Prime Minister Mudra Loan Scheme 2023| Pradhan Mantri Mudra Yojana
Pradhan Mantri Mudra Yojana 2023 (Mudra Loan, Government Loan), Application Form, Apply Online, Interest Rate, SBI, How to get Mudra Loan, Mudra Loan Kaise Milega (Online Form)
The visionary government of Narendra Modi has also launched a scheme of financial assistance to develop and encourage the spirit of business and employment. The name of this scheme is Mudra Yojana (Micro Units Development Refinance Agency). Through this scheme, the government has aimed to provide finance at an affordable interest rate to the unorganized sector businesses and small businesses facing financial problems, as well as to encourage the youth desirous of starting a new business.
In this regard, it is noteworthy that till now a large section of the country’s population, especially the lower strata, has been deprived of the benefits of the formal banking system. They depend on moneylenders for everything from farming to doing any small business. They have to pay heavy interest on the loans taken from the moneylenders. Then they get trapped in such a cycle of debt that their life becomes difficult. On the other hand, small business units in the country are also facing a similar problem. Till now there was neither any regulatory body nor any banking system for such units so that they could get financial support. The 2013 survey of the National Sample Survey Office (NSSO), an organization of the Indian Ministry of Statistics, Government of India, states that there are about 5 crores 77 lakh small business units in the country whose control is in sole ownership. These units include activities ranging from production to manufacturing and retail. Along with this, about 1.25 crore people are getting employment directly and indirectly from these units. In such a situation, the government needed to bring such a visionary plan, which would not only provide financial support and strength to the small business units but also create employment.
Ultimately, with the ambition to strengthen these small business units and exploit them properly, Arun Jaitley, the Finance Minister of the current Narendra Modi government, announced the establishment of Mudra Bank in the budget speech of the year 2015-16. After this, implementing the government’s promise, Prime Minister Narendra Modi dedicated the Micro Units Development and Refinance Agency Limited ie ‘ Mudra ‘ loan to the nation on April 2015 with a corpus of Rs 20,000 crore. A credit guarantee fund of Rs 3,000 crore has also been added to this huge fund.
This agency, newly created by the government, will cooperate with all those financial institutions that do the business of lending to micro and small business units engaged in production, trade, and service-related activities.
The main objective of the PM mudra loan Yojana (Pradhan Mantri MUDRA Loan Yojana Aim
- Regulation of the institutions providing microfinance in the form of loans and its financial system strengthens its active participation and provides stability to it.
- To cooperate in finance and loan activities with other agencies including Micro Financial Institutions that provide loans to small businessmen, shopkeepers, self-help groups, etc.
- To register all the existing Micro Finance Institutions (MFIs) and prepare a merit list based on their performance. This list will help assess the track record of the institution and help borrowers choose the best MFI. On the other hand, the preparation of merit lists will increase the competition among the institutions, which will motivate them for better performance. Ultimately the borrowers will get its benefit.
- Mudra Bank will also provide proper guidelines regarding the business to the borrowers, which will help the business to get out of the crisis. Along with this, Mudra Bank will also cooperate in determining the procedure to be followed for the recovery of money in case of default.
- Mudra Bank will set up a credit guarantee scheme to guarantee loans given to small business units.
- Mudra Bank will provide effective technology to lending institutions to help them in the process of taking and disbursing loans.
- Under the scheme, Mudra Bank will create a suitable framework so that an effective system can be developed for providing small loans to business units.
PM mudra loan Mudra Yojana
(Pradhan Mantri MUDRA Bank Yojana) means Micro Units Development Refinance Agency ( Micro Units Development Refinance Agency), which is called MUDRA, in short, Mudra means money, and this is the main point of this scheme, the help of money to cottage industries.
Establishment of Prime Minister’s Scheme (Pradhan Mantri MUDRA Yojana) :
Mudra Yojana has been announced on April 2015. Mudra Bank has been established under the statutory act, in which the responsibility for the development of cottage industries will be of Pradhan Mantri Mudra Yojana Bank.
The objective of the Mudra Loan Scheme
Small cottage industries do not get financial help from the bank easily, they are unable to fulfill the rules of the bank, due to which they are unable to increase the industries, therefore Mudra Bank Yojana is being started, whose main goal is to develop the skills of young educated youth. We have to give a strong ground and at the same time, we have to empower women.
Eligibility of Pradhan Mantri Mudra Bank Yojana (Pradhan Mantri MUDRA Bank Yojana Eligibility):
Under the Mudra Yojana, every person who has a cottage industry in his name or has the right documents of partnership with anyone or a small unit can take a loan under this Mudra Bank Yojana.
How to get a loan under the PM mudra loan Mudra Yojana?
If any Indian citizen wants to avail of benefits under Mudra Loan Scheme, then he has to follow the following procedures.
- First of all, a person desirous of getting a loan will have to go to a nearby bank and contact the bank for Pradhan Mantri Mudra Yojana and get the scheme form from them.
- Then by filling out the loan application form along with the documents sought and a detailed description of the business you do or any new business you want to start will have to be presented.
- After this, all the formalities prescribed by the bank have to be completed.
- After completing all the formalities your loan will be sanctioned and made available to you.
