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Ahmedabad, Jun 16 () Honouring the Gujarat Chief Minister Vijay Rupani's appeal to support MSMEs hit by coronavirus-induced lockdown, nationalised banks in the state disbursed loans worth over Rs 2,400 crore in the last 15 days. Out of total 89,767 micro, small and medium enterprises (MSMEs) which had applied for loans during this two weeks time, almost 97 per cent or 87,834 applications were approved by the banks, said a release by the Gujarat government on Tuesday. While loans worth Rs 5,373 crore has been approved for these 87,834 applicants, Rs 2,428 crore has already been disbursed to 31,000 of these MSMEs in the last 15 days, the release said. Earlier on May 30, Rupani chaired a virtual meeting through video conferencing facility with bank officials and industry representatives to discuss ways to help MSME units hit by the lockdown. As per a rough estimate, Gujarat has around 33 lakh MSME units providing employment to 1.5 crore people, said the release. Honouring Rupani's appeal, nationalised banks disbursed Rs 2,428 crore in the last 15 days, the release said, adding that some private banks have also come forward to provide loans to the MSME units. PJT PD KRK MKJ

Banks in Gujarat disburse over Rs 2,400 crore to MSMEs

<ul><li>Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> eased the loan application process for micro, small and medium enterprises (MSMEs) by launching a ‘59-minute portal’ on Friday. </li><li>The digital initiative will allow the owners of MSMEs to get approval for a loan in less than an hour instead of the 20-25 days that it took earlier. </li><li>The pilot experiment of the project has already sanctioned 72,000 loan applications.</li></ul>Micro, small and medium enterprises (MSMEs) in India have been under pressure since demonetisation stagnated economic activity due to the sudden liquidity crunch followed by India’s indirect tax reform, when the Good and Services Tax (GST) was implemented. In order to energise businesses in this segment and provide the necessary capital, India’s Prime Minister, Narendra Modi, <a href="https://www.pscp.tv/w/1BdGYOlmQXDxX">unveiled</a> a digital platform which will prevent small enterprises from going through a lengthy procedure for credit requirements. The launch of the <a href="https://www.psbloansin59minutes.com/aboutUs">59-minute</a> portal to support small <keyword id="34606" type="DOMAIN" weightage="20" keywordseo="industries">industries</keyword> was a part of the Indian Government’s ‘<a href="https://www.pscp.tv/w/1BdGYOlmQXDxX">support and outreach initiative</a>’ for MSMEs. While addressing the programme, Modi <a href="https://www.bloombergquint.com/business/modi-government-portal-loans-msmes-59-minutes#gs.p04tWmU">claimed</a> that the project has already crossed its target of approving 72,000 loan applications in its pilot stage. As of now, loans worth ₹230 billion have been approved through the digital portal. 
 
 
 
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 The digital initiative will substitute the processing time of 20-25 days to just 59 minutes making it easy for owners of MSMEs to get there loans sanctioned without visiting banks. In fact, the users of 59-minute portal can apply for loan of upto ₹10 million and expect it to be dispersed in 7-8 working days after the in-Principle approval letter is issued. So, how do you get your loan approved? All the small enterprises which are registered under the GST policy are eligible for a loan by registering on the portal. Although, there is no fee for registration but ₹1,000 along with taxes are charged once the loan applicant finds a lender on the portal. <a href="https://www.livemint.com/Politics/cXSzAPcFJyyU5PZnSbn5PO/How-to-get-Rs-1-crore-MSME-loan-in-59-minutes-A-stepbyste.html">In order to apply</a> for a loan the applicant has to submit a six month bank statement, e-KYC documents, income tax returns for the past three years, GST ID, and business owner’s details. Small industries can avail a loan between ₹1 million to ₹10 million against an interest starting from 8%. Union Government has already asked Reserve Bank of India to relax the norm for weaker banks thereby allowing the MSMEs to resume borrowing from them but the 59-minute portal has been set up by the Small Industries Development Bank of India (SIDBI). The Government of India has been taking initiatives to protect MSMEs in India which went through cash-crunch issue due to demonetisation and taxation reforms.The outreach program is supposed to run for next 100 years aiming to cover each and every corner of India.

