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Mudra Loan Available For Fishermen

Machuwaro ke liye Mudra Loan Yojana

Mudra Loan Available For Fishermen

To meet the financial requirements of small & medium enterprises in India, the Government of India has implemented Prime Minister Money Scheme (PMMY) in April 2015. If an individual wish to start a new business or likes to pursue their present business, then they usually get a loan from the bank. However, the process involved in getting loans from the bank seems to be much complicated & it is guaranteed as well. Due to this reason, most of the people are taking loans from banks. By keeping this in consideration, the Government of India has implemented Mudra (Micro Units Development Refinance Agency) scheme to boost small-scale industries.

What Must You Know About Pradhan Mantri Mudra Yojana?

  • The Pradhan Mantri Mudra Bank is availed to benefit about 58 million small business owners in the nation. This is one sector through which more than 120 million people are employed & this working populace mostly arrives from less privileged parts of the society.
  • The plenty of small business owners in the country have always remained outside the realm of mainstream bank credit. This is because banks & financial institutions usually concentrate on their products & services for a secured business lot, who could repay at higher interest & have their monies secured. PM Mudra bank yojana would assist in getting this trend altered.
  • Institutional finance has usually been relevant to small businesses. Moreover, inadequate corpus & unorganized management of credit facility to small entrepreneurs never truly made it reach the needed entrepreneurs.  A Prime Minister Mudra Bank Yojana arrives with a dream to obtain the dreams of several budding & young entrepreneurs fulfilled.
  • Repayment has usually been an alarm why financial institutions could not offer needed finance to small business owners. With this objective from PM office, the scheme is said to consider this part as well & hence assist both financial institutions and nearby small business owners to come into a single platform.

How To Apply For Mudra Yojana Loan?

Presently, Mudra Loan is not a specific body or a different bank as such. To avail loan through this Yojana, several private and public sector banks have been provided with the responsibility to offer loans through this scheme. One can get into following banks or institutions to apply for a loan after creating a proper business plan.

  • All scheduled commercial banks in private and public sector
  • Regional rural banks
  • Scheduled urban & state co-operative banks
  • All Micro Finance Institutions (MFI), NBFCs and small business finance companies.

These institutions need to pass the eligibility criteria provided by Mudra Yojana & are then eligible to offer loans to appropriate candidates according to common parameters through the PM Mudra Loan Yojana. When the loan amount is passed, one will avail Mudra card which is same as a credit card with limit up to 10% of loan amount to buy working capital.

Pros Of Mudra Scheme

  • Under this scheme, loans are usually offered without guarantee
  • No processing fees will be charged for providing loan through this money scheme
  • Repayment period for currency loan will be extended up to 5 years
  • Working capital loan will be offered by Mudra card

Who Is Found Eligible For Loan Under Mudra Loan Scheme?

Under this scheme, all small businesses & enterprises in need of finance are found eligible for this loan. Businesses of proprietary and partnership nature are found eligible. Besides from this, all small business & manufacturing units like fruit vendors, vegetables and food services, hair cutting saloon, transportation services, beauty parlors, self-help group, artisans, hawkers, repair shops, hair cutting saloon and various other professionals under lower level are eligible to get a loan of Rs. 10 lakh.

What Are The Documents Needed For Applying?

  • Quotation of machinery and items of being purchased
  • Self-attested proof of identity and 2 passport size photos of loan applicants
  • Proof of categories like ST/SC and others if any
  • Details of machinery and supplies and other items to be brought
  • Identity of ownership of business & business address along with copies of needed certificates and licenses

Types Of Loan Under Mudra Yojana

Under this scheme, Mudra loan is divided into 3 parts, by considering the needs of various businesses. There are 3 kinds of loans below the money scheme such as:

  • Shishu Loan

Under this Child Loan scheme, loan amount up to Rs. 50, 000 will be given. This loan will cater to entrepreneurs who are either in the starting state or need lesser funds to get their business started.

  • Kishor Loan

This stage would cater to the needs of entrepreneurs who have need of funds in the range of Rs. 50000 to Rs. 5 lakh. This kind of loan scheme would facilitate the entrepreneurs who belong to either those who have previously started their business & require additional funds to move their business or those who just need this much of money to establish their business.

  • Tarun Loan    

If the entrepreneur meets up the needed eligibility criteria, he/she could apply for a loan amount up to Rs. 10 lakh. This could be the topmost level of the amount which an entrepreneur could apply for starting up the loan.

What Are The Main Objectives Of Mudra Loan Yojana?

Mudra Yojana has been launched by keeping in mind various goals to be fulfilled throughout the launch of this scheme.

  • To implement policy guidelines to finance small/micro enterprises
  • To avail, all Micro Finance Institutions and entities registered & regulate the same
  • To assist small businesses to grow & create their enterprise further
  • To help lower-income groups in establishing and developing their business
  • To assist establishing responsible financial practices to prevent over borrowing for reduced income entrepreneurs.
  • To offer ST/SC preference in lending
  • To assist creating easy access to finance for the unbanked & also help to lower the cost of finance
  • To regulate all Micro Finance Institutions dealing with servicing, Manufacturing, and trading

Thus, Mudra loan will assist all small businesses to acquire easy access to finance & regulate the policy guidelines for the same.

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