mudra loan scheme 2023
Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched by Hon’ble Prime Minister on 8th April, 2015 to provide credit facility to non-corporate, non-agriculture MSME units with credit facility up to Rs.10 lakh. Pradhan Mantri Mudra Yojana is a collateral-free loan that can be availed by individuals who require funds for business needs, expansion purposes, setting up of a company or modernization of an establishment, etc. This credit can be used to set up or set up a new business unit. For expansion of an existing enterprise.
sbi mudra loan 2023
MUDRA stands for Micro Units Development and Refinance Agency Limited. It is a financial institution set up by the Government of India for the development and refinance of micro unit enterprises. MUDRA has designated 27 Public Sector Banks, 17 Private Sector Banks, 27 Regional Rural Banks and 25 Micro Finance Institutions as partner institutions to provide assistance to eligible borrowers based on eligibility criteria.
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What is Mudra Loan Scheme 2023?
MUDRA loans are basically of 3 categories. Applicants can apply in the appropriate category based on their requirements.
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Child – Rupee. Loan up to 50000, the interest rate is as low as 1% per month or 12% per annum. Repayment period of 1-5 years.
teenager – Loans from Rs.50001 to Rs.5 Lakh. The rate of interest will depend on the lender, taking into account the credit history of the applicant in compliance with the scheme guidelines. Repayment period depends on the discretion of the bank but not exceeding 5 years.
Youth – Loan from Rs.5 lakh to Rs.10 lakh. The rate of interest will depend on the lender, taking into account the credit history of the applicant in compliance with the scheme guidelines. Repayment period depends on the discretion of the bank but not exceeding 5 years.