SIDBI – SMILE

SIDBI – SMILE

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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.
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Key Points
  • Competitive interest rates.
  • Funding of part Promoter contribution by way of soft loans.
  • Longer repayment period.
  • Quick dispensation
Eligibility Criteria
  1. Emphasis will be on covering new enterprises in the manufacturing as well as services sector.
  2. The emphasis will however, be on financing smaller enterprises within MSME.
  3. Existing enterprises undertaking expansion, to take advantage of new emerging opportunities, as also undertaking modernization, technology up gradation or other projects for growing their business will also be covered.
  4. Minimum Loan Size – ₹ 10 lakh for Equipment Finance & Others: ₹ 25 lakh.
Tenure and Moratorium
  • Longer repayment period upto 10 years including moratorium of upto 36 months.
  • Minimum Promoter Contribution of 15% subject to Maximum DER of 3:1
Security
Term Loan
  • First charge over all assets created under the project.
  • Personal guarantee of promoter(s).
  • Cases involving term loan up to ₹ 2 crore may be covered under Credit Guarantee Scheme of CGTMSE.
ACR and FACR norms would be applicable in terms of extant Loan Policy.
Soft Loan
  • Residual charge over the entire assets
  • Personal Guarantee of the Promoter(s).
FundsTiger can arrange loans from all above mentioned banks you can apply for an attractive offer with best possible Rate of Interest and Terms for Personal Loan, Business Loan, Home Loan and Car Refinance Loan.
FundsTiger is an Online Lending Marketplace where you can avail fast and easy Home, Business and Personal Loans via 30+ Banks and NBFCs at best possible rates. We will also help you to improve your Credit Score. We have dedicated Relationship Managers who assist you at every step of the process. We can also help you in Balance Transfers that will help you reduce your Interest Outgo

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