This is a scheme under the Micro Units Development And Refinance Agency (MUDRA), which helps improve prospects relating to micro units. This scheme takes ahead the works of the previous government in the area of small and medium enterprises development. The scheme was announced by the Union Government during the financial year 2016.
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The purpose of the Mudra scheme is to provide funds to the non corporate small business sector. The government has identified there’s a shortage of funds in the small and medium scale businesses in India. There are three categories under this scheme bearing in mind the stages of growth and funding requirements of the beneficiary micro units. They are:
Banks facilitate loans under the Mudra Scheme as per customer requirements. The loans under this scheme are collateral free loans.
If the borrower requires financial help for purchasing a vehicle under this scheme, he must submit the following documents:
If the borrower wishes to take loans for his business under this scheme, he must submit the following documents:
If the applicant applies for rural business credit under the Pradhan Mantri Mudra Yojana, he must submit the following documents:
The following details must be filled in the application form of this scheme:
3. Information on the proprietor:
4. Name of the associate concerns:
5. Extending banking or credit facilities:
The following details must be filled
6. The credit facility proposed, the amount, the purpose and the details of the security must be mentioned.
7. In case of working capital, the actual sales and projected sales information has to be clearly mentioned.
8. In case of term loans, the details of the machinery or equipment has to be provided. The required details on the machinery must be duly filled.
9. The past performance and the future estimate of sales, profit and capital must be mentioned.
10. Statutory obligations’ status must be mentioned. They are:
11. The final part is the declaration, which requires you to pin up 3 passport size photos along with the signature of the proprietor, partner or director.
Pradhan Mantri Mudra Yojana Eligibility Criteria:
The borrower must be from the following groups to avail this loan:
SEE ALSO: Personal Loan For Government Employees
This scheme was designed keeping in mind certain objectives to be fulfilled during the implementation of the scheme. They are:
The MUDRA scheme is a loan that can be availed by an individual or owner of a small or medium level business. This type of loan is offered without any collateral. Before opting for it you must know a few details:
Maximum tenure of repayment: you can repay the loan in 7 years. This is the maximum limit to repay the loan. You can opt for a maximum of 84 EMIs to repay the loan.
MUDRA Loan pre closure charges: the rules state that you can repay the loan anytime within the tenure. However, there is a small charge on pre payment. It will be levied uniformly to all who opt for pre-closure.
MUDRA card: it is a debit card issued against mudra loan account for the working capital portion of the loan. The card can be operated across the country for cash withdrawals and also to make payments.
MUDRA loan: the funds support different types of groups under the mudra scheme. The first is micro credit scheme for loans up to Rs 1 Lakh. The second is refinance scheme for commercial banks or regional rural banks or co-operative banks. The third is woman enterprise program and the fourth is securitization of loan portfolio.
MUDRA loan helpline number: to know more contact the MUDRA helpline number 1800 180 1111. To avail this loan all the guidelines and regulatory rules must be followed.
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