NSIC - Full Form, Types of Schemes, Benefits, Interest Rate, Eligibility, Documents Required
The National Small Industries Corporation is a Public Sector Undertaking (PSU) that runs under MSME (Ministry of Micro, Small, and Medium Enterprises). The National Small Industries Corporation is ISO 9001:2015 Certified and was set up in 1955 by the Government of India.
NSIC has been set up to provide much-needed support to the MSME sector in India so that they can grow better. Services associated with marketing, finance, technology, etc., are offered under NSIC.
Check out the eligibility criteria before you apply for an MSME loan through the NSIC scheme. These include:
Micro, small, and medium enterprises that record a turnover of less than ₹100 Crores are eligible to apply for MSME loans
Enterprises must have a valid GST number
Entities must not be classified as traders
A good CIBIL score is necessary to seek MSME loan approval
If you are seeking cash credit loans, the lending institutions will also ask you to present details of your business, You will need to present the loan repayment records of any past loans (if borrowed) to avail of the loan
Here are the details about the registration fees and other charges, along with the concessions available:
Category |
Fee and Charges |
Registration Fee |
a. Turnover of up to ₹1 Crore i. Micro Enterprises: ₹3,000 ii. Small Enterprises: ₹5,000 b. Turnover of over ₹1 Crore i. Micro Enterprises: ₹3,000 + ₹1,500 for every additional turnover of ₹1 Crore ii. Small Enterprises: ₹5,000 + ₹2,000 for every additional turnover of ₹1 Crore (A cap of ₹1 Lakh is applicable) |
Fee for issuance of amendment in certificate Fee for issuance of Renewal of GP Registration (Due every two years) |
50% of the charges proposed as registration fee with a cap of ₹50,000 |
Concessions |
A 20% concession on fees is available for MSMEs in North-east India |
The credit rating scheme for the performances of MSMEs refers to the rating of various MSMEs on different factors. The autonomous bodies are assigned the task of rating so it can work unbiasedly and help rank each MSME as per their performance.
The credit rating scheme for MSMEs gives the money lending institutions a clearer idea about the future scope and present performance of a business. Some of the grounds on which the credit is calculated for small industries corporations include the following:
Industry Dynamics
Business Efficiency
Marketing and Finance Capabilities
Customer Relations
FAQs on National Small Industries Corporation
When was NSIC set up?
National Small Scale Industries Corporation (NSIC) was set up as a Public Sectors Undertaking (PSU) by the government of India in 1955.
What is the difference between NSIC and MSME?
On the one hand, MSME is a government sector that includes small, micro, and medium enterprises. On the other hand, the NSIC scheme is a PSU that runs under MSME. Hence, both of these are two different entities where NSIC works under the Union Ministry of MSME.
How can I get a loan from NSIC?
The process of getting a loan from NSIC Ltd. is simple. You need to visit the official website and download the application form. Fill out the form and collect all the required documents.
Visit the nearest branch of a bank that accepts the form and submit the form there along with the required documents.
What is an NSIC certificate?
By getting an NSIC certificate, you can facilitate your business. For small industries, the government offers NSIC Single Point Registration for government purchases, including credit rating schemes.
What is the purpose of NSIC?
The purpose of setting up the NSIC scheme is to provide small-scale industries with industry growth-supporting tools like technologies, loans, marketing and finance aids, etc.
