India, Jan. 29 -- The Government of India issued the following news release:
GoI has approved introduction of Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) for providing 60% guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs*) for credit facility upto Rs.100 crore sanctioned to eligible MSMEs under MCGS-MSME for purchase of equipment / machinery.
Salient Features of The Scheme
Borrower should be an MSME with valid Udyam Registration Number;
Loan amount guaranteed shall not exceed Rs.100 crore
Project Cost could be of higher amounts also
Minimum cost of equipment /machinery is 75% of project cost
Loan upto Rs.50 crore under the Scheme shall have repayment period of ...