Small and medium businesses in India have suffered the most because of the lockdown. As businesses in India still cannot operate all days of the week, most small and medium business owners have shut shop.
This is because they cannot survive in a market with high costs and zero sales. Hence some of them are either taking a sabbatical or some are wrapping up their business.
But Ruloans is here to tell you that you don’t need to do that anymore. We have a solution that was just recently launched by the Government of India for business owners like you.
That solution by the Government is regarding a special loan that will be given to MSME business owners. The guarantee of these loans will be taken by the government i.e. (National Credit Guarantee Trustee Company). This loan can also be called as collateral-free loans under the “Emergency Credit Line Guarantee Scheme (ECLGS).”
The total loan amount that can be disbursed under this scheme is to the tune of Rs 3 lakh crore. Isn’t that great news? If you are wondering what are the benefits of taking such a loan, then we will list them down for you.
1. Quick approval and Highly accessible:
Businesses in India need the money that will be used in rolling for purchases and sales. Hence sometimes a business might need immediate cash. When they don’t have enough working capital to meet the payment needs, they can apply for an MSME loan as it can be processed quickly and you can get faster approval as well.
2. Fulfills short term business commitments:
This loan is for a short period and hence you can sort all your real-time problems quickly and repay the loan quickly too. These funds will help you operate your business and fulfill all your short term business commitments so you can maintain your name and business in the market.
3. Reduced Interest rates for MSME owners:
Lowest interest rates of the MSME loan is the best benefit for business owners. With the help of these low rates, a business owner ends up paying less interest. Hence they can save more money in their working capital and allocate enough money for their day to day working.
These benefits will help your business in the long run and help you not only in surviving the market but also to make profits and succeed. Hence apply for this loan at the earliest and give your business this additional boost of funds.
You can get the best deal on MSME loans when you apply via Ruloans. We will help you borrow right! Apply today.