New Delhi || 30-10-24 A detailed Press Release by Ministry of Finance says
What is MUDRA Scheme:
The Pradhan Mantri MUDRA Yojana (PMMY), launched by the Prime Minister on April 8, 2015, has played a pivotal role in empowering non-corporate, non-farm small and micro enterprises by providing loans of up to ₹10 lakh. To strengthen support for aspiring entrepreneurs, the finance minister announced an increase in the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.
Who Can Apply MUDRA Loan:
To be eligible for a MUDRA loan:
1.You must be an Indian citizen between the ages of 18 and 65.
2.You must be planning to start a business in a non-agricultural sector.
3.You must have a viable business plan and be able to repay the loan.
Categories of MUDRA:
MUDRA loans now will be offered in four categories namely, ‘Shishu’, ‘Kishore’and ‘Tarun’ and newly added category ‘Tarun Plus’ which signifies the stage of growth or development and funding needs of the borrowers:-
Shishu: covering loans upto Rs. 50,000/-
Kishore: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs
Tarun: covering loans above Rs. 5 lakhs and up to Rs. 10 lakhs
Tarun Plus: Rs. 10 lakh and up to Rs. 20 lakhs
MUDRA Card:
It is an innovative credit product wherein the borrower can avail of credit in a hassle free and flexible manner. It provides a facility of working capital arrangement in the form of an overdraft facility to the borrower.
Since MUDRA Card is a RuPay debit card, it can be used for drawing cash from ATM or Business Correspondent or make purchase using Point of Sale (POS) machine. Facility is also there to repay the amount, as and when, surplus cash is available, thereby reducing the interest cost.
MUDRA MITRA:
It is a mobile phone application available in Google Play Store and Apple App Store, providing information regarding ‘Micro Units Development and Refinance Agency Ltd. (MUDRA)’ and its various products/ schemes. It will guide a loan seeker to approach a Banker in availing MUDRA loan under PMMY.
