, then you can get a loan upto a crore rupees. The big thing is that you will get this loan only on half the interest compared to the normal banks. This kind of facility is being given to Small Industries Development Corporation of India (SIDBI). The bank is giving this facility under the scheme of creation, in which startup will be available at the annual interest of 5% of the loan up to Rs. 1 crore. This loan will be up to 80 percent of total project cost. That is, if the cost of your project is 1.25 crores, SIDBI can give you a loan of up to 10 million rupees.
What is the scheme
In order to create new business opportunities in the field of technology, creation scheme has been started, in which Technology Innovation Program and SIDBI are collaborating together. Under this, any person who has a business related business of technology can apply for the scheme. For this, a revolving fund of Rs 30 crore has also been created. Through this, the startup or existing MSME category can apply for the business loan.
How to get loan
Under the scheme, you can download the application through https://sidbi.in/files/SRIJANApp_Tech.pdf, in which if you are an existing businessman then you have to give full details of the business. Based on this, the business will be reviewed for you. If the Review Team likes your Concepts, then you will be selected for the scheme.
-If you have only ideas, you can send your concept at this E-mail: tifac.sidbi@gmail.com and ask for assistance under the scheme. Depending on the sentiments sent to you, you will get an Assistance under the scheme. Apart from this, you can also get information on www.tifac.org.in for more details.
How much do you have to invest
Under the creation scheme, you will get 80% of the total project cost. That is, if you make a project of up to Rs 50 lakh, then you will get a loan of up to Rs 40 lakh. You have to invest Rs 10 lakh from the rest. To repay the loan, you have to give an interest rate of 5%. Which is cheaper than half of the existing banks now.
Loan to be repaid in 6 years
Under the scheme, you will get 6 years to repay the loan after the project starts. Which includes the Moratorium period. That is, once the project has been started and your business has started, you have to pay the loan within six years.
What will be included in project cost
In addition to preparing the factory infrastructure, Plant and Machinery, Testing and Quality Control Equipment etc.
Patent, Copy Write, Expenditure on Research and Development, License, Technology Transfer Fees etc.
Working Capital Margin
Salari
Emergency Fund.
What will be the loan guarantee
Promoters will have to give their personal guarantee for the loan. Apart from this, for the project, the movable and immovable property will be prepared and it will also be kept as a guarantee on the basis of need.
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