Provision Of Loan To Start-Ups At 3 Percent Interest Rate In Implementation The Ministry of Industry, Commerce, and Supply has implemented the ‘Startup Enterprise Loan, 2081′. The procedure was approved by the Ministry last Wednesday to motivate entrepreneurs with the latest knowledge, thinking, skills, and abilities to get involved in startup ventures.
Under this, there is a provision to give loans to entrepreneurs based on the project at an interest rate of three percent. This loan will be available only to enterprises registered as private firms, partnership firms, companies, or cooperatives whose annual turnover is less than 10 years and less than 15 crore rupees.
There is a provision that one or more banks can be appointed for the implementation of the loan plan. According to the Ministry, the necessary funds have also been allocated for the loan protection of this scheme.
According to the procedure, the loan amount should be deposited in a separate account in the respective bank, and the remaining amount should be returned to the Federal Reserve Fund at the end of the financial year.
In the procedure, it is stipulated that interest or principal must be returned after one year of taking the loan; the maximum loan period is five years, and the insurance entrepreneur has to do it himself. A provision has been made that the bank can charge a maximum of 0.1 percent service fee of the loan amount as an administrative or service fee when disbursing a loan.
