Haryana MSME Revival Interest Benefit Scheme 2020-21

Haryana MSME Revival Interest Benefit Scheme 2020-21, How to get the registration form and enroll eligibility, documents 

The Coronavirus pandemic compelled the central government to opt for total lockdown in all Indian states. The Haryana government has urged the citizens to abide by these rules to save themselves from the deadly disease. However, this lockdown has stopped the wheel of Indian economy. Large, medium, small and marginal scale production units are no longer in operation. It has paved the path for a massive financial loss. In an attempt to rescue the production units, registered under the MSME, the Chief Minister of Haryana has launched the MSME Revival Interest Benefit Scheme. It will offer financial respite to the owners of the production units. If you want to know more about the scheme, then read this article.

Haryana MSME Revival Interest Benefit Scheme

Name of the schemeHaryana MSME Revival Interest Benefit Scheme
Launched inHaryana
Launched byManohar Lal Khattar
Date of announcement30th April 2020
Date of implementationSoon
Target beneficiariesMSME production unit owners
Supervised byGovernment of Haryana

Key features of the scheme

  1. Revival of the MSME sector – The launch of this project has been targeted towards providing financial support to the MSME production units.
  2. Interest benefits – As per the scheme guideline, the owners of commercial units, which fall under the MSME category will attain 100% interest perks, on business loan.
  3. For paying wages – The banks will issue the special loan to the owners, for paying the salary of the employees.
  4. Meeting other expenses – The owners of the commercial production units will be able to attain the credit to meet the emergency requirements.
  5. Maximum loan amount – The Chief Minister has pointed out that the owner of the MSME production unit will be able to apply for a maximum of Rs. 20,000 for every employee, working in the factory.
  6. Tenure of obtaining interest benefits – The banks or the financial institutes, which have issued the loans, will offer the interest benefit to the MSME unit owners for a maximum term of six months.
  7. Rate of interest calculation – It has been mentioned in the scheme benefits that the banks will calculate the interest benefit at 8% on a yearly basis. If the bank charges less interest in the term loans, then the calculation of interest benefit will be done as per that percentage.
  8. Tenure of the scheme – The state government has also mentioned that the scheme will remain active for a term of three months, which will be calculated from the date of its official implementation.

Eligibility for the applicants

  1. Must be located in Haryana – The commercial production unit must be located in Haryana, and must be owned by a person who is a legal resident of the state.
  2. Must have MSME registration – If the organization does not have the MSME registration, then the owner will not be able to apply for this perk.
  3. Operational requirement – It has been highlighted that only those units, which have operated for at least 90% of the days, starting from 1st February to the 15th March, 2020, will be able to obtain the scheme benefits.
  4. Must be a production unit – It is mandatory for organization to fall in the category of a commercial production unit.
  5. Applicable for specific loans – The interest benefit scheme will be available to those MSME unit owners, who have applied for either a working capital credit or a term loan.

Documents necessary for application

  1. Address of the unit’s location – Such documents, which highlight the address of the production unit, must be furnished. It will be used for verification purposes.
  2. ID proof of the owner – All the applicants will have to attach the copies of their Aadhar card and voter card with the registration forms.
  3. MSME registration certificate – The applicant must attach the registration certificate that has been issued by the MSME department.
  4. Trade license – If the commercial production unit does not have a trade license, then the owner will fail to obtain the interest benefits.
  5. Loan documents – If the owner of the unit desires to attain the credit, then he/she must submit the copies of credit application and issuance documents.

How to get the registration form and enroll for the scheme?

The Haryana government has recently announced the scheme. The primary guidelines have been published in the official press release. However, the Chief Minister has not mentioned anything about the date of the scheme implementation. Additionally, nothing has been mentioned about the registration process. Once the state government announces the registration details, you will get the updated news on our portal.

Conclusion

The lockdown will have a lasting impact on the Indian economy. The market will take some time to get back on the track. However, schemes like these, ensure that the government is there to support the MSME business units.

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