Interest Subsidy Scheme
Interest Subsidy Scheme
Are you worried about interest on bank term loan?
If yes, today we are going to share with you a New Subsidy Scheme i.e., “Interest Subsidy Scheme”.
There is major requirement of funding in the business and the entrepreneur look into the debt sources for the funds in addition to the funds available with them. The one of the other source of funding are taking loan from the Banks, Financial Institutions etc. But this will increase the cost burden of the interest to be paid for taking the loan.
It will discourage the new entity to bear the heavy cost of interest at initial level of business when business is at the stage of start-up. To help the organization, the State Govt. of Haryana has launched the Scheme of Interest Subsidy to provide assistance in the interest amount which is paid by the entity on term loan.
Under this Scheme, Department of Industry will provide the assistance of amount paid as interest on the term loan taken by the business.
All Micro, Small, Medium, Start-ups units to which term loan has been sanctioned on or after 01.01.2021. The Industrial Units shall also comply with following conditions:-
- The unit shall file IEM/Udyam Registration Certificate (URC) and Haryana Udhyam Memorandum (HUM)on the portal for statistical purpose, at any stage.
- Unit should not fall in the restrictive list as notified by the State Government from time to time.
- The unit should be in regular production at the time of disbursement and the subsidy shall not be released to the closed unit.
- Unit should be in commercial production.
Financial Assistance/Subsidy/Benefits Available:
The Quantum of Assistance as under would be provided in the State as per the given below terms:
A. For MSME units:
i. B Category Block- 5% of interest subsidy on term loan up to maximum Rs 20 Lakh per year for 3 years.
ii. C & D Category Block- – 5% of interest subsidy on term loan up to maximum Rs 20 Lakh per year for 3 years.
iii. For Women/SC/ST- 6% of interest subsidy on term loan up to maximum Rs 20 Lakh per year for 5 years.
B. For Start-up:
8% of interest subsidy up to maximum Rs 20 Lakh per year for a period of 5 years.
Time Limit for Apply:
Within 3 Months from the closing of financial year for which incentive is being claimed.
So if you are going to plan for set up a New Business Unit then You should plan according to above said scheme.
If you want to know more about Interest Subsidy Scheme, Then Contact us at- 9017151780
We at KIP provide assistance in new business opportunity and many subsidy schemes applicable on various businesses. So, if you want to know more subsidy schemes visit-
- Collateral Free Credit Guarantee Scheme- https://kipfinancial.com/collateral-free-credit-guarantee-scheme/
- Electric Duty Exemption– https://kipfinancial.com/electric-duty-exemption/
- Testing Equipment Scheme– https://kipfinancial.com/testing-equipment-scheme/
- Employment Generation Subsidy Scheme- https://kipfinancial.com/employment-generation-subsidy/
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