Government’s 59-min loan scheme

Current context: The scheme provides free term loans for MSME’s from Rs. 10lakh to 5crore. It is covered under CGTMSE scheme.

• The 59-minute loan approval scheme is a collaboration of government of India and SIDBI.
• The minimum repayment tenure is 1 year and maximum is 15 years.
• Interest rates are from 6.8% to 21%.
• For the current fiscal year, the loans in March are only 2.2% from April.
• Processing fee for the loan is 0.1% to 6%.

Question:

Q.1 Interest rates are from 6.8% to _____for Government’s 59-min loan scheme
a. 20%
b. 24%

c. 21%
d. 15%