To save the interest of labour oriented and small scale exporters at the time of slowdown at major markets of the world. The Reserve Bank of India (RBI) have announced 2% interest subsidy to the exporters of handicrafts, handlooms and carpets till 31 March 2012. Now exporters in the small and medium enterprises will be able to get loans at the minimum interest rate of 7%.
Indian small scale sectors especially the exporters of handicrafts, handlooms and carpet are highly impacted these days because of the reducing demand from the global markets like US and Europe. The Reserve Bank of India have taken an initiative where they have announced 2% interest subsidy on loan for small scale exporters.
Banks will ensure to pass on the benefits only to the eligible exporters by offering loan at a floor rate of 7%.
So the following sectors avail the benefit of interest subvention scheme for the period April 1, 2011 to March 31, 2012 :-
- Small and Medium (SME) (as defined in the Annex) : Refer the link below
Refer the link below for complete procedure to claim the subvention.
RBI Notification For Rupee Export Credit for the period from April 1, 2011 to March 31, 2012