Table of Contents
*What are the main objectives of the MUDRA scheme ?
* Who can borrow ?
* Currency Loans Interest Rate .
* How to Get Currency loan .
  • Prime Minister's Money Scheme (PMMY) is a scheme launched by Hon'ble Prime Minister on 8th April, 2015 to provide loan upto 10 lakhs to non-corporate, non-agricultural small / micro enterprises. These loans have been classified as MUDRA loans under PMMY.

  •  These loans are given by commercial banks, RRBs, small finance banks, co-operative banks, MFIs and NBFCs. The borrower can contact any lending institution mentioned above or apply online through the MUDRA portal.
Under the aegis of Prime Minister Money Scheme (PMMY), MUDRA is an installation which has created various products / schemes of currency loan.

Three schemes have been set up to show the stage of the need for the growth and development of entrepreneurs and financing of the micro enterprises of the beneficiaries, who have been given the name 'Baby', 'Kishore' and 'Tarun' and to see this, Provides a reference point for the next stage of development, forward transmitted:

Infant: loans up to 50,000
Teenage: Loans up to 50,000 to 5 lakh
Tarun: Loans up to 5 lakh to 10 lakh

It has been ensured that on priority basis, attention should be given to infant category, then adolescent and younger categories.

Under the development and development framework and overall objective of micro enterprise sector under the infant, adolescent and young, the products being offered by MUDRA to meet the needs of the business sectors as well as the business activities of the various sectors. Is designed.
The introduction of the currency loan facility was taken in view of several objectives to be completed during the implementation of this scheme. The most prominent of these are:
  1. To set policy guidelines for financing small / micro enterprises .                                                         
  2. To register all micro-finance institutions and related institutions and then regulate them .                 
  3. To help small businesses grow and move forward .                                                                            
  4. Helping low income groups in the creation and expansion of your business .                                   
  5. Helping to make financing easy access to finance and helping reduce their finance costs.                
  6. Lending to SC / ST (Scheduled Castes / Scheduled Tribes) .                                                             
  7. To regulate all micro-finance institutions which are related to business, manufacturing and service
Currency Loan Facility Any businessman or business who has not been a defaulter before any loan repayment, is eligible to borrow under PMMY (Prime Minister Money Scheme).

 In this way individual business owners, private limited companies, public sector companies, proprietorship firm or any other legal business unit can apply for currency loan.
Loans under the MUDRA scheme differ on the basis of nominal interest rates and the amount of loan sanctioned. According to the existing interest rate norms, from November 2015, the following applicable rates are:

Child loan can be taken up to the limit of Rs. 50,000 as mentioned earlier and the rate of interest on offer may start from 1% per month, i.e. 12% annually.

Teen loans (50000 to 5 lakhs) have been nominated and in such cases, the interest rate will vary depending on the loan approved by the bank and the loan qualification of the borrower.

Tarun Debt is those who provide currency loans at the limit of Rs 5 lakh to 10 lakh rupees. The interest rate applicable on these loans varies depending on the case.

The reader understands that the currency loan is a personal loan i.e. without any compulsive guarantee, this loan can get an eligible person at 11-12%, but a sub-standard person can also get the interest rate of 18-20% May be.

Maximum Term - According to existing rules of PMMY, the maximum repayment period for MUDRA loan can be up to 1 to 5 years, however, the duration may be reduced if the lender makes a decision at the time of repaying the loan.
Eligible borrower (women, small business, etc.) can contact any lending institution mentioned above or apply online through MUDRA portal.
Applying method:
  1. Keep the necessary documents ready
Applicants must have the necessary documents to obtain MUDRA loans. These include identity proof (base, voter identity card, PAN, driving license, etc.), address proof (electricity bill, telephone bill, gas bill, water bill etc.), business proof (business registration certificate, etc.).
  1. Go to financial institution
Individuals with almost all major banks and NBFCs can apply for MUDRA loan in India.
  1. Fill out loan application form
Applicants will then have to fill the MUDRA loan application form and submit their personal and business details. They have to find out the amount they want to know before applying for the MUDRA loan scheme.

Online is the same procedure to apply just take it scans all documents and online forms filled out, the form them up in writing financial institutions that website (eg bajajfinserv   or bank of Baroda  get on) or even   can get all the information on |

thanks for the time .

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