What is bank loan
Mudra Bank Loan Yojana
Pradhan Mantri Mudra Yojana – The Indian government has come with loan scheme and named as Pradhan Mantri Mudra Yojana and it is also called as Mudra Loan Yojana. Pradhan Mantri Mudra Yojana is the Indian government scheme to “Fund the unfunded”.
With the help of Mudra bank our PM Narendra modi has launched this scheme. There are so many interesting points to know about the Pradhan Mantri Mudra Loan Yojana like types of loans, Mudra loan online apply and interest rates.
- Shishu: This Shishu loan is issued for the people who required lesser funds. Applicant will get loan up to Rs 50,000 under this stage
- Kishor: Kishor loan is the issue for the people who are already started their business and want some funds to improve their business. The applicant will get loan between Rs 50,000 to Rs 5 Lakh.
- Tarun: In this stage, an applicant will get highest loan amount and required eligible conditions. The applicant will get the loan above Rs 5 Lakh and up to Rs 10 lakh.
Interest rates won’t be fixed as well as it depends on the type of business and bank. Each bank will have their criteria. The Indian government may give some subsidy on the interest rates but the particular percentage is still not declared. Mudra loan interest rates are between 10% to 18%.
Mudra bank loan application form – mudra loan online apply :
Key Features for Pradhan Mantri Mudra Yojana:
- Indian government supports the micro or small business as well as start-ups. Micro-unit development and refinance agency popularly called as Mudra
- Pradhan Mantri Mudra Yojana is the refinancing agency and not a direct financial institution
- Mudra is the common platform where financial institutions like RRBs, banks, MFIs, NBFCs will meet the applicants to set up their micro-enterprises.
- Under this scheme there can be sole proprietors, manufacturers, partnership firms, machinery business and more can be considered.
Pradhan Mantri Mudra Bank Loan Yojana. There so many attractive benefits under this scheme. So many people started their own businesses under this Mudra bank loan Yojana. Rs 96 crores has been distributed under this scheme.