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What is CGTMSE?

The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is a trust launched by the Ministry of Micro, Small and Medium Enterprises, Government of India, and the Small Industries Development Bank of India (SIDBI).

Launched on 30 August 2000, the primary objective of the CGTMSE scheme is to give credit guarantee to financial institutions that provide loans to SMEs and MSMEs.
CGTMSE aims to encourage entrepreneurs to take collateral-free loans for starting businesses without the fear of defaulting. The trust fund will reimburse the lending institution up to a certain limit, in case the borrower defaults.

The trust works on the following features:
     •   It guarantees a repayment of up to 75% (85% in some cases) of the loan amount with a maximum cap of Rs.62.5 - 65 lakh for loans up to Rs. 50 Lakh.
     •   The trust will provide a maximum guarantee of 50% for loans above Rs.50 Lakh and less than Rs.100 Lakh.
     •   It provides a guarantee of up to 85% to micro enterprises for loans up to Rs. 5 Lakh.
     •   It also guarantees repayment of up to 80% of the loan amount for MSMEs headed by women and loans provided in the North East Region (NER).

This repayment is done against the entire loan amount including interest for a period of 3 months and/or the outstanding loan amount along with its interest calculated from the date of filing the suit or the day when the loan becomes a non-performing asset, whichever is lower.

Charges required by the CGTMSE:
The CGTMSE requires the following charges –
     1.   0.75% for loans up to Rs.5 Lakh.
     2.   0.85% for loans above Rs.5 Lakh and below Rs.100 Lakh.

The CGTMSE scheme is available for all SMEs and MSMEs except educational institutions, training institutions, retail traders, and self-help groups.
Bajaj Finserv also provides SME and MSME Loans up to Rs.20 lakh. Such loans are collateral-free and come with interest rates starting 18% that can be paid in easy EMIs spread across 12 to 60 months.

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