In order to facilitate financial support and funding access of up to Rs 10 lakhs, the Micro Units Development and Refinance Agency (MUDRA) extends MUDRA Loans loads to support micro businesses. MUDRA is a NBFC which supports the development of micro enterprises. Under the Pradhan Mantri MUDRA Yojana, MUDRA provides Subsidery and refinancing support to micro enterprises.
Purpose of a MUDRA Loan
A MUDRA loan is extended for a variety of purposes which result in income generation and employment creation. The loans are extended mainly for: 1. Transport Vehicles 2. Community, Social & Personal Service activities 3. Food sector (our area of concern) Food sector activities such as papad making, pickle making, jam/jelly production, agricultural produce preservation etc. are also applicable under a MUDRA loan. Synergies with “Make in India” campaign
Government of India, while promoting entrepreneurship and start-up culture in India, also encourages the Mudra Loans for ‘Make in India’ motto. Make in India movement is a national level programme aimed at encouraging investment, promoting innovation, increasing skill development, securing intellectual property and building India as a manufacturing hub. This coupled with the Start-up India movement aims to create a conducive environment for enterprises of different scales to flourish. In this regard, MUDRA loans further facilitate the realization of this dream. Get Mudra Loans Consultants.
Mudra loans have 3 categories
- SHISHU upto Rs 50,000/-
- KISHORE – Rs 50,001 to Rs 5,00,000/- ( Five Lakhs )
- TARUN – Rs 5,00,001 to Rs 10,00,000 ( Ten Lakhs )
Mostly SHISHU mudra loan ns are providing any collateral. Other loans such as Kishore and Tarun are having same criteria’s to get loans from banks by providing collateral property papers means secured loan.
- Minimum 2 years of business continuity is required.
- Minimum 1 year of account should be audited by registered chartered account.
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