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Mutual Credit Guarantee Scheme for MSMEs provides 60% guarantee for credit facility up to 100 crore

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The Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) has been launched for providing 60% guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs) for credit facility up to Rs.100 crore sanctioned to eligible MSMEs under MCGS-MSME for purchase of equipment/ machinery.

The Scheme is being implemented by National Credit Guarantee Trustee Company Limited (NCGTC), a wholly owned company of Department of Financial Services, Ministry of Finance, Government of India. The MLI shall sanction loans to eligible borrowers and then submit details of the loan account on the portal of NCGTC along with payment of fees, whereupon the MLI shall get a confirmation of loan being guaranteed under the Scheme.

The Scheduled Commercial Banks (SCBs) / All India Financial Institutions (AIFIs) and Non-Banking Finance Companies (NBFCs), shall be the eligible MLIs under the Scheme, subject to execution of an agreement by them with NCGTC.
This information was given by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.