A revamped credit guarantee scheme for India's micro and small enterprises will come into effect from Saturday, with the annual guarantee fee for loans up to Rs 1 crore getting reduced from the peak 2 per cent to 0.37 per cent, reducing the overall cost of credit for small businesses. The limit on ceiling for guarantees has also enhanced from Rs 2 crore to Rs 5 crore. Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) has issued guidelines in this regard.