Indian MSMEs can now get a loan approved in just 59 minutes

Educational loans are highly sought after by students aspiring to pursue their higher studies. Banks have programs to offer these loans to deserving as well as meritorious students who will need financial support to continue their higher education. But, not all students are eligible for educational loans. Here we list the criteria set by the banks that will decide a student’s eligibility for educational loan. Factors considered for educational loan eligibility When the banks will decide to accept a candidate’s application for educational loan, the following criteria will be considered. <ul><li>The academic history of the student, qualifications earned, the performance evident through marks, achievements and credits. </li><li>The course for which the student seeks the loan. The courses applied for must be accredited and also worth pursuing endowed with good career prospects. The courses that have a good chance of placement will only be considered in order to ensure that the student will be able to repay the loan. </li><li>The institution in which the student wants to pursue the course should enjoy a good reputation and accreditation.</li><li>If the student can provide a collateral and the value of the collateral offered by the student</li><li>Who is guaranteeing the loan – including the parents, acceptable third parties, and co-borrowers and if the co-borrowers have the required credibility and job profile </li></ul>Courses that are eligible for getting an educational loan The students applying for an educational loan can choose to study any course provided that the course and the institution are accredited by the concerned authority. The courses that can fetch educational loans include. <ul><li>Undergraduate degrees or diplomas and some specialized courses</li><li>Postgraduate degrees or diplomas and some specialized courses</li><li>Phd research study and Doctoral Programs</li></ul>Banks come forward to sanction educational loans for some specialized courses, diplomas and training programs. Since not all banks will be ready to offer loans for such courses, a student can research to find the bank that will provide the loan necessary if there are strong job prospects or chances to advance the present career connected with the course opted for. Here is a list of some special courses that are eligible for loans by some banks. <ul><li>Certificate programs in computers</li><li>Diploma in engineering</li><li>Certificate courses offered by ITI</li><li>Data entry operator training program</li><li>Nursing or teacher training certificate courses and B.Ed</li><li>Diploma in agriculture</li><li>Diploma in veterinary medicine</li><li>Diploma or certificate courses that are job-oriented</li><li>Degree or diplomas in the fields of aeronautical engineering, pilot training, and shipping that are provided by some reputed and accredited institutions for the purpose of jobs in India and abroad. </li><li>Vocational courses offered by a Government department or body</li><li>Courses offered by skill development organizations like State Skill Corporations, State Skill Missions, or National Skill Development Corporation.</li></ul>

