Himachal Pradesh is a state in northern India known for its scenic beauty and diverse industries. The state has a significant number of Micro, Small and Medium Enterprises (MSMEs) that contribute to its economic growth. To support the growth of these MSMEs, the Himachal Pradesh government has launched various loan schemes. These schemes provide financial assistance to MSMEs to start, expand or modernize their businesses. In this blog, we will discuss some of the major MSME loan schemes available in Himachal Pradesh, their eligibility criteria, benefits, and whether they are state or central government initiatives.
- Scheme Name: Mukhya Mantri Swavlamban Yojana (MMSY)
Description:
This scheme provides financial assistance to start-ups and existing MSMEs in Himachal Pradesh. Under this scheme, the state government provides a loan of up to Rs. 30 lakhs with a subsidy of 25% on the loan amount. The loan is repayable in five years with a moratorium period of one year.
Eligibility Criteria:
| Scheme Name | Age | Educational Qualification | Gender | Urban/Rural | Industry Profile | Social Category | Benefits | State/Central Scheme |
|---|---|---|---|---|---|---|---|---|
| MMSY | 18-50 years | Minimum 10th pass | All | Rural/Urban | All MSMEs | All | Loan up to Rs. 30 lakhs with a subsidy of 25% on the loan amount | State Scheme |
- Scheme Name: Mukhya Mantri Yuva Ajivika Yojana (MMYAY)
Description:
This scheme provides financial assistance to unemployed youth to start their own MSMEs in Himachal Pradesh. Under this scheme, the state government provides a loan of up to Rs. 30 lakhs with a subsidy of 25% on the loan amount. The loan is repayable in five years with a moratorium period of one year.
| Scheme Name | Age | Educational Qualification | Gender | Urban/Rural | Industry Profile | Social Category | Benefits | State/Central Scheme |
|---|---|---|---|---|---|---|---|---|
| MMYAY | 18-45 years | Minimum 10th pass | All | Rural/Urban | All MSMEs | All | Loan up to Rs. 30 lakhs with a subsidy of 25% on the loan amount | State Scheme |
- Scheme Name: Prime Minister’s Employment Generation Programme (PMEGP)
Description:
PMEGP is a credit-linked subsidy programme for MSMEs implemented by the Ministry of MSMEs, Government of India. Under this scheme, the state government provides a subsidy of 25% to 35% for projects costing up to Rs. 25 lakhs.
Eligibility Criteria
| Scheme Name | Age | Educational Qualification | Gender | Urban/Rural | Industry Profile | Social Category | Benefits | State/Central Scheme |
|---|---|---|---|---|---|---|---|---|
| PMEGP | 18 years and above | Minimum 8th pass | All | Rural/Urban | All MSMEs | All | Subsidy of 25% to 35% for projects costing up to Rs. 25 lakhs | Central Scheme |
- Scheme Name: Udyogini Scheme
Description:
Udyogini Scheme provides financial assistance to women entrepreneurs to set up their own MSMEs in Himachal Pradesh. Under this scheme, the state government provides a loan of up to Rs. 1 lakh with a subsidy of 30% on the loan amount.
| Scheme Name | Age | Educational Qualification | Gender | Urban/Rural | Industry Profile | Social Category | Benefits | State/Central Scheme |
|---|---|---|---|---|---|---|---|---|
| Udyogini Scheme | 18-55 years | Minimum 8th pass | Women | Rural/Urban | All MSMEs | All | Loan up to Rs. 1 lakh with a subsidy of 30% on the loan amount | State Scheme |
- Scheme Name: Swarnima Yojana
Description:
Swarnima Yojana is a scheme for the empowerment of women in Himachal Pradesh. Under this scheme, the state government provides a loan of up to Rs. 50,000 to women entrepreneurs to start their own MSMEs. The loan is repayable in five years with a moratorium period of six months.
Eligibility Criteria:
| Scheme Name | Age | Educational Qualification | Gender | Urban/Rural | Industry Profile | Social Category | Benefits | State/Central Scheme |
|---|---|---|---|---|---|---|---|---|
| Swarnima Yojana | 18-55 years | Minimum 8th pass | Women | Rural/Urban | All MSMEs | All | Loan up to Rs. 50,000 to women entrepreneurs | State Scheme |
- Scheme Name: Mukhya Mantri Swavlamban Yojana
Description:
Mukhya Mantri Swavlamban Yojana is a scheme aimed at providing financial assistance to the youth of Himachal Pradesh who want to start their own MSMEs. Under this scheme, the state government provides a loan of up to Rs. 30 lakhs to eligible applicants. The loan is repayable in seven years with a moratorium period of two years.
Eligibility Criteria:
| Scheme Name | Age | Educational Qualification | Gender | Urban/Rural | Industry Profile | Social Category | Benefits | State/Central Scheme |
|---|---|---|---|---|---|---|---|---|
| Mukhya Mantri Swavlamban Yojana | 18-45 years | Minimum 10th pass | All | Rural/Urban | All MSMEs | All | Loan up to Rs. 30 lakhs | State Scheme |
- Scheme Name: National Small Industries Corporation (NSIC) Subsidy
Description: The NSIC Subsidy scheme is a Central Government initiative that provides financial assistance to MSMEs in Himachal Pradesh. Under this scheme, eligible MSMEs can get a subsidy of up to 15% on the price of the plant and machinery. The subsidy amount is subject to a maximum of Rs. 15 lakhs.
Eligibility Criteria:
| Scheme Name | Age | Educational Qualification | Gender | Urban/Rural | Industry Profile | Social Category | Benefits | State/Central Scheme |
|---|---|---|---|---|---|---|---|---|
| NSIC Subsidy | No age limit | Not specified | All | Rural/Urban | All MSMEs | All | Subsidy of up to 15% on the price of plant and machinery | Central Scheme |
Note: The NSIC Subsidy scheme is a Central Government initiative, but MSMEs in Himachal Pradesh can also benefit from it.
In conclusion, these schemes provide more options for MSMEs in Himachal Pradesh to get financial assistance for their businesses. Each scheme has its own eligibility criteria and benefits, so it’s important for entrepreneurs to research and identify which scheme would be the most suitable for their business needs. Finline’s project report service can also assist MSMEs in preparing a project report that meets the requirements of these loan schemes, making the loan approval process easier and faster.