What is Pradhan Mantri MUDRA Yojana Scheme
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What is Pradhan Mantri MUDRA Yojana Scheme
Pradhan Mantri MUDRA Yojana is a scheme launched by the Government of India in 2015 to provide financial support to micro-enterprises and small businesses. MUDRA stands for "Micro Units Development and Refinance Agency," which is the name of the organization that was established to implement the scheme.
Under the Pradhan Mantri MUDRA Yojana, loans of up to Rs. 10 lakhs (approx. $14,000) are provided to micro and small enterprises (MSEs) in the form of Working Capital Loan, Term Loan and Mudra Card. These loans are given through commercial banks, regional rural banks, small finance banks, co-operative banks, and non-banking financial companies (NBFCs) which have partnered with MUDRA.
The scheme aims to provide financial assistance to the small business owners who may not have access to traditional bank credit due to their small scale of operations or lack of collateral. The scheme has three categories of loans - Shishu, Kishore, and Tarun - which cater to different stages of the business cycle, from start-up to growth and expansion. The loans are also available without any collateral security or third-party guarantee.
The Pradhan Mantri MUDRA Yojana has helped to promote entrepreneurship, job creation, and economic development in India, particularly in rural and semi-urban areas. It has been successful in providing financial assistance to millions of small businesses and is one of the flagship schemes of the Government of India.
The scheme aims to provide financial assistance to the small business owners who may not have access to traditional bank credit due to their small scale of operations or lack of collateral. The scheme has three categories of loans - Shishu, Kishore, and Tarun - which cater to different stages of the business cycle, from start-up to growth and expansion. The loans are also available without any collateral security or third-party guarantee.
The Pradhan Mantri MUDRA Yojana has helped to promote entrepreneurship, job creation, and economic development in India, particularly in rural and semi-urban areas. It has been successful in providing financial assistance to millions of small businesses and is one of the flagship schemes of the Government of India.
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