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The Mudra Loan Scheme, launched in 2015, is a government-backed initiative aimed at providing financial assistance to micro-enterprises and small businesses in India. The scheme is implemented through various financial institutions, including banks, non-banking financial companies (NBFCs), and microfinance institutions (MFIs).
Motive:
- Financial Inclusion: To promote financial inclusion by providing credit access to the unorganized sector and micro-enterprises.
- Job Creation: To create employment opportunities and boost economic growth by supporting small businesses.
- Empowerment: To empower entrepreneurs and small businesses, especially women and marginalized communities.
Eligibility:
- Micro-enterprises: Businesses with a loan requirement up to Rs. 10 lakh.
- Small businesses: Businesses with a loan requirement between Rs. 10 lakh and Rs. 50 lakh.
- Indian citizens: Only Indian citizens are eligible for Mudra loans.
- Existing or new businesses: Both existing and new businesses can apply for Mudra loans.
Industry:
- All sectors: Mudra loans are available to businesses in all sectors, including manufacturing, services, and agriculture.
- No collateral requirement: Mudra loans are generally provided without collateral security.
Details:
- Loan amounts: The maximum loan amount varies depending on the category of the business (micro, small, or medium).
- Interest rates: Interest rates for Mudra loans are competitive and may vary among different lenders.
- Repayment tenure: The repayment tenure for Mudra loans can range from a few months to a few years.
- Government subsidy: The government may provide interest subsidies or other incentives to borrowers under certain conditions.
Additional Information:
- The Mudra Loan Scheme is implemented through three main product lines:
- Shishu: For micro-enterprises with a loan requirement up to Rs. 50,000.
- Kishor: For small businesses with a loan requirement between Rs. 50,000 and Rs. 5 lakh.
- Tarun: For medium-sized businesses with a loan requirement between Rs. 5 lakh and Rs. 10 lakh.
- The scheme has been successful in providing financial assistance to millions of micro-enterprises and small businesses across India.
- The government has taken various steps to simplify the application process and make Mudra loans more accessible to borrowers.
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