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Tata Capital > Blog > Loan for Business > How to Apply for a Ban k Credit Facilitation Scheme?

Loan for Business

How to Apply for a Ban k Credit Facilitation Scheme?

How to Apply for a Ban k Credit Facilitation Scheme?

The Bank Credit Facilitation scheme is an excellent initiative by National Small Industry Corporation in association with various financial institutions. It offers fund based and non-fund based limits assistance to MSME business owners to help them grow their organisations. To understand the benefits of this scheme and guidelines on how to apply, read on.

MSME Credit Facilitation scheme features

Before we jump to the steps involved in the application process, let’s do a quick review of the scheme’s features. The MSME Credit Facilitation scheme is designed to help micro, small and medium scale business owners secure credit facilities for their enterprise. This involves tie-ups with multiple financial institutions to provide affordable loan interest rates, a longer credit term, assistance in documentation and prioritising the applications under the scheme. In short, the scheme provides credit support to nationwide MSME businesses with credit requirements.

Additional Read:  New Business Loan Schemes for SMEs

Eligibility criteria for the credit facilitation scheme

Before applying for the loan, it is vital to understand if you are eligible for the loan and associated benefits such as lower business loan interest rates and longer loan terms. To apply for the scheme, you must be a registered business under the MSME category. You will also need documents and proof related to your business and the purpose of your loan.  If your business ID has been registered and recognised by the Indian Government, you can apply for the scheme.

Steps to apply for the MSME Credit facilitation scheme

Below given are the steps to apply for a business loan under the scheme.

  1. Visit the NSIC website and verify if you are eligible for financing assistance under the scheme.
  2. There are various terms and conditions related to the scheme depending on whether you are a micro, small or medium scale industry and your loan’s purpose. Go through the details and then download the application form as per the instructions.
  3. Fill the application form correctly and in as much detail as possible. Attach all the necessary documents and submit it to the NSIC delegated officer. They will provide further assistance and expedite the loan application process. Note that while the official will provide assistance, the ultimate responsibility and benefit of the loan will be reaped by you. Hence, you need to pay extra attention to streamline the application process.

Parting thoughts

The MSME credit facilitation scheme offers much needed assistance in the loan application process for MSME business owners. During loan application, make sure to clarify any queries with the NSIC official and provide detailed information. This will ensure that your loan application experience is streamlined and hassle-free.

Additional Read: All You Need to Know About Credit Guarantee Fund Scheme for Micro and Small Enterprises

Get priority business loans under the MSME facilitation scheme with Tata Capital

We are happy to inform you that Tata Capital has tied up with NSIC under the MSME credit facilitation scheme. We offer prioritised processing of your business loan application along with a longer loan term as per eligibility terms under the scheme. You can get details of your loan structure using our business loan EMI calculator and find out the EMI structure, interest amount, and much more.

Don’t wait any longer, and contact Tata Capital to complete your business goals!

Apply Now

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