For starting a business by the government, a loan of up to two crore rupees is given without guarantee, but very few people will know that the government gives a guaranteed loan in addition to business. Apart from education and skill development, there are two other types of loan, in which the loan is guaranteed by the government. That is, you would not have to give any guarantees to take a loan. Actually, this guarantee is given by the National Credit Guarantee Trust Company (NCGTC), which is under the Ministry of Finance. On behalf of this company, small businessmen are guaranteed loans up to Rs 2 crores, which was announced by Prime Minister Narendra Modi on December 31, 2016.
But very few people know that this company also guarantees on taking other types of loans apart from small traders. You can also take advantage of it.
Education loan is guaranteed
NCGTC is guaranteed on taking an education loan. If you take an education loan of up to Rs 7.5 lakh, you do not need to give any collateral security nor guarantee a third party guarantee. For this, the Credit Guarantee Fund for Education Loan has been created, with the goal that 10 lakh people are given this guaranteed free loan.
Take loan for skill development
If you want to develop your skills to get a good job and are taking loans for it, you do not need any guarantees. Your guarantee will be given by the government. The government has set up the Credit Guarantee Fund for Skill Development Loan, which gives loans to 10 to 20 lakh people in a year.
Doing small business
You do not have to guarantee if you want to make a small business and take a loan for it. You can take a loan bank of up to Rs 10 lakh, this will be guaranteed by the National Credit Guarantee Trustee Company.
Loan up to 1 crore
If you apply loans under stand-up scheme, then you will get a loan of between Rs. 10 lakh and Rs. 1 crore without any guarantee. It is important that only women and SC-ST people can apply under stand-up scheme.
Loan for Factored Date
Under the same scheme, you do not need to guarantee a loan even for a Factored date of Micro, Small and Medium Enterprises, for MSME.