Monday, June 21, 2021

National small industries corporation (nsic)

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National Small Industries Corporation is shortly known as NSIC. It provides support and works for the betterment and growth of the Micro, Small and Medium Enterprises (MSMEs) nationwide. NSIC currently working under the Ministry of Micro, Small and Medium Enterprises (MoMSME) for the promotion and betterment of these enterprises. NSIC works in collaboration with its wide network of branch offices and technical centres extend across the country. It has a wide range of services which includes financial assistance, core training and incubation, etc. NSIC offers united support services under finance, technology, marketing, and support services. The NSIC also focuses on providing the best quality machinery on a hire purchase basis.

Banks Interest Rates in NSIC Scheme 

NSIC provides interest rate to MSMEs from 10.50% to 12.00% per annum.

The NSIC comes with the main objective which is to meet the credit needs of MSME units, the NSIC signed a Memorandum of Understanding also called MOU with leading nationalized and private sector banks and non-banking financial institutions. Under this confidential deal with the bank, NSIC assures MSME units in providing credit support from the banks which helps many to successfully run and manage their business.

The interest rates in MSME loan varies from bank to bank, but most of the banks charge interest rates varying from 10.50 to 12.00% per annum. Many sectors play a vital role in deciding the interest rates, which can directly impact credit venture.

Features and benefits

  1. Facilitates credit to MSMEs through the banks of the public and private sector.
  2. Promotes the priority sector.
  3. Option to the enterprise to switch from one bank to another.
  4. They provide Mentoring in the documentation process to MSMEs.
  5. Guide every step to MSMEs in availing of best interest rates.
  6. Facilitate and guide MSMEs in obtaining the credit.
  7. Give handholding support to.
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