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Mudra Loans
A huge number of micro, small, medium and large companies are housed in India. More so than ever, this number is growing in leaps and bounds, which if successful, can contribute greatly to the country’s economy. However, many of these come to a standstill and get stuck due to shortage of funding. To be able to allow smooth flow with the aid of money, the government of India has introduced a scheme called the Pradhan Mantri Mudra Yojana (pmmy). Working under this scheme, enterprises can avail monetary aid in the form of mudra loan and fulfil their career related dreams.
What is the Pradhan Mantri Yojana Scheme?
As stated above, the Pradhan Mantri Yojana scheme was launched only to help Indian small-scale companies grow and reach penultimate success. This scheme was officially launched on 8th April, 2015 and is dedicated to funding several such enterprises. The name ‘mudra‘ is an abbreviation for Micro Units Development and Refine Agency and mainly helps companies from both, the profit as well as the non-profit sector with financing. Any eligible company or individual seeking to avail the mudra loan can get financial help up to the amount of Rs. 10 lakhs. Companies that would ideally be eligible for availing this loan are;
- NBFCs (Non-banking financial corporations)
- Small finance banks
- MFIs (Micro finance institutions)
- Commercial banks
- RRB’s (Railway recruitment boards)
Type of Industries that Can Apply for Mudra Loan
The below mentioned industries can apply for the Mudra loan;
- Shopkeepers
- Business vendors
- Food production industry
- Agriculture sector
- Small scale manufacturers
- Restoration and repair shops
- Handicraftsmen
- Service based companies
- Truck owners
- Self-employed entrepreneurs
Simple, helpful and easy
- no collateral or security
- very low processing fee
- no minimum loan amount
- flexible tenures with an affordable interest rate (starting from 8.5%)
- both new & existing businesses are eligible to get mudra loan
- provides financial assistance to rural and urban institutions
- women entrepreneurs can avail mudra loan at lower interest rates
- offers income-generating opportunities to micro and small enterprises
