{"id":9840,"date":"2019-06-10T17:40:37","date_gmt":"2019-06-10T12:10:37","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=9840"},"modified":"2021-06-15T19:31:31","modified_gmt":"2021-06-15T14:01:31","slug":"loans-for-msmes-get-cheaper-rbi","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/loans-for-msmes-get-cheaper-rbi\/","title":{"rendered":"Loans for MSMEs Just Got Cheaper &#8211; Thanks to the RBI"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Reserve Bank of India (RBI) just ensured that loans for MSMEs get cheaper by announcing a <strong>reduction in repo rates (5.75%).<\/strong>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Repo rate is the rate at which the <\/span><span style=\"color: #333333;\"><span style=\"font-weight: 400;\">RBI lends money<\/span><\/span><span style=\"font-weight: 400;\"> to banks in case of a shortage of funds. Monetary authorities like RBI use repo rates to control inflation in the country<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The repo rate cut by the RBI is set to boost India&#8217;s economy by enabling<\/span> <span style=\"font-weight: 400;\">affordable loans to MSMEs<\/span><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> exporters and home buyers. The same day, the RBI had eliminated all charges on NEFT and RTGS transactions to<\/span> <span style=\"font-weight: 400;\">promote digital payments among small businesses<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>How did loans for MSMEs get cheaper? <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When the RBI reduces interest rates,<\/span>\u00a0MSME\u00a0<span style=\"font-weight: 400;\">loans get cheaper<\/span> <span style=\"font-weight: 400;\">by a good percentage. When the repo rate is increased, banks will have to pay higher interest to the RBI. This, in turn, makes the banks levy an increased rate of interest on the businesses and customers they lend too. This can lead to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The customers taking credit from banks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This also leads to a shortage of money in the economy and less liquidity<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Continuing the streak to prioritise MSME sector over other industries growth, RBI reduced repo rates to increase the availability of money for businesses.\u00a0<\/span><\/p>\n<h2><strong>Other RBI Incentives for MSME Sector:<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Over the past few years, the RBI has taken several initiatives to help small businesses get better access to finance to run operations. Some of these important initiatives were:<\/span><\/p>\n<h3><span style=\"color: #333333;\">1. Restructuring MSME Loans up to INR 25 Crores:<\/span><\/h3>\n<p>On February 11th, The Reserve Bank Of India <a href=\"https:\/\/www.instamojo.com\/blog\/rbi-restructure-scheme-benefit-loans-for-msmes-worth-%E2%82%B91-lakh-crore\/\" target=\"_blank\" rel=\"noopener\">restructured loans for MSMEs worth Rs 1 Lakh crore.<\/a> The restructuring came as a one-time scheme that allowed defaulting MSMEs to revise the loan tenor and interest rate for up to Rs. 25 Crore.<\/p>\n<h3><span style=\"color: #333333;\">2. The Introduction of the Government E-marketplace:<\/span><\/h3>\n<p>In a bid to boost MSMEs that wanted to sell to the Government, the RBI and the Government proposed the <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/government-e-marketplace-gem-everything-msmes-need-to-know\/\" target=\"_blank\" rel=\"noopener\">GeM or The Government e-marketplace<\/a>.<\/span> This is an online portal for Government officials and agencies to buy and procure products and services from an online marketplace.<\/p>\n<h3><span style=\"color: #333333;\">3. Introducing Digital POS machines:<\/span><\/h3>\n<p>To promote digital payments among small businesses, RBI has encouraged the use of digital POS. This is a payment method wherein customers can use QR codes as POS machines to make payments.<\/p>\n<h3><span style=\"color: #333333;\">4. Increasing GST Exemption limit from INR 25L &#8211; 40L:<\/span><\/h3>\n<p>The GST Council and RBI decided to double the <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/gst-limit-extension-msme-pay-return\/\" target=\"_blank\" rel=\"noopener\">current GST limit for MSMEs<\/a> <\/span>to \u20b940 lakhs from the previous \u20b920 lakhs. The composition scheme increased to 1.5 Cr From 1 Cr.<\/p>\n<h3><span style=\"color: #333333;\">5. Eliminating NEFT and RTGS charges:<\/span><\/h3>\n<p>Recently, The RBI dropped all <a href=\"https:\/\/www.instamojo.com\/blog\/rbi-removes-charges-neft-rtgs-transactions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">NEFT and RTGS charges <\/span><\/a>in a bid to boost digital payments for small businesses. The RBI levies minimum charges to banks on banks for any online NEFT and RTGS transactions routed through payment gateways. Through this, banks levy a small charge on customers for every transaction. With the new rule, banks will be required to pass these benefits to its customers as well.<\/p>\n<p>Apart from these recent initiatives, the Government and the RBI have provided incentives to the MSME sector to ease their access to finance.<\/p>\n<p>From introducing 59-minute loan schemes to increasing credit guarantee to Rs. 50,000 Cr, there is hope for the MSME sector in the future of India&#8217;s financial economy.<\/p>\n<p><strong>News Update as on 5th October, 2019:<\/strong><\/p>\n<p class=\"p1\">Recently, about half a dozen public sector banks have further reduced lending rates by up to 25 basis points following a cut in the key policy repo rate by the RBI last month.<\/p>\n<p>With Instamojo, you can\u00a0get working capital loans to boost your business. Start transacting today to avail lightning-fast payouts.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default\" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/?ref=blog\" target=\"_blank\" rel=\"noopener\">GET BUSINESS STARTED WITH INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Reserve Bank of India (RBI) just ensured that loans for MSMEs get cheaper by announcing a reduction&hellip;\n","protected":false},"author":6,"featured_media":9874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[2180,1502,2024,1961,2181,1459,1949,2182,1776,1955,1777,2056,1960],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Loans for MSMEs Got Cheaper RBI announces - Instamojo<\/title>\n<meta name=\"description\" content=\"RBI has ensured cheaper loans for MSMEs by reducing the repo rate to 5.75%. 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