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Fact Check: Purported MSME letter granting loan, charging processing fee is FAKE

Social media is abuzz with rumours and users must take certain things with a pinch of salt and scrutinise the piece of information coming their way. A letter purportedly issued by the Ministry of Micro, Small and Medium Enterprises (MSMEs) is doing the rounds on social media. The "approval letter" talks of granting loan and thereafter charging a processing fee. But how true is it? Does the ministry even deal with individual beneficiaries?  

India TV News Desk India TV News Desk
New Delhi Updated on: November 05, 2020 13:49 IST
MSME letter fake, MSME letter granting loans, fact check, pib fact check,
Image Source : PIB

Fact Check: Purported MSME letter granting loan, charging processing fee is FAKE

Social media is abuzz with rumours and users must take certain things with a pinch of salt and scrutinise the piece of information coming their way. A letter purportedly issued by the Ministry of Micro, Small and Medium Enterprises (MSMEs) is doing the rounds on social media. The "approval letter" talks of granting loan and thereafter charging a processing fee. But how true is it? Does the ministry even deal with individual beneficiaries?

THE CLAIM

Titled "approval letter", the document's subject reads "Approval of Loan (Under Prime Minister Employment Guarantee Scheme)". Further, the letter put out by the PIB states: "Your application went through underwriting successfully and we will extend you the loan of 1,50,000 lac for the tenure of 11 years on 24-10-2020 at the annual rate of interest 4% along with 35% of subsidy on principal amount. In brief, the first payment of your EMI is 6 months after disbursement of principal. Subsequent payments are due on the 24th of every month thereafter. Now you need to pay charges of Rs 1000. So please pay charges and complete your process."

At the end, the letter also mentions account details including an account number and IFSC code. It is signed by "Delhi Khadi and Village Industries Board (PMEGP) Assistant Director".

THE TRUTH

The Ministry of Micro, Small and Medium Enterprises (MSME) dismissed the letter as "fake". The ministry said that it does not directly deal with individual beneficiaries for any of its credit schemes. It clarified that the purported letter was not issued by the ministry. The clarification was posted on the Twitter handle of the Press Information Bureau's Fact Check unit.

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