The main aim of the Mudra (Micro Units Development and Refinance Agency) scheme is to provide the freehand loan facility to the budding entrepreneurs who have the ability to become the profitable business center but need government support. Mudra bank is not really bank; it is the scheme that regulates banks on microfinance to enterprises.
Under this Pradhan Mantri Mudra Yojana, loan starts from Rs 50,000 to Rs 10 Lakh. This Mudra loan has instant approval and subject to the satisfaction of the documentation part. In Pradhan Mantri Mudra Yojana 3 different types of loans as mentioned below
- Shishu: Loan up to Rs 50,000
- Kishor: This is the mid-level scheme and loan ranging from Rs 50,000 to Rs 5 lakh
- Tarun: Loans ranging from Rs 5 lakh to Rs 10 lakh
Benefits of Pradhan Mantri Mudra Yojana (Mudra Loan):
There are so many advantages of Mudra loan
- The Mudra Bank loan Yojana provides timely finance and empowerment to business working at Micro and small level.
- If anyone thinks about own business, investment is the main problem for people. For those situations, Mudra loan comes handy for entrepreneurs and their dreams of owning the profitable business would be realized
- This scheme is used to add the overall revenue for the nation and would be inside the growth of the economy
- The interest rate would be applicable as per the RBI guidelines
- By this Mudra Bank loan Yojana, the financial exploitation by money lenders would stop the significant level
- This loan ranges from Rs 50,000 to Rs 10 lakh and if someone requires low money as loan then they will get that instantly
- Mudra bank is standards this scheme to be followed by almost all banks. The supportive banks should follow uniform credit financing to the borrows
- This Mudra bank loan Yojana comes with the Mudra card that would be like the credit card. The loan applicants can use this Mudra card for optimum use at times of urgent necessities
- Security free loan
- Borrowers would not charge any processing fee which is ideally in the rage of 1% to 2%
Who can avail loan facility?
- Loan seeking persons should be Indian
- Loans can be sanctioned for small enterprises from rural and urban areas in different areas like small retailers, manufacturing and trading enterprises, women entrepreneurs etc
- The applicant will get the loan up to Rs 10 lakh
These are the benefits for Pradhan Mantri Mudra Yojana. Till now so many people get the loan under this scheme.