meaning of collateral security and guarantee of credit guarantee fund??
Answers
Answer:
The transformative journey of CGTMSE has begun with change of its logo…the new logo a "colorful flying bird" depicts giving wings to entrepreneurial zeal of millions of youth of this great country who are having bankable business ideas but lack collateral security and / or third party guarantee to access credit from formal source… here CGTMSE extends them helping hand by providing guarantee to enable them access credit leading to setting up viable micro and small enterprises. Thereby transforming them from job seekers to job providers and meaningfully contribute in nation building.
Explanation:
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Answer:
☆collateral security:
- an ASSET which a BORROWER is required to deposit with, or pledge to, a LENDER as a condition of obtaining a LOAN, which can be sold off if the loan is not repaid.
☆CREDIT GUARANTEE FUND
- the Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGS) was launched by the Government of India (GoI) to make available collateral-free credit to the micro and small enterprise sector. ... The extent of guarantee cover is 85% for micro enterprises for credit up to Rs 5 lakh.
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