Centrally Sponsored Scheme on Pradhan Mantri Mudra Yojana (PMMY)
Dear-Businessman/Investors,
In Series of KIP: Business and Subsidy Update, Today we are going to share with you benefit of Scheme for Centrally Sponsored Scheme on Pradhan Mantri Mudra Yojana (PMMY)
Objects:
With an objective to promote entrepreneurship among the new generation aspiring youth, it is ensured that more focus is given to Shishu Category Units and then Kishore and Tarun categories. Within the framework and overall objective of development and growth of micro enterprises sector under Shishu, Kishore and Tarun, the products being offered by MUDRA are so designed, to meet requirements of different sectors / business activities as well as business/ entrepreneur segments. This Yojana divides loan in three categories, 1. Shishu, 2. Kishore and 3. Tarun. We will thoroughly understand about the assistance under upcoming Business Subsidy Update.
The funding support from MUDRA are of two types:
1. Micro Credit Scheme (MCS) for loans up to1 lakh finance through MFIs.
2. Refinance Scheme for Commercial Banks / Regional Rural Banks (RRBs) / Small Finance Banks / Non-Banking Financial Companies (NBFCs).
Purpose of MUDRA loan:
Mudra loan is extended for a variety of purposes which result in income generation and employment creation. The loans are extended mainly for:
1. Business loan for Vendors, Traders, Shopkeepers and other Service Sector activities
2. Working capital loan through MUDRA Cards
3. Equipment Finance for Micro Units
4. Transport Vehicle loans for commercial use only
5. Loans for agri-allied non-farm income generating activities, e.g. pisciculture. bee keeping, poultry farming, etc.
6. Tractors, tillers as well as two wheelers used for commercial purposes only.
MUDRA provides Micro Credit Scheme:
Micro Credit Scheme is offered mainly through Micro Finance Institutions (MFIs), who deliver the credit up to1 lakh, for various micro enterprise / small business activities. Although the model of delivery may be through SHGs/JLGs/ Individuals, the loans are given by the MFIs to individual entrepreneurs for specific income generating micro enterprise/ small business activities.
MUDRA provides Facility of MUDRA Card:
MUDRA Card is a debit card issued against the MUDRA loan account, for working capital portion of the loan. The borrower can make use of MUDRA Card in multiple drawls and credits, so as to manage the working capital limit in cost-efficient manner and keep the interest burden minimum. MUDRA Card also helps in digitalization of MUDRA transactions and creating credit history for the borrower. MUDRA Card can be operated across the country for withdrawal of cash from any ATM / micro ATM and also make payment through any Point of Sale machines.
For, more information on this you are requested to contact our KIP subsidy helpline on Mail – sales@kipfinancial.com and contact Number- +918683898080
KIP Financial Consultancy Pvt. Ltd.
DSB – 38, Red Square Market, Hisar – 125001 (HR)
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