Is There any Last Date For Mudra Loan Scheme
The main motto of this scheme is to help the small micro businesses and entrepreneurships to survive and grow by providing them, loans and other financial support. India has numerous small and medium sized businesses which are currently under lot of hardship. They struggle so as to keep pace with the current market, dominated by big players, mostly global ones.
These micro industries do not have a big capital or property so that it will provide financial loans from the banks. Many micro and small scale industries have shut down in India due to lack of productivity and not being able to keep pace with the current market factors. Under this Yojana, Micro Units Development and Refinery Agency Bank or MUDRA Banks will be set up which will provide loans and credit to numerous entrepreneur and micro units, which do not have access to normal banks. The Govt. is aiming to spend Rs. 20,000 crore for this project in the project of financial growth of common mass, also termed as Jan Dhan Yojana.
To avail MUDRA loan, one has to approach any Commercial Private/ Public Banks, Rural Banks, Co- Operative Banks or the Micro Financial Institutes (MFI) and apply for the Pradhan Mantri Mudra Yojana. There are three groups under which loan will be provided by these institutions depending on the amount of credit required by the micro unit/ applicant. The first segment is SISHU which will provide MUDRA loan up to Rs. 50,000. This is the starter range of MUDRA loan which will give the loan at a deducted interest rate of 1% per month.
The second segment is KISHOR under which financial help can be arranged from the range of Rs. 50,000 to Rs. 5 lakh. And the third segment which will provide credit from Rs. 5 lakh and up to Rs. 10 lakh is named TARUN. There are many facilities of MUDRA loan. The interest rates are quite low, compared to other loan schemes in the market. It is totally Govt. owned and designed policy so completely safe and clean. The loan repayment period is very flexible and one can repay them for long time.
This loan will be given in form of MUDRA cards which is a type of credit card, in partnership with RuPay. It will have set credit limit as per requirement. One will receive this card after successful joining in the scheme and grant of loan. He/ She can use this amount to purchase new machineries or develop better infrastructure in the business. The entire registration process is kept very simple and user friendly. There is no such last date as of now to register for the Mudra Loan scheme. This is an active scheme currently and is having a huge success among the micro units, entrepreneurs and small industries to flourish and grow.