Government’s 59-min loan scheme

Published on March 12, 2023
Current context: The scheme provides free term loans for MSME’s from Rs. 10lakh to 5crore. It is covered under CGTMSE scheme.
Government’s 59-min loan 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%

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