EVERYTHING YOU NEED TO KNOW ABOUT "MUDRA YOJNA"
Many schemes and programs are launched by the government for solving the issues faced by citizens. Mudra Yojana is one of them which was inaugurated in 2015 by Prime Minister Narendra Modi. This scheme provides financial assistance of Rs. 10 lac to the people who want to establish their business. There is no need to pay any processing fees under this scheme. The payback duration for loans made under this plan has been increased by five years. Mudra cards are issued to citizens to apply the Mudra scheme under this yojana. In this article, we are going to tell you everything you need to know about "Mudra Yojana".
- Various types of this yojana
- Objective of Pradhan Mantri Mudra Yojana
- Eligibility Criteria
- Advantages of Mudra Yojana
- Mudra Card
- Annual Target
- Bank Covered
- Application Procedure
There are three different types of loans that can be obtained through the Pradhan Mantri Mudra Yojana.
Shishu Loan
Kishore Loan
Tarun Loan
- Shishu Loan-
Under this program, recipients get a loan of up to Rs. 50,000.
- Kishore Loan-
Under this program, recipients get a loan from Rs. 50,000 to 5,00,000.
- Tarun loan-
Under this program recipients get the loan from 5,00,000 to 10,00,000.
This scheme is a savior for those who want to establish their own business but due to a lack of financial resources, they are unable to do so. The primary objective of this scheme is to provide financial assistance to individuals without any difficulty so that they can start their businesses easily.
- The age of the applicant must be at least 18 years.
- The applicant must not be a bank defaulter. 4. Advantages of Mudra Yojana
Those who aspire to establish their own business can kick-start their business with this scheme.
Women recipients hold 68% of the scheme beneficiaries these women are mostly from SC, ST, and minority communities. This is how this scheme is also empowering women.
The recipient of a mudra loan will be given a mudra card that is similar to a debit card and that can be used the same as an ATM card. The recipient will be free to withdraw money from ATMs as per their requirement. The user will be given a password for this Mudra card.
Government sets an annual target for banking and financial institution and this year the target is 3 lakh crore.
- Private Sector Bank
HDFC Bank Ltd.
DCB Bank Ltd.
Federal Bank Ltd.
City Union Bank Ltd.
Catholic Syrian Bank Ltd.
Axis Bank Ltd.
- Public Sector Bank
State Bank of India
Bank of Baroda
Bank of India
Bank of Maharashtra
Corporation Bank
Central Bank of India
Canara Bank
- Regional Rural banks
Andhra Pragathi Grameen Bank
Chaitanya Godavari Grameen Bank
Deccan Grameen Bank
Saptagiri Grameen Bank
Bihar Grameen Bank
Madhya Bihar Grameen Bank
- Co-operative banks
Gujarat State Co-op Bank Ltd
Mehsana Urban Co-op Bank
Rajkot Nagarik Sahakari Bank
Kalupur Commercial Co-op Bank
- MFI List offering Mudra loan
S V Creditline Pvt. Ltd.
Margdarshak Financial Services Ltd.
Madura Micro Finance Ltd.
ESAF Micro Finance & Investments P. Ltd.
Fusion Micro Finance P. Ltd.
Ujjivan Financial Services P. Ltd.
- List of NBFC
Reliance Capital Ltd.
Fullerton India Credit Co. Ltd.
Shriram Transport Finance Co. Ltd.
SREI Equipment Finance Ltd.
Magma Fincorp Ltd.
- Under this scheme, the interested candidates can visit their closest bank or financial institution to apply for a loan and submit the required documents
- Visit the bank and fill out the application form.
- Attach all required documents to the completed application form and send it to the banking institution from which you want the loan.
- After validating your documents the Bank will approve your loan within a month.
Srashti Soni
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