SIDBI Makein India Loan for Enterprises (SMILE) Scheme was launched to carry forward the India Government's 'Make in India' campaign and shore up MSMEs to associate with the campaign.
The focal point of SIDBI incorporates micro, small, and medium enterprises (MSME). It is expected that this scheme would benefit around 13,000 businesses, with employment for almost 2 lakh persons.
10% of the project cost, maximum Rs.20 lakh
15% of the project cost, maximum of Rs.30lakhs for SC, ST, and Persons with disability and Women
Rate of Interest
First three years: 9.15% to 9.35% per annum
4th yearonwards: 11.70% – 12.70% per annum
MinimumRs.50 lakh for new enterprises
Minimum Rs.25lakh for existing enterprises
Rate of Interest
First three years: 9.45% to 9.95% per annum
4th year onwards: 11.70% to 12.70% per annum
SMILE(SIDBI Make in India Soft Loan Fund for MSME)
SMILE Equipment Finance (SEF)
Loans under Partnership with OEM (Original Equipment Manufacturer)
Working Capital (Cash Credit)
SIDBITrader Finance Scheme (STFS)
Start-ups Lifecycle along with SIDBI's interventions
Funds of Funds for Start-ups
India Aspiration Fund
Assistance through Banks, NBFCs, and SFBs
Assistance to NBFCs
Assistance to Small Finance Banks (SFB)
Micro-Lending Development Department (MLDD)
Responsible Finance Initiatives
The SMILE scheme focuses on 25 sectors with an emphasis on financing smaller enterprises within the MSME sector. Some of them are given below:
Electrical Machinery and Electronic Systems
Media & Entertainment
IT and BPM
Leather and Mining
Oil & Gas
Ports & Shipping
Roads & Highways
Space and Thermal Power
Textiles & Garments
Tourism & Hospitality
The ultimate goal of SMILE is to intensify the MSME sector by granting them financial reinforcement. The bank supports MSME to avail of funding for the expansion, commercialization, and marketing of their innovative technologies and merchandise.
This scheme mainly targets new enterprises in the manufacturing and services sector. But that put the stress on financing smaller enterprises within MSME.
It is also for the existing enterprises, looking for financial support for undertaking expansion, technological growth, or other projects to give a boost to their business.
Select Login and click on the tab of 'Applicant' and then choose 'New User'
Thereafter, two options will appear asking for the expected loan amount, and the scheme you wish to apply under.
Once you fill them out, the loan application form will expand asking for some mandatory information
After filling out the application, click on Register. You would receive an account activation containing the username and password.
Log in to the portal with new credentials, and a new form will appear asking about your business.
For any query, contact the nearest SIDBI office about your business needs or visit the official website www.sidbi.in