Pradhan Mantri Mudra Loan Yojana such as where to get the from, Interest rates on Loan, How to apply for Mudra Loan Yojana with updated and complete details. Mudra Loan Scheme is like a bloom to entrepreneurs who wish to strengthen their roots in the market but not getting it in lack of Finance.For time to time these small entrepreneurs have been struggling with banks and other substances for loan and other money and finance related purpose.
Pradhan Mantri Mudra Loan Yojana – Complete Detail
Pradhan Mantri Mudra Loan yojana was launched on 8 April 2015.This yojana provide a financial strength o of Rs 20,000 crore. Also this yojana aims to serve a total 5.77 Crore small business which are completely associated and widely spread-ed in small business.
official website : http://www.mudra.org.in/
- To create a system so that the micro business can get the maximum benefits with minimum risks.
- To sets up a good process of the last-mile credit agent scheme, which is entirely for the small business setups.
- To makes a credit guarantee to the one who has taken the loan. It means that the person will not only go into debts. The government will also have to bear the responsibility of the loan.
- Minimum risks of getting a negative result.
- All the small business units and sectors will be placed under the surveillance, and a regular evaluation will be made based on their performance.
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Eligibility to get loan from Mudra Bank Loan Yojana
To serve small business completely Government has also started Mudra Banks. And in order to get benefit from these schemes you must match the following Criteria.
- Been in lending to Own Account Enterprises, i.e. micro units with loan size upto Rs.10 lakh for atleast 3 years and/or the promoters / management having experience of atleast 10 years in this area.
- Having minimum out reach of 3000 existing borrowers for MFIs.
- Having suitable systems, processes and procedures such as internal accounting, risk management, internal audit, MIS, cash management, etc.
- Meeting the minimum CRAR and other norms stipulated by RBI for MFIs registered as NBFC-MFIs and comply all the prevailing RBI guidelines. For all categories of NBFCs, registration with RBI will be mandatory.
- Should be a member of a Credit Bureau. f. Rating requirement: a. MFIs (including NBFC-MFIs) – minimum Capacity Assessment Rating of mfr5 by CRISIL or its equivalent.
- NBFCs – minimum external rating of BB- for small NBFCs having total portfolio below Rs. 500 crore and BBB+ for NBFCs having portfolio of Rs. 500 crore or more. For small NBFCs not having external credit rating, they should possess satisfactory borrowing arrangements with any Scheduled Commercial Bank for a minimum of 2 years.
- Recovery performance: For MFIs : Portfolio at Risk (i.e. overdue more than 30 days) within 5%. For others – Net NPA not higher than 3%. h. For all MFIs, it will be desirable to
Official File regarding the Eligibility Criteria –eligibility-criteria
How to get Loan Under Mudra Yojana
For information on MUDRA products and for any kind of assistance, the borrower can either approach/contact MUDRA office at Mumbai or the identified MUDRA Nodal Officers, whose details (along with contact numbers and mail ids) are made available at MUDRA’s Website. The borrower may also visit MUDRA website, www.mudra.org.in and can send any query/suggestion to email@example.com.
read the following document for detailed process – mudra
Interest Rates On Mudra Loan
Now we are providing interest Rate details according to MUDRA Scheme.
MUDRA SHISHU Yojana –
Under Mudra Shishu Yojana banks are providing loan upto 50,000/-. It is basic scheme and banks are charging very nominal interest rate which is around 10% to 12%.
MUDRA KISHOR Yojana –
Under Mudra Kishor Yojana bank are providing loan upto 5,00, 000/- rupee. It is middle scheme & comes in category of unsecured loan & its Interest rate rate is high from14% to 17% depends on bank to bank.
MUDRA TARUN Yojana –
Mudra Tarun Yojana is the last scheme of government of India. Under MUDRA Tarun Scheme applicant can apply loan between 5,00,001 to 10,00,000/-. It is also an unsecured Loan and its rate of interest rate is high and starts from 16% and very bank to bank.
Benefit Under Murda Loan Yojana
Main motive of the mudra bank is to give support and empower the needy people and small business. This will surely make a difference and hence the Indian economy will also start rising.