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    How to take Business Loan under CGTMSE Scheme

    We found 32 How to take Business Loan under CGTMSE Scheme

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
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    10.99% - 14.49% Fixed
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    30L Max
    1-5 years
    Response Time Within 30 minutes
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    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
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    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
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    Fees & Charges
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    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    How to take Business Loan under CGTMSE Scheme is Rated as "Great!" by 74151 Users

    Personal Loan BYTES FROM OUR KITCHEN

    How to take business loan under CGTMSE Scheme

    Indians are known for their entrepreneurial nature, with the country being home to millions of entrepreneurs. While one might think that venturing into the world of business is easy, the fact is that there is a lot which goes into it, with money being the most important factor. One might have the idea, zeal, passion and motivation, but without money/finance they have nowhere to go. The government, on its part has initiated a number of schemes designed to offer financial aid to entrepreneurs, setting them on the path to success.

    Understanding CGTMSE

    Micro and Small industries are the backbone of the Indian economy, offering employment to millions. A number of these enterprises face issues when it comes to availing funds, which is why the government set up the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). The Indian Government tied up with SIDBI to set up this Credit Guarantee Scheme which aims to provide credit to deserving individuals/entities based on project viability, ensuring they have access to working capital and/or term loans from a single lending entity.

    What is the CGTMSE Scheme?

    A brainchild of the Ministry of Micro, Small and Medium Enterprises, the CGTMSE Scheme is a unique offering which aims to bridge the gap between a business idea and its execution, offering financial support to entrepreneurs. Under the scheme, eligible members can get credit facilities from banks to finance medium and small enterprises. Loans upto a maximum of Rs 1 crore can be availed, with the differentiating factor being the Credit Guarantee provided by the government.

    This Credit Guarantee offers security to entrepreneurs in the event of their business failing. A maximum cover equivalent to 85% of the loan amount is available under the scheme. In cases where a borrower is unable to repay the loan, the scheme will cover the loss, paying lending institutions the financial loss incurred by them due to non-repayment of loan. The quantum of repayment depends on the amount borrowed, the borrower (male/female) and the purpose of loan.

    Eligibility criteria for CGTMSE Loan

    Availing a loan under the CGTMSE Scheme isn’t hard, for the government has set eligibility criteria which can be met by almost everyone. Listed below are the main criteria the government expects borrowers to fulfil.

    • Borrower status – Loans under this scheme can be availed by both new and existing borrowers.
    • Business plan – A concrete and feasible business plan needs to be in place to avail the loan.
    • Registration – The organisation/entity should have registered the business as per existing rules.

    Quantum of credit offered under CGTMSE

    Eligible individuals/organisations can get loans to the tune of Rs 1 crore under this scheme, depending on their business plan and requirement. The cover offered under the Credit Guarantee Policy varies depending on the loan availed, with the maximum guarantee amount being Rs 65 lakh.

    Getting a business loan under CGTMSE

    A simple process is followed by most lending institutions who are part of the CGTMSE Scheme, with borrowers expected to follow a few basic steps in order to get credit.

    • Idea generation – The first step towards achieving a dream is to have an idea. Any idea which is feasible and can contribute to the growth of the MSME sector can be the basis for further work.
    • Registration – One should register a business entity as per existing laws. This can be a partnership firm, a private company, proprietorship, etc.
    • Business development plan – A concrete and workable business development plan is required before approaching lending institutions for a loan. This plan should have in-depth information about multiple aspects related to the idea.
    • Approach lending organisation – Post the preparation of a business plan one could approach any of the lending organisations associated with this scheme. The banks will process the information and grant a loan under CGTMSE.
    • CGTMSE cover – The cover will be availed on paying a certain fee to lending institutions.

    Fees and Interest rate charged under CGTMSE Scheme

    Being a scheme which is implemented by Member Lending Institutions (MLIs) on behalf of the government, there are certain fees and charges associated with it. One can classify the fees into two major categories, a Guarantee Fee and an Annual Service Fee.

