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".
There are three different types of loans that can be obtained through the Pradhan Mantri Mudra Yojana.
Shishu Loan
Kishore Loan
Tarun Loan
Under this program, recipients get a loan of up to Rs. 50,000.
Under this program, recipients get a loan from Rs. 50,000 to 5,00,000.
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.
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.
HDFC Bank Ltd.
DCB Bank Ltd.
Federal Bank Ltd.
City Union Bank Ltd.
Catholic Syrian Bank Ltd.
Axis Bank Ltd.
State Bank of India
Bank of Baroda
Bank of India
Bank of Maharashtra
Corporation Bank
Central Bank of India
Canara Bank
Andhra Pragathi Grameen Bank
Chaitanya Godavari Grameen Bank
Deccan Grameen Bank
Saptagiri Grameen Bank
Bihar Grameen Bank
Madhya Bihar Grameen Bank
Gujarat State Co-op Bank Ltd
Mehsana Urban Co-op Bank
Rajkot Nagarik Sahakari Bank
Kalupur Commercial Co-op Bank
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.
Reliance Capital Ltd.
Fullerton India Credit Co. Ltd.
Shriram Transport Finance Co. Ltd.
SREI Equipment Finance Ltd.
Magma Fincorp Ltd.
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