To support Micro, Small and Medium Enterprises Development (MSME) -> MUDRA ->Micro Units Development and Refinance Agency, Launched in 2015.
mudra loan eligibility:
anyone who runs the small business can apply.
- Age limit: 23-28
- Applicant should earn at least 17000 for a month or 15 lakhs as turnover for Non- individuals (LLP, PVT etc).
- Minimum profit after tax 1 lakh for Non-individuals, 2lakhs for a sole proprietorship.
- Salary persons at least 2 years, business 5 years and doctors 3 years stability in the field.
- Applicants should have 1-year residence in present location or 1-year relationship with the bank.
Purpose: vehicle loans for commercial purposes, business loans.
| Scheme | Amount |
| Shishu | 50000 |
| Kishore | 50000 to 500000 |
| Tarun | 5 lakhs to 10 lakhs |
According to 2005 RTI Act filed economic by times of India
- 90% around 13.47 crore loans under the “Shishu” Below 50K.
- 1.04 crore MUDRA loans under Rs 50,000-Rs 5 lakh “Kishore”
- 1.45% 19.60 lakhs loans above 5 lakhs “Traun”.
But Modi said in parliament. loans worth Rs. 6 lakh crore (600,000 )have been given to 12 crore beneficiaries under the Mudra scheme.
100 Millions = 1 crore, 100 Crores = 1 billion,
Indian budget amount 2018
- Total revenue ₹2,399,147 crore -> 23 lakh crore (US$350 billion)
- Total expenditures ₹2,920,484 crore (US$430 billion)
- Debt payment ₹575,795 crore (US$84 billion)
When comparing to the US $3.4 trillion (000 extra to billion) India 350 billion.
How to apply for Mudra Loan?
every public & private sector bank holds an application system for PMMY Mudra scheme. the applicant can search like mudra loan apply + bank name or financial institution.
ex: ICICI, HDFC, SBI, Axis etc.
Documents required for Mudra Application
- Photo ID & address proof ex: aadhaar, pan etc
- Passport photo
- machinery quotation
- Supplier details
- Business proof (like trade license, MSME certificate< LLP, PVT etc)
- Category (SC, ST, OBC)of the applicant.
So prepare documents and contact the bank get to process your loan if you spend bribe loan may get sanctioned
MUDRA Card
Ater loan gets sanctioned then applicants get a Mudra card (just like the credit card) 10,000 maximum balance.
to use business purposes.
Mudra Loan Interest rates by Bank wise
| Mudra Loan Bank | Interest rate | Tenure |
| HDFC | 12.75% to 20% | 1-5 years |
| HDBFS | 15.95% to 18.95% | 1-3 years |
| Tata Capital | 13.49% to 19.50% | 1-5 years |
| Kotak Mahindra Bank | 11.5% to 18% | 1-5 years |
Normal business loan interest rate as on August 14th 2018
| Bank/NBFC | Interest Rate Range | Tenure Range |
|---|---|---|
| BAJAJ FINSERV | 16% – 21% | 1-4 years |
| CAPITAL FIRST | 13% – 20% | 0.5-3 years |
| HDFC BANK | 15.50% to 18.30% | 1-5 years |
| ICICI BANK | 12.9% – 16.65% | 1-5 Years |