How to avail benefits of Mudra Loan?

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How to avail benefits of Mudra Loan?
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Prelude

• In India unemployment is the biggest challenge
  for the GoI.
• Indias unemployment rate stood at 6.1 in FY18,
  which was all time 45-years high.
• To tackle unemployment, the GoI has started
  various schemes and Pradhan Mantri Mudra Yojana
  (PMMY) is one of them.
• The beneficiaries of this scheme are
• entrepreneur,
• non-corporate,
• non-farmer,
• the youth who wanted to go for the startup
• The borrower can avail the loan up to ? 10 lakh
  from private banks, public sector banks, NBFC,
  microfinance institute, and Foreign Banks.

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Mudra What is it, actually?

• Mudra stands for Micro-Units Development and
  Refinance Agency.
• A GoI initiative to support the new entrepreneurs
  who are willing to start up a business in the
  following sectors
• The non-farming sector such as small
  manufacturing plant, food service, handicraft,
  textile and food processing package.
• Small Shopkeepers, Fruit and Vegetable vendors.
• Artisans and Craftsman.
• The objective is to enable people to avail the
  enormous facilities of the financial institution
  in an effective way.

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Who are eligible for the benefits of Mudra Scheme?

• The people who are involved in the Non-Corporate
  Micro and Small Business Sector.
• Artisans
• Street vendors
• Small business owner
• Shop owner
• The scheme is also open for the business owner
  who runs the private company or small firm. They
  can get a loan on one condition, i.e. they should
  not be a defaulter.
• Through this scheme, they can also generate
  employment and contribute to the rise of GDP.

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Types of Mudra Loan

• Shishu
• Kishor
• Tarun

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Types of Mudra Loan - Shishu

• If your loan requirement is less and need only a
  few bucks. You are eligible for this loan.
• Loan up to ? 50,000.
• Rate of interest is 12.
• The budget allocated by GoI is 40 of the Mudra
  fund.

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Types of Mudra Loan - Kishor

• If you need to start up a new business or want to
  expand your business within a budget of ? 5 Lakh.
  
• Loan amount ranges from ? 50,001 - ? 5 Lakh.
• Rate of interest depends upon the loan amount and
  your repayment capability.
• The budget allocated by GoI is 35 of the Mudra
  fund.

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Types of Mudra Loan - Tarun

• If you need to go for the inventory or business
  capital then you are eligible for this loan.
• Loan amount ranges from ? 5 Lakh - ? 10 Lakh.
• Rate of interest varies and depends upon the loan
  amount and your creditworthiness.
• The budget allocated by GoI is 25 of the Mudra
  fund.

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Where the loan amount can be utilized?

• The loan amount cannot be used to fulfill
  personal needs.
• It can only be used to enhance the business which
  covers manufacturing or trading sectors.
• The loan amount should be utilized in the
  expansion of the business through marketing or
  acquiring assets for the business.

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Loan Repayment Duration of Mudra

• The borrower can repay the loan amount within 5
  years.
• If the loan amount is fewer then the duration of
  repayment will be lesser.
• In that case, tenure of repayment will be decided
  by the lender.

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How to apply for Mudra Yojana?

• Go to the official website of Pradhan Mantri
  Mudra Yojana by clicking on the
  link https//www.mudramitra.in/
• Scroll down the page and click on Continue for
  PMMY Loan.
• Thereafter, you will be directed to a new page
  and here you will have to enter the username and
  password. However, if you are a new user then
  click on New User and then fill the basic
  details to complete the registration process.
• After signing in you will be asked to choose the
  loan amount as per your requirement, select the
  same.
• Now, fill the application form with complete
  details and then click on the Next button.
• After filling the form, you will be asked to
  choose the lender. Select the one as per your
  requirement and after selecting the same, click
  on the Submit button.

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? ? ? Thank You !!! ? ? ?