All You Need to Know About NSIC Portal Registration
Overview : NSIC is a government of India enterprise engaged in promoting and fostering the growth of Micro, Small, and Medium Enterprises (MSMEs) nationwide. By simply opting for NSIC registration, MSMEs can unlock access to many features beneficial for their growth. There are numerous benefits of NSIC registration, mainly integrated support services such as Marketing, Finance, etc., which are essential for the growth of businesses these days.
An Introduction to NSIC
NSIC is the abbreviation for National Small Industries Corporation Limited. It is a Government of India enterprise that promotes and fosters the sustainable growth of the Micro, Small, and Medium Enterprises in the country. It enlists MSMEs under the Single Portal Registration Scheme (SPRS) to enable them to participate in Government Tenders/Purchases.
The main mission of the NSIC is to promote and support the Micro, Small, and medium Enterprises (MSMEs) Sector by providing integrated support services such as Marketing, Technology, Finance, and other services. NSIC's vision is 'To be a premier Organization fostering the growth of the Micro, Small, and Medium Enterprises (MSME) Sector'.
Objectives of NSIC
- Working on profitability by enhancing efficiency and productivity within the enterprise.
- Fostering business growth by reaching corporates and thus creating business opportunities.
- Helps provide a safe and clean work environment for more productivity.
- Upgrading skills of existing and new workforce as well as employees.
- Assisting in training and self-employment.
Major Functions of NSIC
When it comes to the major functions of the NSIC, they are numerous. It assists MSMEs in elevating their competitiveness by running various development schemes to benefit them. In the same phase, it also provides micro, small and medium enterprises with various integrated support series dedicated to Marketing, Finance and Technology.
From time to time, it conducts skill development and training programs to help MSMEs keep pace with the latest industry trends. Moreover, it also conducts quality training programs for budding entrepreneurs and the unemployed to start their new ventures. Also, it assists entrepreneurs with Marketing for advertisement and promotion of their MSMEs.
For catering to the raw material needs of MSMEs, it has many schemes helping them in raw material procurement from within and outside the country. To ensure better usage of technology, MSMEs render technical services through their technical services centres, which are developed across the nation.
NSIC facilitates MSMEs to register under the Single Point Registration Scheme (SPRS) allowing them to participate in government tenders. NSIC also participates in the International Cooperating Activities to keep pace with the latest global changes, and updates and establish connections beyond the border.
Benefits of NSIC Registration
- Eases MSME's access to Credit and loan Facilities: NSIC enables an MSME to secure credit from Private and Public lending institutions through numerous schemes to ensure that the insufficiency of capital doesn't become a hurdle for the growth of a small business.
- Priority Sector is Promoted: NSIC focuses actively on the priority sector through several schemes and perks sector-wise to aid MSMEs operating in that sector.
- Offers Flexibility: It gives MSMEs the flexibility to switch from one financial institution to another to obtain loans or credits.
- Provides assistance to avail better loans: It also offers essential guidance and assistance to the MSME by helping them in accessing loans or financial assistance at the best interest rates. It also offers guidance in arranging documents’ required for availing loans or accessing financial help.
- Support in documentation: Documentation is an essential part of any legal process. NSIC registration also guides and assists in arranging documentation in the prescribed format. Proper documentation is the backbone of every legal process as it plays a significant role in enrolling many legal processes.
Eligibility Criteria for NSIC Portal Registration
Most of the Indian population depends on NSIC and this sector for financial independence and momentum for the growth of various micro and small businesses. No collateral is needed for loan amounts up to Rs. 10 lakh. Any MSME in good condition may also be granted a loan of up to Rs. 25 lakhs without requiring collateral. When it comes to the eligibility criteria for NSIC Portal registration, the MSMEs must fulfill the following points:
- Having turnover of Rs. 5 crore to Rs. 250 cr.
- Must be actively operative for at least the last 3 years.
- Should be active in Manufacturing & Service-providing business
- Records of Loan repayment if taken in the past
- Healthy CIBIL Score
Documents Required for NSIC Portal Registration
- Proof of Identity
- Proof of Address (Personal and Business)
- Latest ITR Returns
- Rent Agreement or Lease Deed
- Entrepreneurs Memorandum or Partnership Deed
- SSI Registration Certificate
- Full Business Profile
- Forecasted Balance Sheet for the Next 2 Years
- Balance Sheet of the Last 3 Years
- Duly Filled Application Form
- CMA Data (if the amount is over Rs. 100 Lakhs)
- Certificate from Statutory Authorities, mainly Pollution Control Board, & Electricity Board
- Sales Data having Debtors & Creditors List
NSIC Registration Process for Provisional Certificate
After arranging the aforementioned required documents and meeting the eligibility criteria, MSMEs can opt for NSIC Online Registration to obtain an NSIC Certificate. Certain steps need to be followed to complete the NSIC registration process correctly. For Online NSIC Registration, the applicants must follow the following steps;
Step 1: The applicant must complete an application, providing the required details and documents, and finally submit it after paying the fees.
Step 2: The nodal officer will check and verify the submitted documents. In case of discrepancies, he will inform the applicant.
Step 3: Once the nodal officer verifies and approves the documents, they will be forwarded to the inspecting agencies.
Step 4: If the inspecting agencies also approve the documents, a report will get generated, and the NSIC Registration Certificate will be issued.
Fees & Charges for NSIC Registration
| 1. If the enterprise turnover is Less than Rs. 1 Crore | |
|---|---|
| Registration Fees for Micro Enterprises | Rs. 3,000 |
| Registration Fees for Small Enterprises | Rs. 5,000 |
| 2. If the enterprise turnover is more than Rs. 1 Crore | |
| Registration Fees for Micro Enterprises | Rs. 3,000 and an additional Rs. 1,500 for every extra crore |
| Registration Fees for Small Enterprises | Rs. 5,000 and an additional amount of Rs. 2,000 for every extra crore. |
| Inspection Charges for Micro MSME | Rs. 2000 |
| Inspection Charges for Small MSME | Rs. 3000 |
Interest Rate under NSIC Scheme
The interest rate offered to MSMEs starts from 1.25% per month, and a signed statutory memorandum of understanding (MOU) from all the leading financial institutions provides financial support for MSMEs to operate, manage, and run their businesses smoothly. Seeking assistance from a professional is always advisable.
Conclusion
NSIC Portal Registration helps promote the Micro, Small, and Medium Enterprises Sector by offering them integrated support services, mainly helping them participate in Government Tenders or Purchases. This registration helps them obtain loans and credits easily at significantly low interest rates from the private and public sectors. Registered MSMEs on NSIC Portal Registration may get a loan without any collateral for a loan amount up to Rs. 10 lakh. Moreover, one can access many more benefits by opting for NSIC Registration online. Get your Micro, Small, or Medium business registered on the NSIC Portal today!