Mudra Bank Loan Yojna or Pradhanmantri Mudra Yojna is a Business loan scheme tailored specifically for small scale businesses. Here, Mudra stands for Micro Unit development and Refinance Agency. The scheme was launched on 8th April 2015 to provide support to small business owners in the country. The scheme operates in three stages– Shishu, Kishore, and Tarun. In the first stage Shishu, loans are provided up to Rs. 50,000. In the second stage Kishore, loans are provided up to Rs. 5 lakh and in the third stage Tarun, loans are provided up to Rs. 10 lakh. The tenure of the scheme is also determined by the Mudra Ltd. as it cannot last more than 36 months and the loan has to be paid within the given time.
Mudra Loan is not just about supporting small business owners but it is about creating an …show more content…
What are the roles and responsibilities of Mudra?
A. Mudra is responsible for refinancing all the last mile financers including non-banking companies, societies, trusts, section-8 companies, co-operative societies, small banks, scheduled commercial banks, and regional rural banks that are lending small and micro entities engaged in manufacturing, trading, and service activities. Mudra also works with state/regional level financial intermediaries that offer finance to last mile financers.
Q. Who are the target clients of Mudra and which individuals are eligible for Mudra Loan?
A. NCSB or non-corporate small businesses segment that includes millions of proprietorships/partnerships functioning as small manufacturing units, service producing units, shopkeepers, fruit/vegetable vendors, food-service units, truck operators, repair shops, machine operators, small industries, artisans, food processors and many more in both rural and urban areas. However, the eligibility criteria for Mudra loan is not that complicated as any individual who has a bank account and willing to initiate a small or micro-business is eleigible for such loan.
Q. Can a college graduate apply for a Mudra
Mudra Loan is not just about supporting small business owners but it is about creating an …show more content…
What are the roles and responsibilities of Mudra?
A. Mudra is responsible for refinancing all the last mile financers including non-banking companies, societies, trusts, section-8 companies, co-operative societies, small banks, scheduled commercial banks, and regional rural banks that are lending small and micro entities engaged in manufacturing, trading, and service activities. Mudra also works with state/regional level financial intermediaries that offer finance to last mile financers.
Q. Who are the target clients of Mudra and which individuals are eligible for Mudra Loan?
A. NCSB or non-corporate small businesses segment that includes millions of proprietorships/partnerships functioning as small manufacturing units, service producing units, shopkeepers, fruit/vegetable vendors, food-service units, truck operators, repair shops, machine operators, small industries, artisans, food processors and many more in both rural and urban areas. However, the eligibility criteria for Mudra loan is not that complicated as any individual who has a bank account and willing to initiate a small or micro-business is eleigible for such loan.
Q. Can a college graduate apply for a Mudra