Mudra loan can be avail in 59 minutes only.
MUDRA:
A MUDRA (Micro Units Development and Refinance Agency Limited) loan is being provided under the Pradhan Mantri MUDRA Yojana (PMMY) scheme to the non-corporate and non-farming small and micro enterprises/ businesses.
The Government of India has initiated several actions to promote the creation of entetprises for self employment in our country. Modi started a campaign "vocal for local ".In this part they initiated the program "Make in India".
Make in India is a flagship national program designed to facilitate investment, enhance skill development ,promote innovation, Mudra is an initiative to promote micro-enterprises.
MUDRA is a Non-Banking Financial Company(NBFC) supporting the development of small business owners.
Mudra loans are given by any Commercial Banks, Small Finance Banks, MFIs and NBFCs.
In mudra scheme, small business or micro enterpreneurs can get loans upto10 lacs. This mudra scheme helps the individuals to generate income by doing business like Manufacturing,processing and services.This mudra scheme gives not only self employment but also improves the standard of living.If an individual gets the loan to start a business then that business will generate income for many peoples.
Mudra loans are categorized in to three types
1.Shishu
2.Kishore
3.Tarun.
1.Shishu:
Provides loans upto INR 50,000 only.
2.Kishore:
Provides loans above INR 50,000 and upto INR 5 Lacs only.
3.Tarun:
Provides loans above INR 5 Lacs and upto INR 10 Lacs only.
BENEFITS OF MUDRA LOAN
• Provides financial help to rural peoples as well as urban peoples. This loan will give chance for income generating opportunities to small and micro enterprises.
• No need to provide any collateral (refers to an asset ) or security to avail Mudra Loan.
• Very low processing fee are charged for availing the loan.
women enterpreneurs get loans at low interest rates.
Both the new and existing business can avail loan.
There are two types of funding support from Mudra:
1.Micro credit scheme
2.Refinance Scheme for Banks / NBFCs
1.Micro Credit Scheme (MCS) :
Micro Credit Scheme (MCS) provides loans up to Rs 1 lakh through Micro Finance Institutions (MFIs).The Micro Credit Scheme is mainly provided by Microfinance Institutions (MFIs), which provide credit of up to Rs 1 lakh for various micro enterprise / small business activities. Although the model of delivery is through self-help groups / Joint Liability Groups(JLGs) / individuals, MFIs lend to individual entrepreneurs for micro-enterprise / small business activities that generate specific income.
2.Refinance Scheme for Banks / NBFCs
Refinance Scheme for Commercial Banks / Non Banking Financial Companies (NBFCs)/ Regional Rural Banks (RRBs) / Small Finance Banks.Various banks such as Commercial Banks, Regional Rural Banks, Small Finance Banks and NBFCs are eligible for refinance support from Mudra to finance micro enterprise activities.
Refinancing(taking a new loan) up to Rs 10 lakh per unit for term loan and working capital loan.
Purpose of MUDRA loan
Mudra is expanded for a variety of purposes, income generation and employment creation. Loans are mainly extended to:
Business loan for sellers, merchants, shoppers Social & Personal Service Business such as Salons, beauty parlors, gym, shops, tailoring shops, dry cleaning, bicycle and bike repair shops, Xerox and DTP,photostudio, medical shops, etc and other service sector activities.
The food products sector business such as Papad Making, Sweet Shops, Food & Catering Services, Cold Storage, Ice Making Units, Ice Cream Making Units,Jam / Jelly Making,Biscuits, Bread And bun making etc.
Textile sector business such as Handloom, Powerloom, Khadi Activities, Lace and Zardozi work(metal embroidery on silk, velvet fabric) Embroidery and handicraft, Clothing design,Cotton ginning, Computerized embroidery, Stitching and other non-textile products Bags etc.
Working Capital Loan for business to run is provided through Mudra Card.
Mudra card:
Mudra card is a debit card issued against the Mudra loan account for the capital component of the loan. Mudra card is a debit card issued against the Mudra loan account for the capital component of the loan. Mudra card can use in multiple draws and credits to effectively manage the working capital limit at cost and keep the interest burden to a minimum.The Mudra Card can be utiliized for cash withdrawals from any ATM / Micro ATM and can also be paid through any of the ‘Point of Sale’ machines.
Equipment finance is provided for micro units forSetting up and purchasing necessary machinery / equipments with a beneficiary loan of upto rs10 lakh.
Transportation vehicle loans - for commercial purpose only.auto rickshaws,e-rickshaws,small goods transport vehicles,3 wheelers, taxis,Tractors/Tractor Trolleys.
Loans for agro-allied non-agricultural income generation business, e.g. Pisculture (fish farming). Beekeeping(honey-producing bees) , Poultry Breeding(egg-laying birds),Grading (sorting of product on quality), sorting (remove fruits and vegetables unsuitable for market),aggregation agro industries, dairy, agribusiness centers, food & agricultural processing units, etc.
The mudra scheme has been a great success and has surpassed the annual targets of each state.
The mudra programme has helped more than 11 crore loan accounts.
Now Mudra loan can be avail in 59 minutes only.
Any one avail mudra loan with out visiting the bank through advanced digital platform.Get In-Principle approval loan in 59 minutes.
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