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Now Modi Government to give loan of up to 1 crore to businessmen on the basis of data!

Friday - September 27, 2019 4:15 pm , Category : WTN SPECIAL
Loan in just 59 minutes scheme can start soon
Loan in just 59 minutes scheme can start soon

Honest businessmen to get loan in just 59 minutes without any document!

SEP 27 (WTN) - In a country with a large population like India, there are many opportunities to do business, but there is also a lot of competition in the business. Since the demonetization and the implementation of GST, unscrupulous businessmen are facing problems, but the Modi Government is introducing new schemes for those who do business honestly. In this context, the Modi Government is preparing to give loans ranging from Rs 10 lakh to Rs 1 crore for small businesses without any document, that too in just 59 minutes.

Yes the Modi Government has prepared to sanction a loan for small businessmen of the country from Rs 10 lakh to Rs 1 crore without any documents. Under this ambitious scheme of Modi Government, small businessmen following the rules will be able to get loans ranging from Rs 10 lakh to Rs 1 crore in just 59 minutes.

But according to the information received from the media, only those businessmen who are continuously filing GST returns with honesty will get the benefit of this scheme of Modi Government. Such honest businessmen will now easily get loans ranging from Rs 10 lakh to Rs 1 crore in just 59 minutes without submitting any documents.

Actually, it is being said that as per the intention of Prime Minister Narendra Modi, the GST Express Loan Scheme has been approved by the Ministry of Finance. For your information, let us know that a long time ago Prime Minister Modi gave information about starting this scheme. At that time, Prime Minister Modi said that soon his government is preparing to give loans to small businessmen in just 59 minutes, without submitting any document.

That is, if you are a businessman and regularly fill your GST returns, then loan will be approved from the bank from Rs 10 lakh to Rs 1 crore without showing any documents. This ambitious scheme of Prime Minister Modi being introduced in the interests’ of businessmen is named GST Express Loan Scheme.

According to the information, the proposal of the finance ministry to grant loans on GST returns has been approved. Such schemes will be implemented as soon as possible in public sector banks, so that the businessmen do not face any kind of difficulties in taking loans from banks. Under this scheme, merchants, professionals, companies, firms and cooperative institutions will be able to get loans ranging from Rs 10 lakh to Rs 1 crore in just 59 minutes of action without any financial documents if fill GST returns honestly.

If the businessman is filling the GST returns honestly, then the Modi Government is going to give him a variety of other facilities as well. In this series, traders will also get the facility of overdraft based on the GST returns. For your information, let us know that the amount of the loan of the trader who will fill the GST return will be determined on the basis of turnover, sales and collateral. For your information, let us know that FD, Kisan Vikas Patra, National Savings Letter or immovable property is considered as collateral or subsidiary capital.

In fact, now in modern times the way of taking and giving loans is also changing. Now, there is no need to pledge the property for taking a loan, rather data is being used for this. The loan that will be given to the traders under the GST Express loan scheme will be given on the basis of the data of their GST return and the data will be used to give this loan, let you know that this data will not be the data of the property.

The loan given under this scheme is not collateral means mortgage based lending, but it is flow based lending. As you know, even small businessmen, who do not own any assets, still use their capital flows to take loans but now small businessmen do not have to take any kind of trouble for loan, because now small businessmen will be able to get loan on the basis of data only.

For your information, let us know that the loan rate to the traders will be subject to the interest rate only under Repo Based Lending Rate (RBLR). At the same time, this one year tenure loan can be renewed every year. The pilot project of this ambitious scheme of Modi Government may soon start in the OBC Bank (Oriental Bank of Commerce) and many other public banks. So if you are a businessman and are filling your GST returns honestly, then you can easily get a loan of Rs 10 lakh to Rs 1 crore to fulfill your business needs without showing any document in just 59 minutes.