CENTRAL GOVERNMENT SCHEME ON MUDRA LOAN
Dear Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share with you the benefit of the “MUDRA LOAN SCHEME”
Introduction of MUDRA Loan Scheme by Govt. of India:
As per the NSSO survey (2013), there are around 5.77 crore small/micro units in the country, engaging around 12 crore people, mostly individual proprietorship/Own Account Enterprises. Over 60% of units are owned by persons from Scheduled Castes, Scheduled Tribe, or Other Backward Classes. Most of these units are outside the formal banking system and hence are forced to borrow from informal sources or use their limited-owned funds. MUDRA Loan Scheme has been proposed to bridge this gap. MUDRA Loan Scheme will aim to increase the confidence of aspiring young people to become first-generation entrepreneurs as well as of existing small businesses to expand their activities.
Brief details of the Product
MUDRA loans are extended by banks, NBFCs, MFIs, and other eligible financial intermediaries as notified by MUDRA Ltd. The Pradhan Mantri MUDRA Yojana (PMMY) announced by the Hon’ble Prime Minister on 8th April 2015, envisages providing MUDRA loans, up to 10 lakh, to income-generating micro enterprises engaged in manufacturing, trading, and services sectors. The overdraft amount of ` 5000 sanctioned under PMJDY has been also classified as MUDRA loans under Prime Minister MUDRA Yojana (PMMY).
The MUDRA loans are extended under following three categories:
- Loans up to 50,000/- (Shishu)
- Loans from ` 50,001 to ` 5 lakh (Kishore)
- Loans from ` 5,00,001/- to ` 10 lakh (Tarun)
Amount of assistance
Upto to ` 10 lakh in three categories viz. Shishu, Kishore, and Tarun.
Who Provides MUDRA Loan?
Mudra loans under PMMY are available at all bank branches across the country. Mudra loan is also issued by NBFCs / MFIs who are engaged in financing micro-enterprises in small business activities.
Eligible borrowers
Those borrowers who are eligible to get benefits under this scheme are Individuals, Proprietary concerns, Partnership firms, Private Ltd. Companies, Public Companies, and any other legal forms.
NOTE: The applicant should not be a defaulter to any bank or financial institution and should have a satisfactory credit track record. The individual borrowers may be required to possess the necessary skills/experience/ knowledge to undertake the proposed activity. The need for educational qualification, if any, needs to be assessed based on the nature of the proposed activity, and its requirements.
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)
Leave a Comment