How to avail 2% rebate on OD interest against MSME Registration Certificate

[RAMAKRISHNA M]

Good Evening Every All,

We are registered under MSME and our organisation had taken Overdraft facility from ICICI Bank.

Understand that we are eligible for 2% rebate on OD interest.

How to avail this 2% from Bank since Bankers doesn't know this process till now.

Kindly suggest.

thanks & regards,

Ramakrishna

8555068096

[DR.MARIAPPAN GOVINDARAJAN]

MSME is eligible to avail 2% discount of interest on smart loans. The loan option for GST registered firms will now be available through the GST portal itself. "When you file GST returns, you will be asked if you want a loan. GST registered firms will also get a 2 % interest subvention on fresh or incremental loans.

AI Summary

Interest rebate on MSME loans: GST portal loan option enables interest subvention for eligible overdraft borrowers
Registered MSME borrowers may be entitled to a 2% interest rebate on overdraft or smart loan interest. The rebate operates as an interest subvention for fresh or incremental loans and is implemented through a loan option accessible via the GST return filing process, where GST-registered firms are prompted about loan enrollment; banks may be unaware of the procedural steps required to secure the discount.