On Wednesday 13th May, Finance Minister Nirmala Sitharaman announced collateral-free automatic loans of Rs. 3 lakh crore for businesses, including MSMEs. She said that collateral-free loans will be for firms with Rs. 25 crore outstanding loans or having annual turnover of over Rs. 100 crores. The MSMEs will get a 4-year tenure on loans. She also announced that TDS/TCS for non-salaried specified payments will be reduced by 25% for 2020-21 and liquidity of Rs. 50,000 crore will be released. This will be applicable from May 14.
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Rs. 3 lakh crore collateral-free loan for businesses, MSMEs – FinMin
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