Documents required for availing Prime Minister Mudra Loan
An applicant desirous of availing loan under the Pradhan Mantri Mudra Yojana will have to submit the following documents along with his application –
- Self-attested copy of any one of PAN cards, Aadhaar cards, Driving licenses, Voter ID cards, or passports for proof of identity.
- One of the Voter ID cards, Aadhaar cards, passports, or self-attested copies of the Telephone or Electricity Bill for residence proof.
- Self-attested copy of the certificate if the applicant belongs to SC/ST or backward class.
- Copy of documents like license, registration certificate, identification of ownership, etc. related to the business entity.
- It is also necessary for the applicant he should not to be a defaulter of any bank or financial institution.
- If the applicant applies for a loan of 2 lakhs and above, then he will have to submit a copy of his Income Tax Return and Balance Sheet for the last 2 years. This is not mandatory for Shishu category loans.
- If the applicant wants to start a new business on a large scale or wants to expand his existing business, then he has to submit a project report related to the business. With this report, the technical and economic aspects of the business can be examined.
- The applicant will also have to submit details of sales and profit-loss made by his unit during the current financial year.
- If the applicant is a company or a partnership firm, then a copy of the deed or memorandum related to it will have to be submitted.
- The applicant has to attach his 2 photographs with the application. (If the applicant is a company or partnership firm, then 2-2 photographs of all its directors or partners have to be attached.)
Provision of loan/loan under Mudra Yojana
Under the Mudra loan scheme, the borrowers have been classified into three categories. The basis of this classification is the different stages of the business – in the first stage, those who start the business, in the second stage, in the medium stage, they seek finance in the form of loans to provide financial strength to the business and in the third stage, those who start the business. Looking for more capital to grow. To meet the needs of these three categories, Mudra Bank has divided the loans into the following three categories –
- Shishu Loan: Loans up to Rs 50 thousand have been kept under this.
- Kishore Loan: Loans ranging from Rs 50 thousand to Rs 5 lakh have been kept under this.
- Tarun Loan: Under this, loans ranging from Rs 5 lakh to Rs 10 lakh have been fixed.
Almost all types of business units, professionals, and service sectors are covered to avail benefits under the Mudra loan scheme. These include small shopkeepers, fruit and vegetable vendors, street vendors, hair-cutting salons, beauty parlors, hawkers, cycle-bike-car repairers, transporters, truck operators, machine operators, artisans, craftsmen, painters, food processing units, and restaurants. , cooperative institutions, self-help groups, small and cottage industries, etc. are included.
Future products and plans offered by Mudra Loan
- currency card
- investment credit guarantee
- increase in credit limit
- Linking of beneficiaries with the Aadhaar database and Jan Dhan account
- Establishment of a credit bureau
- Development of institutions like a mixed market
Benefits of Mudra YojanaPM mudra loan
- Due to this scheme, the courage of small traders will increase, which will lead to the economic development of the country.
- Due to this scheme, nine educated youth will get employment and their skills will also come to the fore.
- Big industries give employment to only 1.25 crore people but cottage industries give employment to 12 crore people.
- By promoting such industries, the country’s money will remain in the country and economic development will happen.
- New activities will be communicated.
- The confidence of small traders will increase, which will create a sense of competition, which will be helpful in their progress.
- The development of the country is not done by the development of the rich but by the development of the poor, so the Mudra Bank Yojana is an important decision in this direction.
The idea of the Mudra Bank Yojana belongs to Professor Yunus of Bangladesh, which he implemented in the year 2006, which led to the development of the cottage industry, after which Yunus was praised at the international level.
Now in the year 2015, Mudra Bank Yojana has been implemented in the country, after the huge tragedy, many schemes have been implemented to stabilize the country, which is important:
Mudra loan information by SBI (SBI Bank Gives Mudra Loans Details) pm mudra loan sbi
State Bank of India (SBI) is the largest bank in India. This bank has now started giving Mudra loans. Recently, SBI has given child loans to about 80 women running small industries in West Bengal. You also go to your nearest SBI and get information about this scheme. Taking a loan from SBI is considered to be the most difficult because they give loans only after doing a complete investigation. So do not forget to take all your documents with you before going to SBI.
Ultimately, it can be said that Mudra Bank Yojana is an equal opportunity for the country’s youth, backward classes, scheduled castes, and scheduled tribes, through which they can not only prove their worth but also improve their lives as well as contribute to the country. Can also contribute actively to the economic development of It is also being said about this scheme that if this scheme is successful and achieves its goal, then it will be established as a success story in front of the world.
So far, about 10 lakh people have got loans under this scheme.
As per the latest reports, this scheme has helped a maximum of 3.49 crore new traders. Since its inception till date, 12.27 crore credits have been sanctioned under this scheme. A report also revealed that as of July 2018, the program has offered credit to a maximum of 61.12 crore beneficiaries.
MUDRA Loan Yojana FAQ
What is Prime Minister Mudra Loan Scheme
Under this scheme, loans are easily provided to those who want to start their new business.
What is the full form of Mudra in Mudra Yojana?
Micro Units Development Refinance Agency
What are the types of Mudra loan schemes?
Shishu Loan Kishor Loan Tarun Loan
How much money is given as a loan in the Shishu loan scheme under the Mudra loan
up to ₹50000
How much money is given as a loan
the Kishore loan scheme under the Mudra loan
50000 to ₹500000
Where to apply for the Mudra loan scheme