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  • How to take Business Loan under CGTMSE Scheme Reviews

    • HDFC Bank Personal Loan
      "Fast and Best Service in HDFC"
      0.5 5.0/5 "Blown Away!"
      I am an account holder of HDFC, hence my home branch have reached me and provided the best loan option. They sanctioned the personal loan with the interest rate around 14% and they processed within same days. Hence I have cancelled HDFC online loan request.
      Was this review helpful? 0
      , dindigul
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      After giving the loan request to Kotak Mahindra bank, they had called me and shared the loan process update. But due to the personal reason I had postponed the plan. Other banks are providing beneficial interest rate but Kotak charges high rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been up to my satisfaction. It was a nice experience because the team was helpful in giving me the details and they also checked about my requirement as well. They were in constant touch and the website was good and user friendly.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • IDBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      IDBI is good in the rate of interest. I got the interest rate of 9.8% for the personal loan with the processing fee of 1% of the loan amount. Documentation process is very simple and it is surely a recommendable bank. Even they maintain good customer service.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Prompt service"
      0.5 5.0/5 "Blown Away!"
      I do not have any suggestions for bankbazaar as everything went good with them when I approached them for the loan process. Their website is easy to handle and it is informative. I got very good responsiveness and good customer service from bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Citibank Personal Loan
      "High Interest Rate"
      0.5 4.0/5 "Great!"
      Citi bank is on higher end in terms of interest rate. They quoted some high rate of interest for the personal loan. When I checked with other banks, I got lower interest rate than CITI bank so I closed my application with CITI. Customer service and everything is fine except the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank has been good in the services for the personal loan. The team contacted me on time and informed me the details. The loan could not process due to the banking norms. I was offered a normal interest rate and processing charges.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • Tata capital Personal Loan
      "Interest rate is high "
      0.5 2.5/5 "Just OK"
      My existing home loan was running with AXIS, I thought its better to take personal loan from same AXIS bank. Hence I have not taken personal loan from TATA Capital and their interest rate is too much high. Tata Capital charging around 13.99% but AXIS giving 11.99% of interest.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      My overall experience with Bankbazaar was good. I was contacted on time and given the details.The website was good and informative. But when I click on the bank names to get more details is was taking me to the application page. Else good and no issues.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • ICICI Bank Personal Loan
      "Prompt service"
      0.5 5.0/5 "Blown Away!"
      ICICI bank offered high interest rate for the personal loan which is 12.75%. Th services are very prompt and they are really good in processing the loan application. I did not have any issues with them in the entire process. All things went good with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Standard Chartered Bank Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      Since I had to travel out of the country, I did not proceed ahead for the personal loan with Standard Chartered Bank. They did contact me a couple of time for the loan. The rate of interest was low but not the lowest, it was around 11.49% and the processing charges were normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.0/5 "Great!"
      Two years ago I availed the loan through bankbazaar. So again I approached bankbazaar for the personal loan this time. I got good response from them and their website is quite easy to handle. It would be fine if the mobile app is even more user friendly. Overall service is pretty good.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Capital First Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      When I applied for the personal loan with Capital First, they offered the loan but it was not up to my requirement also I got better offers from other banks so I just moved out from capital First. But their response and customer services are good with capital first. Interest rate and processing fee is good with Capital First.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Axis Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the Axis bank and the rate of interest was around 14.5% and the processing charges were okay with them. I would like to suggest that they can make lesser rate of interest for the customer, so that they can make the business. Customer service is fine one with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have made the balance transfer of my personal loan with the HDFC bank and the rate of interest was around 11.29%, which is really good. The loan amount got disbursed to my account within three to four days of time, also there were no processing charges with them till now.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Timely process has to be done"
      0.5 4.0/5 "Great!"
      I am not happy with Kotak Mahindra personal loan process, they took more than a month and they processed an EMI before sanctioning the loan. I took the amount of 3 lakhs with the tenure of 3 years and my EMI is 10,802, its running without any issues.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      The customer services are good at Bankbazaar and they know how to handle a customer. The portal is good and very much helpful. It helped me to identify the right bank by using the comparison tools on the portal. The follow up calls are also of great support to me.
      Was this review helpful? 0
      , raipur
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Easy to Navigate"
      0.5 4.0/5 "Great!"
      Bank Bazaar come to know through online but they are good in service, they are doing speedy service and they are analyzing the customer's profile and giving best service. The portal is also good to check multi information of banking products.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • ICICI Bank Personal Loan
      "Unhappy with the banking services"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with ICICI bank and it was not up to the mark. The customer support needs to be more professional and though I received a response, I am not happy with the overall services. I did not go to the extent to talk about the interest rate and charges.
      Was this review helpful? 0
      , raipur
      Reviewed on May 27, 2017
    • IndusInd Bank Personal Loan
      "They Should Bring New Ideas"
      0.5 1.0/5 "Really Bad"
      I have few other loans are running , hence when I gave loan request to Indusind, however they have rejected it. But I am a prompt payer, I could track my record and process the loan. Indusind not potential to get the customer inside as they dont provide praactive customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
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