2% Interest Subvention Scheme for MSME notified by RBI on 21-02-2019
Reserve Bank of India has notified 2% interest subvention scheme to MSMEs on 21-02-2019. Following are the salient features of the scheme.
Conditions for Eligibility
- SME should have valid Udhyog Aadhar Number and a Valid GSTN No.
- SME has taken term loan, working capital loan (fresh or increase) from 02-11-2018 to 31.03.2019.
- All term loans and working capital loans are eligible to the extent of Rs. 1 crore
- Loan from Scheduled Commercial Banks are eligible for the Scheme
- Who are availing interest subvention for pre shipment and post shipment credit.
- Who are already availing interest subvention under any of the state or central government.
How much benefit is available
- Interest relief @ 2% on outstanding balance from the date of disbursement or the date of notification whichever is later.
- As on the filing of the date of claim, the loan account should not have become NPA.
Procedure for Claim
- Bank will claim benefit by submitting claim form to SIDBI
- Update your status as MSME with banks for claiming this benefit. Submit Udhyog Aadhar, Latest Balance Sheet and CA Certificate for claiming status as MSME with banks.
- Interest subvention will be available on half yearly basis
Download full RBI notification on interest subvention scheme – CLICK HERE
Download our one pager document on interest subvention scheme – CLICK HERE