What is PM Mudra Yojana? | Pradhan Mantri Mudra Yojana 2021 | HDFC Securities
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What is PM Mudra Yojana? | Pradhan Mantri Mudra Yojana 2021 | HDFC Securities
The Mudra Yojana is a scheme initiated by the Government of India to offer loans and credit to individuals and MSMEs. The scheme was established in 2015 and continues to be a vital source of support to small business owners. The purpose behind the Yojana is to encourage entrepreneurship and create employment and income opportunities for businesses belonging to non-farm and non-corporate sectors. The loan amount starts from Rs. 50,000 and goes up to Rs. 10 lakh, and is divided into three products within - Shishu, Kishore, and Tarun.
The type of loan to be extended depends upon the needs and requirements of the borrower and their business growth.
The Mudra Yojana is highly popular and beneficial because it involves no security or collaterals and processing fees. Interest rates are attractive and differ from bank to bank. The application procedure for a loan is easy and seamless, with no hassle and difficulties for the borrower.
If you're a woman entrepreneur, there's even better news for you. A special Mudra scheme, by the name of United Mahila Udhyami Yojana, offers loans exclusively to women engaged in production, manufacturing and service-sector activities. While the eligibility and loan amounts are the same, interest rates can be even lower for women borrowers.
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