New scheme of SIDBI “SPEED” for machinery purchase for MSME

To facilitate the flow of credit to Micro Small and Medium Enterprises (MSMEs) for investing in machineries, Small industrial Development Bank of India (SIDBI) has recently launched the new scheme

called SIDBI-Loan for Purchase of Equipment for Enterprise Development (SPEED) for machinery purchase from Original Equipment Manufacturers (OEMs) on competitive rate of interest

The salient feature of SIDBI LOAN scheme are

                                                                                                                                               1. Financial assistance of upto Rs 1 crore to new borrower

2. Financial assistance of Rs 2 crore for exisiting borrowers

3. Sanction of Loan within 3 days of submitting documents and disbursement within 4 days of sanction

4. Direct payment to OEM

5. Rate of interest 9.25%-10%

6.Repayment period of 2-5 yearsVisit Plan