Loan Application Steps for Entrepreneurs (MSME): Through Banks/other Financial Institutions Online modes of loan application: One can apply online for loan at https://udyamimitra.in Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched to provide collateral fere loans up to Rs.10 lakhs to the non-corporate, non-farm small/microenterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, MFIs and NBFCs.The borrower can approach any of the lending institutions mentioned above or can apply online through Udyamimitra Portal https://udyamimitra.in/.Under the aegis of PMMY, MUDRA has created three products namely 'Shishu', 'Kishore' and 'Tarun' to signify the stage of growth / development and fundingneeds of the beneficiary/micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth. The three products are :- Shishu: covering loans up to Rs.50,000/-Kishore: covering loans above Rs.50,000/- and up to Rs.5 lakhTarun: covering loans above Rs.5 lakh and up to Rs.10 lakh Bank loan for business in 59 Minutes The Small Industrial Development Bank of India has set up a fintech platform called PSB Loans in 59 minutes. This Platform has set a new benchmark in loanprocessing by reducing turnaround time for In-principle approval from days to less than 59 minutes. The Platform providesBusiness Loan (Term Loan & Working Capital Loan) - In-principle approvals for value from Rs.1 Lakh to Rs. 5 Crore and 12 Mudra Loan - In-principle approvals are currently provided for value from Rs.10,000 to Rs.10 Lakhs. Post receiving In-principle approval letter, the loan is expected to be sanctioned/ disbursed in around 7-8 working days. The Platform is being used by all the PSBs and Private Sector Banks & NBFCs. For more information please visit https://www.psbloansin59minutes.com/home Do you know that Certified Credit Counsellors (CCCs) help you in loan application process? Are you hesitant to apply to banks for MSME loans due to lack of knowledge on preparing business proposals, maintaining financial documents, etc.?You may approach Certified Credit Counsellors (CCCs) who are registered by SIDBI. A list of such counsellors is available on Udyamimitra Portal at:https://udyamimitra.in/page/about-ccc. These counsellors may assist you with business decisions. Prime Minister Employment Generation Programme (PMEGP) PMEGP scheme aims to generate employment opportunities in both rural and urban areas for the MSMEs through setting up of new self-employment projectsin the country. This scheme is being managed by Khadi and Village Industries Commission (KVIC) at the national level and being implemented by State KVICDirectorates, State Khadi and Village Industries Boards (KVIBs), District Industries Centres (DICs) and banks at the state and districts level Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSEscheme) CGTMSE or Credit Guarantee Fund Scheme provides financial assistance to micro and small enterprises for availing a loan upto Rs.200 lakh without any collateral or third-party guarantee. The Credit Guarantee scheme (CGS) seeks to reassure the lender that, in the event of a MSE unit, which availed collateral free credit facilities, fails to discharge its liabilities to the lender, the Guarantee Trust would make good the loss incurred by the lender up to 50/75/80/85 per cent of the credit facility. Banks are mandated not to accept collateral security in the case of loans up to Rs.10 lakh extended to the units in the MSE sector.The details are available on https://www.cgtmse.in