Prime Minister Narendra Modi has introduced a programme to speed-up loan approval requests of up to 10 million rupees ($138,000) for Micro, Small and Medium Enterprises (MSMEs) sized businesses. The approval will now be made in just 59 minutes.
“As we speak, somewhere in the country your entrepreneurial brother or sister is getting a loan … sanctioned in just 59 minutes,” said Modi. “Think, only 59 minutes. Just 59 minutes,” he said.
He added that loan option for Goods and Services Tax (GST) registered firms can now be availed via the GST portal itself.
“When you file GST returns, you will be asked if you want a loan. GST registered firms will also get a 2 percent rebate on interest rates. Being a part of the GST and being an honest taxpayer will become your strength,” said Modi.
Further, the discount for the exporters willing to take loans on pre-shipment and post-shipment basis has been inflated from 3 percent to 5 percent.