MUDRA stands for Micro Units Development and Refinance Agency introduced by Prime Minister in April 2015. The scheme is targeted towards small business
owner/ entrepreneurs. But it mainly focuses on bringing the unbanked people into the main stream banking systems. The loan scheme under the same name has been divided into 3 categories:
Term Loan and/or Working Capital up to maximum Rs.10 lakhs under 3 categories
>> Check the name of the banks enlisted under the scheme here: http://pmjandhanyojana.co.in/pradhan-mantri- mudra-yojana- bank/
>> You will have to download the application form (you can also get it from the bank) of the selected bank from above list and visit the bank. Application will be processed quickly if you have the current account and good credit history in the bank.
>> Also if you are applying in order to get any equipment for your business, you should carry the invoice for the same when visiting the bank.
Any individual including women, proprietary concern, partnership firm, private limited company or any other entity are eligible applicant under PMMY loans. Please check which category you fall in when you are applying for the loan (see categories above in objective).
>> It is made very easy to apply for the loan.
>> Affordable interest rates, government might give subsidy on interest.
>> The repayment tenure ranging from 5-7 years.
>> User can get a Mudra Loan Card (RuPay Card) which can we used as debit card.