What is TN Credit Guarantee Scheme | Tamilnadu Credit Guarantee Scheme Online Registration, Eligibility & Benefits, Documents Required | India is a nation that is expanding and developing. Nearly every nation on the globe, including the United States of America, Russia, Africa, Australia, etc., has commercial links with it. The state governments offer loan guarantees to MSMEs so that the small units of industry can take part in the development and expansion of the nation and increase import and export. The scheme is known as the TN Credit Guarantee Scheme in the state. In this article, we will learn about the benefits and importance of the scheme. Additionally, we will also learn about the registration process and documentation required for the scheme.
Table of Contents
TN Credit Guarantee Scheme 2022
The Tamil Nadu Credit Guarantee Scheme was established by the state’s Chief Minister, MK Stalin, to provide financial aid to the state’s micro, small, and medium-sized business sector. A hundred crores of rupees have been set aside for this programme by the government of the state.
Tamil Nadu Free Laptop Scheme
This is a guaranteed loan for micro, small, and medium-sized businesses. More than 10,555 applications were received, of which 9212 were accepted.
Tamil Nadu Credit Guarantee Scheme Overview
| Name of Scheme | TN Credit Guarantee Scheme |
| State | Tamil Nadu |
| Beneficiaries | MSME’s |
| Benefits | Financial Aid for the business sector |
| Website | Under Development |
Objective of TN Credit Guarantee Scheme
The main aim and objective of the scheme is to boost the state economy and development by providing loans to micro,small and medium size entrepreneurs in the state. With the help of this program, lenders may rest easy in the event that a micro, small, or medium-sized business is unable to pay back the loan.
Benefits of TN Credit Guarantee scheme
The programme will help new small business owners launch their enterprises without any threat. Some other benefits of the scheme are as
- The scheme would offer financing for new enterprises
- To aid in the development of micro, small, and medium-sized businesses.
- The development of MSMEs will be aided by the Credit Guarantee Scheme.
- To promote the development of the micro, small, and medium industrial sectors by making loans up to Rs. 40 lakh available to small-size businesses with a 90% guarantee. Additionally, for loans worth more than Rs 40 lakh but less than Rs 2 crore, qualifying borrowers will be given an 80% guarantee.
- Under this scheme, there will be development in the state as well as the country ‘s economy.
Eligibility Criteria
Under the terms of the scheme, only citizens are eligible for the scheme, which is under the micro, small and medium enterprise sectors in the state. Currently, the government has not announced the proper eligibility criteria for the scheme.
Registration Process for the TN Credit Guarantee Scheme
In order to avail the benefits of the scheme, the entrepreneurs of the state need to follow the proper procedure of the scheme under the MSME. A specific portal is under development for the scheme, which has not yet been made public. Once the portal is public, we will provide you with all the information regarding the new announcements and the process of registration regarding the portal.