MUDRA LOAN
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MUDRA LOAN
Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs.
Who can Take Mudra Loan
The below mentioned industries can apply for the Mudra loan;
- Shopkeepers
- Business vendors
- Food production industry
- Agriculture sector
- Small scale manufacturers
- Restoration and repair shops
- Handicraftsmen
- Service based companies
- Truck owners
- Self-employed entrepreneurs
Silent Features
- The amount availed by this loan can be used to fulfil the working capital requirements of the availing company
- Mainly, is it aimed at serving industries that are engaged in manufacturing, trading and services
- Both, existing companies as well as new ones can apply for the pm mudra loan
- The tenure of the mudra loan ranges from 3 years to 5 years, depending on what is agreed upon at the time of processing
