Government Loan Scheme List and Details In 2024
India offers several government loan schemes aimed at supporting various sectors, including small businesses, startups, farmers, and education. Here’s a comprehensive list of some notable government loan schemes along with their details:
1. Pradhan Mantri Mudra Yojana (PMMY)
- Objective: To provide financial support to small businesses and entrepreneurs.
- Eligibility: Small businesses, micro-enterprises, and startups.
- Loan Amount: Up to ₹10 lakhs.
- Interest Rate: Varies depending on the lender.
- Features: Loans are categorized into three types – Shishu (up to ₹50,000), Kishore (₹50,000 to ₹5 lakhs), and Tarun (₹5 lakhs to ₹10 lakhs). No collateral is required.
2. Stand Up India Scheme
- Objective: To promote entrepreneurship among SC/ST and women entrepreneurs.
- Eligibility: SC/ST and women entrepreneurs.
- Loan Amount: ₹10 lakhs to ₹1 crore.
- Interest Rate: Market rates applicable.
- Features: Provides financial assistance for setting up greenfield enterprises in manufacturing, services, or trading sectors.
3. Prime Minister’s Employment Generation Programme (PMEGP)
- Objective: To create employment opportunities by supporting new ventures.
- Eligibility: Individuals between 18 to 35 years (with relaxation for SC/ST, women, and disabled).
- Loan Amount: Up to ₹25 lakhs for manufacturing and ₹10 lakhs for service and retail sectors.
- Interest Rate: Varies based on the lender.
- Features: Subsidy of 15% to 35% on the project cost. No collateral required.
4. National Small Industries Corporation (NSIC) Subsidy Scheme
- Objective: To support small and medium-sized enterprises (SMEs) with credit and marketing.
- Eligibility: SMEs and small businesses.
- Loan Amount: Varies based on the project.
- Interest Rate: Varies.
- Features: Provides credit for procurement of raw materials, machinery, and other operational needs. Offers marketing support as well.
5. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
- Objective: To provide collateral-free credit to micro and small enterprises.
- Eligibility: Micro and small enterprises.
- Loan Amount: Up to ₹2 crores.
- Interest Rate: Varies.
- Features: Provides a guarantee for loans up to 75% of the loan amount. No collateral is required.
6. Agricultural Loan Schemes
- Objective: To support farmers and agricultural activities.
- Eligibility: Farmers, agricultural producers.
- Loan Amount: Varies based on need and lender.
- Interest Rate: Subsidized rates for priority sector lending.
- Features: Includes schemes like Kisan Credit Card (KCC) for short-term credit and long-term loans for agricultural development.
7. Skill Development Loans
- Objective: To provide financial assistance for skill development and vocational training.
- Eligibility: Individuals seeking skill development and training.
- Loan Amount: Up to ₹1 lakh (varies by scheme).
- Interest Rate: Varies.
- Features: Includes schemes like the Skill Loan Scheme by the National Skill Development Corporation (NSDC).
8. Education Loan Schemes
- Objective: To support students pursuing higher education.
- Eligibility: Students enrolled in recognized educational institutions.
- Loan Amount: Up to ₹10 lakhs for studying in India and ₹20 lakhs for studying abroad.
- Interest Rate: Varies based on the lender.
- Features: Covers tuition fees, accommodation, and other educational expenses. Schemes include the Central Sector Interest Subsidy Scheme and various bank-specific education loans.
9. Startup India Scheme
- Objective: To support startups through funding and regulatory assistance.
- Eligibility: Startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT).
- Loan Amount: Varies.
- Interest Rate: Varies.
- Features: Includes funding options like the Fund of Funds for Startups (FFS) and tax benefits.
10. Rural Development Schemes
- Objective: To support rural development projects and activities.
- Eligibility: Individuals and organizations involved in rural development.
- Loan Amount: Varies.
- Interest Rate: Varies.
- Features: Includes schemes like the Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) for skill development and livelihood enhancement in rural areas.