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Steps to Follow for Loan Application under CGTMSE Scheme
First of all, you can’t apply for the loan under CGTMSE Scheme online. You have to contact to the banks nearby you. Broadly, there are four steps for applying for the loan under this scheme.
Forgetting the fund for a new business, you have to form the business organization first. According to the mode of operation, register your business. Additionally, obtain the necessary licenses and permissions from the respective Govt. authority. Furthermore, open a current bank account and apply for business PAN Card.
This is the most important aspect of getting the bank loan approved under this scheme. Because the project viability is the most crucial factor that the bank considers. Therefore, you must submit a full-proof project report with market analysis, ROI, Break Even and Payback calculations.
It is advisable to take the help from the professional to craft the project report properly. Additionally, you must put the feasible data and information to make it acceptable to the banks.
After getting the project report, you can apply for the loan. It is advisable to talk with at least 2 to 3 banks that are nearby you. If you already have an account in any of nearby bank, the first thing is to start talking to them.
After getting the sanction of the loan, the bank will apply for the subsidy to the CGTMSE organization. For the approval of the scheme, the bank needs to submit several documents. After the approval, you have to pay the CGTMSE guarantee and service fee if any.