Applying for an education loan? Here’s what you need to know

<ul><li>The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) released guidelines for a restructuring scheme for the stressed accounts of micro, small and medium-sized enterprises (<keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword>). </li><li>The scheme will only be applied to accounts with an outstanding value of ₹250 million or less. In addition, a loan, whether it is in default or not, has to remain classified as “standard” as of 1 January 2019 to be eligible for restructuring. </li><li>The program was a key demand of the central government, which has been looking to give a boost to the country’s small businesses. </li><li>Separately, the RBI announced earlier this week that the overall non-performing asset ratio, which is a proportion of <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> to all loans, in the banking sector declined for the first time since 2015.</li></ul>In a move that has been in the works for a while, the Reserve Bank of India (RBI) released <a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11445&amp;Mode=0">guidelines </a>for a restructuring scheme for the stressed accounts of micro, small and medium-sized enterprises (MSME). The scheme will prevent the restructured loans from being classified as “non-performing”. The scheme will only be applied to accounts with an outstanding value of ₹250 million or less. In addition, a loan, whether it is in default or not, has to remain classified as “standard” as of 1 January 2019 to be eligible for restructuring. If the account has been downgraded, then it won’t fall into the scheme. Under the one-time scheme, banks and non-banking financial entities will have until the end of the 2019-2010 financial year to restructure the eligible accounts. They will also have to incur a 5% provision charge on each restructured loan in addition to existing provisions. Finally, to avail the program, borrowers need to be GST-compliant. The program was a key demand of the central government, which has been looking to give a boost to the country’s small businesses. The issue of credit to MSMEs became a sticking point in the <a href="https://www.businessinsider.in/a-compromise-between-the-rbi-and-the-central-government-could-be-in-the-offing-as-the-board-to-central-bank-prepares-to-meet-next-week/articleshow/66619722.cms">spat between the central government and the RBI</a> towards the end of last year. Despite some hesitation at what the scheme might mean for the banking sector’s bad loan crisis, the central bank eventually relented. At <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">the end of November</a>, it announced that it would formulate a scheme to help small businesses restructure their bad loans. The program will not only provide some relief to India’s small businesses from loans they’ve defaulted on, but will allow them further access to financing. In addition to forming the backbone of the Indian economy with regards to employment and manufacturing, small businesses are also an important vote bank. All that means is catering to the needs of small business owners will be crucial in an election year. The central government is also said to be mulling a plan to raise the minimum sales requirement for small businesses in regards to GST registration. The sales threshold, which is currently ₹2 million could be reportedly raised to <a href="https://www.livemint.com/Companies/rGAwnMFrEDmJAYpRkNqw5N/SMEs-set-to-get-GST-relief-ahead-of-2019-Lok-Sabha-elections.html">as much ₹7.5 million</a>, which will spare smaller businesses from having to comply with the requirements of the taxation policy. Separately, the RBI announced earlier this week that the overall non-performing asset ratio, which is a proportion of bad loans to all loans, in the banking sector declined for the first time since 2015, falling from 11.5% in March 2018 to 10.8% by September 2018. In its <a href="https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/0FSRDECEMBER2018DAFEDD89C01C432786925639A4864F96.PDF">Financial Stability Report</a>, which was released on 31 December, the central bank also predicted that the bad loan ratio would decline to 10.3% by the end of March 2019. SEE ALSO: <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">After weeks of tension, the Reserve Bank of India gives in to some of the central government's demands while retaining its independence</a> <a href="https://www.businessinsider.in/indias-central-bank-chooses-to-keep-interest-rates-on-hold-unveils-a-new-pricing-policy-for-retail-and-small-business-loans/articleshow/66968094.cms">India’s central bank chooses to keep interest rates on hold, unveils a new pricing policy for retail and small business loans</a> <a href="https://www.businessinsider.in/indias-central-bank-is-moving-ahead-with-plans-to-set-up-the-countrys-first-public-credit-registry/articleshow/67226406.cms">India’s central bank is moving ahead with plans to set up the country’s first public credit registry</a>

India’s central bank just gave the country’s small businesses a one-time breather from some of their bad loans — but with a few conditions

Mumbai, Jan 22 () Struggling Essel Group's NBFC arm Essel Finance has sold its Rs 145-crore MSME loan book to Adani Capital. 
 The Essel Finance has a secured loan book of around Rs 145 crore comprising 1,100 customers, employs 40 and present in 10 cities, a statement from Adani Capital said without disclosing other deal details.
 Gaurav Gupta, the chief executive of Adani Finserve, the holding company of the Adanis' NBFC vertical said the acquisition complements their existing MSME business and helps them expand to new geographies including Noida and Chennai.
 Describing the deal as an opportunistic acquisition, he said their near-term goal is to focus on improvising processes, leveraging technology and enhancing productivity.
 Launched in April 2017, Adani Capital had a loan book of Rs 1,100 crore of December 2019, with the housing finance arm contributing Rs 150 crore. It serves over 18,000 entrepreneur borrowers and homeowners across both the business.
 Primarily operating in the Western states Adani Capital is aiming to gradually expand its footprint to Madhya Pradesh, Chhattisgarh and Orissa as part of its target of clocking a loan book of around Rs 3,000 crore by the end of the next fiscal.
 Adani Capital is focused on providing loans to small and micro entrepreneurs for income generation and operates through 56 branches across Gujarat, Maharashtra, Rajasthan and Karnataka. 
Adani Capital began as an NBFC with a focus on MSME and corporate finance with ticket size ranging from Rs 1-25 lakh.
 The MSME finance mainly includes business loans, farm sector finance, commercial vehicle loans and supply chain finance, while in corporate finance, it mainly operates in infrastructure real estate and corporate loans.
 Later it entered the home finance too with a focus on the weaker section of the society. BEN MR
MR

