Money Saving Tips

Government Schemes specially for Startups 2/10 https://www.fundstiger.com/startup-government-schemes-2/ 6. Scheme of Fund for Regeneration of Traditional Industries (SFURTI) Headed By: Ministry of MSME The aim of the scheme is to organize Traditional Industries and Artisans into clusters and to provide sustainable employment, enhance marketability of products and to equip them with improved skills, better tools and facilities. Eligibility: NGOs, Government or semi-Government bodies, and Panchayat Raj institutions can avail the scheme for cluster improvement. Funding: The financial assistance provided for any specific project shall be subject to a maximum of 8 crore INR to support Soft, Hard and Thematic interventions. More information:  https://msme.gov.in/scheme-fund-regeneration-traditional-industries Contact information: Address: Ministry of Micro, Small and Medium Enterprises, Udyog Bhawan, Rafi Marg, New Delhi-110011 E-mail ID: dcmsme@nic.in Phone No: +91...

Government Schemes specially for Startups 1/10 https://www.fundstiger.com/startup-government-schemes/ The Government of India (GoI) and governments of several states have introduced schemes to finance and support startups. The GoI formulates provisions to alleviate the conditions of startups in its financial budget. Government schemes can be availed by startups if they fall under the definition of a startup provided by the GoI. The process of recognition as a “startup” can be availed through an online application. Following are some of the important schemes launched by the GoI to assist startups in sustaining growth and marketability: 1. Newgen Innovation and Entrepreneurship Development Centre (Newgen Iedc) Headed by: Department of Science and Technology NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC) has been launched to “promote knowledge-based and technology-driven startups by harnessing young minds and their innovation potential in an academic e...

SIDBI – SMILE https://www.fundstiger.com/sidbi-smile/ SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises (Smile) SIDBI Make in India Loan for Enterprises (SMILE) is intended to take forward Government of India’s ‘Make in India’ campaign and help MSMEs take part in the campaign. The focus will be on identified 25 sectors under ‘Make in India’ programme’ with emphasis on financing smaller enterprises within the MSME sector. The scheme is expected to benefit approximately 13,000 enterprises, with employment for nearly 2 lakh persons. Objective of the Scheme The objective of the Scheme is to provide soft loan, in the nature of quasi-equity and term loan on relatively soft terms to MSMEs to meet the required debt-equity ratio for establishment of an MSME as also for pursuing opportunities for growth for existing MSMEs. Key Points Competitive interest rates. Funding of part Promoter contribution by way of soft loans. Longer repayment period. Quick dis...

Should you opt for the extended EMI moratorium? https://www.fundstiger.com/opting-extended-emi-moratorium/ Reserve Bank of India announced an extension of the previously announced three-month loan EMI moratorium by another 3 months to August 31, 2020. The central bank, in March had announced a three-month EMI holiday from March 1, 2020, till May 31, 2020 on all term loan repayments like auto, home, personal loan EMIs and so on. This extension is especially a big relief for home loan borrowers facing a cash crunch due to the nationwide lockdown and its associated adverse financial impact on the economy. So, if you are a home loan borrower who opts to avail of the moratorium extension by 3 months and thereby take a total moratorium of six months, this is how it will impact your EMI schedule and total outgo on the loan amount. Repayment schedule If you opt for the moratorium extension, you need not pay the EMIs for 6 months i.e. March, April, May, June, July and August. However,...

RBI extends loan Moratorium by another 3 months https://www.fundstiger.com/rbi-extends-loan-moratorium-3months/ The Reserve Bank of India (RBI) announced an extension of the moratorium on loan EMIs by three months, i.e. August 31, 2020. The earlier three-month moratorium on the loan EMIs was ending on May 31, 2020. This makes it a total of six months moratorium on loan EMIs starting from March 1, 2020. The extension of three-month moratorium on repayment of term loans by borrowers means that they would not have to pay the loan EMI instalments during the moratorium period. The extension will provide relief to many individuals, especially the self-employed, as they would have found it difficult to service their loans such as car loans, home loans etc. due to loss of income during the lockdown period from March 25, 2020. Missing an EMI payment would mean risking adverse action by banks which can adversely impact one’s credit score. As per the Statement on Developm...

Revised MSME definition by the Finance Minister https://www.fundstiger.com/revised-msme-finance-minister/ Delivering the economic package, part of the Aatmanirbhar Bharat Abhiyaan, Finance Minister Nirmala Sitharaman on Wednesday announced revisions in the definition of Micro Small and Medium Enterprises (MSME). Earlier, the MSMEs were defined on the basis of investments put in, now the revised definitions will also include turnover of the company. Sitharaman also declared that there will be no more distinction between Manufacturing and Service MSMEs. “Earlier, the criteria for manufacturing units and service units were different. Now those distinctions between Manufacturing and Service MSMEs are being removed. They will all be defined similarly,” she said. Micro units MSMEs will now be called Micro units if they have investments upto Rs 1 crore and turnover of less than Rs 5 crore. The definition earlier was on investment criteria of up to Rs 10 lakh for Service MSMEs ...

https://www.fundstiger.com/epf-withdrawal-covid19/ Members of the Employees’ Provident Fund Organisation (EPFO) have been allowed to take non-refundable advances from their EPF accounts in case of financial emergencies caused due to the coronavirus-induced lockdown. As per the EPF withdrawal rules, a member can withdraw an amount equal to three months of basic salary and dearness allowance (DA) or 75% of the credit balance in the account, whichever is lower. To help members with the withdrawal process, on April 26, 2020, the EPFO issued a set of FAQs. 1. What is the process for change in name on marriage of a woman member against UAN when changes are made in Aadhaar? The name change process if the Aadhaar data is changed is similar to other change requests. Member has to apply online and employer will digitally approve the request. The correction request can be submitted online or offline (joint request) along with a copy of the marriage certificate or such other document...