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Government of India has created the Micro, Small and Medium Enterprises Development Act, 2006 which characterize or defines MSME as follows:
Enterprises that undertakes manufacturing process will fall under the below categories:
As Per the MSME loan scheme, Credit Guarantee Fund Trust for Micro and Small Enterprises was set up by Ministry of MSME, Government of India and SIDBI. The fundamental point is to encourage the stream of credit to MSME division without the requirement for collateral security or any other assurance. The target of this plan is to offer significance to the venture/project viability and secure the credit on the asset that is being financed. There are major areas to be understood like loan eligibility, MSME loan limit and interest rate, and MSME loan security terms before an application for the MSME loan is applied for.