CREDIT GUARANTEE FUND TRUST FOR MICRO AND SMALL ENTERPRISES (CGTMSE)
Dear Aspirants
To boost MSME units in India, government introduced collateral free loans. To secure bank loans, Government introduced CGTMSE Cover. Applicants need to pay a small fees every year (proportionate to loan amount) to avail collateral free loans.
CGTMSE claims on NPA’s can be made when the loan becomes a NPA, but in case a loan becomes an NPA before 18 months of disbursement, CGTMSE cover is not available. It is regarded that if a loan becomes an NPA in such a short period there has been some error on the bank side and no compensation is given to the bank. In some states the CGTMSE fee is being fully paid by the state/central government on behalf of the borrowers. All MSME loans upto 1cr. are eligible to be covered under CGTMSE.
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