All About Pradhan Mantri Mudra Yojana
The MUDRA Yojana stands for Micro Unit Development and Refinance Agency is the public sector financial institution of India which established by Prime Minister Shri Narendra Modi on 8 April 2015. The main reason was to establishing this agency is to give loans to those candidates who they required to start their business or any other career in order remove unemployment.
The headquarter of MUDRA is in Mumbai. This scheme provides loans to a middle-class family in order to develop without any guarantee. Under this scheme, one can take the loan up to 10,00,000 Lakh rupee. It was introduced for the biggest growth of entrepreneurship in the Non-Corporate Small Business Sector (NCSB) which provides financial support to this sector.
More than 90% of this sector does not have access to formal sources of finance. So through, MUDRA Bank a statutory enactment for the needs of the NCSB segment or the informal sector for starting them in the mainstream. Pending enactment of an act for MUDRA Bank, a Non-Banking Finance Company as MUDRA Ltd has been set up as a subsidiary of SIDBI.
Vision-: To be an integrated financial and support services provider par excellence benchmarked with global best practices and standards for the bottom of the pyramid universe for their comprehensive economic and social development.
Mission-: To create an inclusive, sustainable and value-based entrepreneurial culture, in collaboration with our partner institutions in achieving economic success and financial security.
Purposes-: Our basic purpose is to attain development in an inclusive and sustainable manner by supporting and promoting partner institutions and creating an environment of growth for microenterprises sector. Provides funding to the various sector for growth and developments in public sectors as well as private sector.
The offering of Funds and interests-:
MUDRA provides loans with limited funds in three categories-:
· Shishu-: It covers loan up 50, 000 rupee.
· Kishor-: It covers loan up 50, 000 rupee to 5, 00, 000 rupee.
· Tarun-: Its covers loan up 5, 00, 000 rupee to 10, 00, 000 rupee.
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Limits
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Micro Enterprises
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Small Enterprises
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Up to Rs.50000/-
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Base Rate
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Base Rate+0.50%
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Above Rs.50000/- to Rs.2.00 lacs
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Base Rate+0.50%
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Base Rate+1.00%
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Above Rs.2.00 lacs to Rs.10.00 lacs
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Base Rate+1.00%
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Base Rate+1.25%
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Bank Participations-:
· Central Banks
· State Banks
· Rural Banks
· Private Banks etc.
Eligibility of Availing Loans-: Any Indian Citizen who has or want to start a business plan for a non source of income such as manufacturing, processing, trading or service sector whose credit need is less than 10 lakh can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY (Prime Minister Mudra Yojana). The usual terms and conditions of the lending agency may have to be followed for availing of loans under PMMY as well as banks also.
Some Banks with their interest rates and tenures-:
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Mudra Loan Bank
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Interest rate
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Tenure
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HDFC
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12.75% to 20%
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1-5 years
|
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HDBFS
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15.95% to 18.95%
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1-3 years
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Tata Capital
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13.49% to 19.50%
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1-5 years
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Kotak Mahindra Bank
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11.5% to 18%
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1-5 years
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Capital First
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13% to 20%
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1-5 years
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Citibank
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12.75% to 15.75%
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1-5 years
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IndusInd Bank Ltd
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12.99% to 18.25%
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1-5 years
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Fullerton
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19.50% to 37%
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1-4 years
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Standard Chartered Bank
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12.50% to 17%
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1-5 years
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ICICI Bank
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11.49% to 17.50%
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1-5 years
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Aditya Birla Finance Ltd
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14%
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1-3 years
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Allahabad Bank
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13.70%
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1-5 years
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Bank of Baroda
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14.15%
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1-3 years
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Bank of Maharashtra
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15.20%
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1-3 years
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Bank of India
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12.7% to 14.7%
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1-3 years
|
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Canara Bank
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13.65%
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1-3 years
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Central Bank
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12.70%
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1-3 years
|
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Dena Bank
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13 % to 14%
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1-3 years
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IDBI Bank
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12.75% to 13.75%
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1-5 years
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Indian Bank
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12.65% to 13.65%
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3 years
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Indian Overseas Bank
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14.70%
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1-5 years
|
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Karur Vysya Bank
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13.9% to 16.40%
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1-3 years
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Oriental Bank of Commerce
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11.2% to 12.95%
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1-5 years
|
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South Indian Bank
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14.80%
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1-4 years
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State Bank of Bikaner and Jaipur
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13.2% to 14.2%
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1-5 years
|
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State Bank of Hyderabad
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15.25% to 15.75%
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1-3 years
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State Bank of India
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17.80%
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1-4 years
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State Bank of Mysore
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16.90%
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1-3 years
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State Bank of Patiala
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12.65% to 14.65%
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1-5 years
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State Bank of Travancore
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13.2% to 13.45%
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1-5 years
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Tamilnad Mercantile Bank
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14.4% to 16.4%
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1-5 years
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UCO Bank
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14.1% to 15.1%
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4-5 years
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Union Bank of India
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14.4%
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1-5 years
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Vijaya Bank
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13.7%
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1-5 years
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How to apply for Pradhan Mantri Mudra Yojana-:
· Candidates can get the application form any bank (including Government Banks and Private Banks).
· Now fill the application form with all the required details.
· Check it and attached required documents (like Aadhar Card, Voter Id Cards, Marks sheet etc with photographs passport size).
· Submit the application form to the counter of the bank and you receive funds within 15 days available in your bank saving account.
Features of this scheme-:
· Helping in developments and growths of business and career.
· Reasonable interest rate that everyone can pay in reverts.
· Security of funds
· Loans without guarantee.
· Anyone can take loans.
These are the information about Pradhan Mantri Mudra Yojana. We hope that you have got the all information related to it which you trying to search for.
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