CGTMSE stands for Credit Guarantee Fund Trust For Micro and Small Enterprises. My Mudra CGTMSE Loans are collateral-free loan facilities designed for Micro and Small Enterprises (MSEs).
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As per the CGTMSE guidelines, the lending institution which can be NBFCs as well, can provide funds to SME and MSME sector business units. They can be eligible for a maximum credit cap of INR 2 crores. The eligibility norms prescribed both for the lenders and borrowers are.
Lending Institutions: It covers the whole gamut of scheduled commercial banks, specified Regional Rural Banks, SIDBI, NSIC, NEDFi, SFB and NBFCs. They are entitled to lend to the specific sector if they have entered into an agreement with CGTMSE or the Trust for the purpose. These are designated as Member Lending Institutions (MLIs).
Borrowers: The CGTMSE Loan scheme covers all new and existing SMEs:
.The maximum credit facility is Rs.50 lakhs for a guarantee cover not exceeding Rs. 62.50 lakhs / Rs.65 lakhs
.lFor credit facilities above Rs.50 lakhs, the guarantee cap is limited to Rs. 1 crore
.Term credit for the entire outstanding amount on the date the loan is declared to be an NPA or on the date of filing a suit
Exclusions: Some entities are excluded from the CGTMSE Loans scheme, which are:
1. Retail Trade
2. Educational Institutions
3. Agriculture
4. Self Help Groups (SHG)
5. Training Institutes
Documents required for loan application
If you are applying for CGTMSE Loans at My Mudra, you must submit following documents:
· Duly filled CGTMSE loan application form with passport-sized photographs
· Business Incorporation or Company Registration Certificate
· Business Project Report
· CGTMSE Loan Coverage Letter
· Identity proof: Aadhaar card, passport, PAN card, Voter’s ID card, etc.
· Residence proof: Rental agreement, utility bills, ration card, etc.
· Business address proof: Lease agreement, utility bills, or rental agreement
· Income proof: P&L account & balance sheet of last 2 years, income tax returns, sales tax return, PAN card, project report, etc.
· Proof of securities (if provided): Photocopies of title/ lease deeds offered as securities
Follow these tips to improve your CGTMSE Loans Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
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