Pradhan Mantri Mudra Yojana – PM’s Mudra business loan
Mudra business has been introduced by government, by which banks provide business loans to small and micro enterprises without or lower interest rate. According to a central government survey there are 5.77 crore small and micro enterprises are not business loan from banks due to various parameter.
They always approach private financiers for loans and they pay higher rate of interest, so they are unable to grow as planned. In order to grow small and micro enterprises central government has allocated funds, the scheme is called Pradhan mantri Mudra Yojana.
This scheme was launched by Prime minister Mr. Narendra Modi on 08th April 2015. Mudra offices have been opened in all over the country.
By this scheme, SME, MSME business can avail loans upto 10 lacs without or lower rate of interest.
Eligible for the Mudra Loan:-
- The purpose of loan should be for business, not for individuals
- Mudra loan applicant should be a Indian citizen
- Mudra loan applicant should be above 18 years old
- For applying Mudra loan, must have plan, investment, result oriented