Mudra.org.in – MUDRA or Micro Units Development and Refinance Agency Ltd. is a foundation set up by the Government of India to offer finance to non-corporate and non-farm segments of the micro and small-scale undertakings that need credit. The idea is to give budgetary help to private venture which employs the majority of the Indian working populace. All the MUDRA loan details can be found in this article.
MUDRA Loans can be borrowed for
- Business vehicle loan, car as well as two-wheeler loan.
- Working capital necessity loan
- Loan to purchase plant and machinery.
- Loan to modernize office.
- Dropline order of payment
- Overdraft provision, etc
MUDRA Loan statistics
From the time when the scheme was launched in April 2015, a total of 10.38 crore self-employed individuals have been able to avail the assistance of Mudra Loan by drawing back a total credit of Rs.4.6 lakh crore. Out of the whole number of loans, 76% of the loan accounts are those of women while more than 56% are individuals who belong to the SC, ST, or OBC category. As the plan has surpassed the intentions set for all the preceding years, the Government has determined to set the objective for Mudra Loan during the future fiscal year of 2018-19 at Rs.3,00,000 crore.
As of January 26, 2018, 106 million loans had been approved under the plan, as indicated by information on the Mudra portal.
What does it offer?
Under the MUDRA Yojana, the accompanying intercessions will be financed under ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the phase of development/advancement and subsidizing needs of the recipient microunit/entrepreneur and furthermore give a reference point to the following period of graduation/development to anticipate.
- SHISHU – extending loans up to Rs 50,000/-
- KISHOR – extending loans over Rs 50,000/- and up to Rs 5 lakh
- TARUN – extending loans over Rs 5 lakh and up to Rs 10 lakh
Eligibility of the borrower
Loans are given to all non-farm returns producing endeavors in selling, manufacturing, trading, and benefits whose credit needs are less than Rs.10 lakh by all the Public Sector Banks, Regional Rural Banks, State Cooperative Banks and Urban Co-operative Banks will be known as MUDRA loans under the Pradhan Mantri MUDRA Yojana (PMMY). Basically, each one of the individuals who wish to profit from the loans below Rs 10 lakh for their small-scale units is qualified for the loans.
What is the Process to Get Mudra Loan?
Once the recipient keys out an idea and concocts a strategy for success, he should choose the business classification under which he wishes to benefit the credit (Shishu, Kishor or Tarun).
The recipient can contact the closest Public/Private sector bank where he/she can apply for a business advance under PMMY. The rundown of establishments partnering in the MUDRA activity is accessible on the MUDRA portal. As on date, the below-mentioned banks are partners in the MUDRA activity.
- 27 Public Sector Banks
- 17 Private Sector Banks
- 4 Co-operative Banks
- 36 Micro Finance Institutions (MFIs)
- 31 Regional Rural Banks (RRBs)
- 25 Non-Banking Financial Companies (NBFCs)
The MUDRA loan application form below this scheme is accessible from each of the above-named institutions.
How to apply for the Mudra Bank Loan?
You can apply for MUDRA Loan at the approved banks. The banks that are authorized to disburse MUDRA loans are mentioned above in this article. You will have to fill up the MUDRA Loan application form and submit it to the banks that provide the loan along with certificates that prove your Address, Age etc. When you go in for MUDRA bank loan apply online, then it is easier.