Essel Group sells MSME loan book to Adani Capital

Nearly 50% of micro, small and medium enterprises (<keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword>s) have witnessed a 20-50% impact on their earnings due to the disruptions caused by the COVID-19 pandemic, according to a survey. Even within the MSME sector, smaller-sized firms' earnings were more affected by the pandemic, according to a joint survey conducted by non-banking financial company Magma Fincorp, and business school Bhavan's SPJIMR. The findings are based on responses from 14,444 MSMEs. The survey, conducted in the second half of May 2020, focussed on the financial impact of the pandemic on MSMEs and their outlook towards the earnings. "Almost half of the micro and small firms stated that the impact of COVID-19 on earnings was between 20-50%," the survey said. Both essentials and non-essential manufacturers and suppliers stated a similar impact on earnings, which is less than 50%, it said. However, close to half the respondents in the non-essential sector were negative in outlook, compared to the 25% for those in the essential businesses. More than two-thirds of the businesses surveyed were in the non-essentials business, and were from the southern and western part of the country. Northern and eastern part of the country reported greater negative outlook among the geographical regions, it said. The survey showed that the respondents seem to be far more positive about their own financial health, with 76% rating themselves average or above average. "Nearly 53% of the respondents had availed of the government's moratorium either from Magma or from other lenders. Around 51% stated that they did not need to borrow," it showed. Of the industries, health care, telecom, oil &amp; gas, pharmaceuticals and fast-moving consumer goods (FMCG) displayed the highest positive outlook, while tourism and hospitality, gems and jewellery, power and utilities, and textiles and electronics displayed the highest negative sentiments, the findings showed. The tourism and hospitality sector appears to be the worst affected in terms of impact on earnings, while the pharma sector is the least affected. Magma Housing Finance and SME Business MD and CEO Manish Jaiswal said, "The report is the revelation of the deep transformation that will be required in the underwriting standards, which will need to deploy a plethora of data trails and data emerging from multiple variables arising out of structured and unstructured transactions which have been ignored hitherto." Conventional underwriting models will undergo a quiet requiem after the COVID-19 pandemic, teaching us a few lessons along the way, he said.

Nearly half of MSMEs witness up to 50% fall in revenues, says a new report

Ahmedabad, Feb 18 () The Gujarat government onTuesday signed an MoU with State Bank of India (SBI) tofacilitate approval of loans to entrepreneurs in the MSMEsector with ease and within a short time-frame.As per the MoU, the top public sector lender willprovide working capital to entrepreneurs seeking to start newmicro, small and medium enterprises (MSME) within a short time-frame after providing theoretical approval within 15 days ofmaking an application, the government said in a release here.The MoU was signed between principal secretary M K Dasand SBI Ahmedabad circle general manager Ramesh Kumar Agarwal.Within 15 days of making an application, the bank willprovide theoretical approval to the project. Start-ups cansubmit an application on either the MSME portal or to thelocal nodal agencies, it said.The SBI decided to help MSME entrepreneurs in Gujaratlooking at their high recovery rate, said the release.Chief Minister Vijay Rupani, also present at the MoUsigning event, said the number of applications for MSME loanshas increased this year compared to a year ago.Even the experience of banks in terms of loan recoveryhas been very good, he said.The state government had, in October last year,announced that MSME units will no longer be required to takevarious approvals to begin operations for the first threeyears.The government said MSME units exempted from takingapprovals for the first three years, can start operationsafter getting an acknowledgment certificate from the statenodal agency by submitting 'declaration of intent.' KA PDAPRSY RSY

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Banks in Gujarat disburse over Rs 2,400 crore to MSMEs

PTI

Indian MSMEs can now get a loan approved in just 59 minutes

BI India Bureau

Applying for an education loan? Here’s what you need to know

BI India Bureau

India’s central bank just gave the country’s small businesses a one-time breather from some of their bad loans — but with a few conditions

Dilsher Dhillon

Essel Group sells MSME loan book to Adani Capital

PTI

Nearly half of MSMEs witness up to 50% fall in revenues, says a new report

PTI

Gujarat govt partners with SBI to facilitate MSME loans

PTI

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