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  • Kindly intimate the details of MUDRA scheme started by the Central Government

    Have a query about any government scheme? Looking out for details of the MUDRA scheme released in 2015-16? Here, on Ask Expert page find responses to yuor query from experts.

    The Government of India has started a new MUDRA scheme in 2015-16. I would like to know the basic purposes behind the scheme, the details of the scheme and its various components, the targets of the Government in respect of this particular scheme, the success stories and the gaps which have been noted till now.
    The drawbacks of the scheme may also be mentioned.

    Point-wise reply will be appreciated.
  • Answers

    2 Answers found.
  • Mudra loan yojna was launched on April 8, 2015 for providing loans upto 10 lakh to the small/micro enterprises. These are small loans only for the small businesses and entrepreneurs and are given under the PMMY scheme. Big business houses and corporates are not eligible for this loan.

    The eligible borrower can get these loans from Commercial Banks or Regional Rural Banks or Cooperative Banks or Small Finance Banks or Non Banking Finance Companies. The Govt has categorised these loans in three categories -

    1. Mudra Shishu Loan - In this category, loan only up to Rs 50000 will be granted. Interest will be charged in the range 10-12% only.
    2. Mudra Kishor Loan - In this category, loan up to Rs 5 lakhs is disbursed and interest rate is in the range 14-17%.
    3. Mudra Tarun Loan - This loan is given in the range 5-10 lakhs and interest rates are 16-18%.

    Mudra loans are only given to the Indian Citizen and can be availed only for micro or small scale businesses from rural areas. Proof of identity, proof of residence, business plan and two set of Proprietor/ Partners/ Directors photos are required for applying for this loan. There is no processing fee for the Mudra loans.

    Some banks have hesitation and reluctance in disbursing these loans to the entrepreneurs as it is not known whether these small businesses will be able to return the loan or not. Other apprehensions are regarding the working of banks under certain boundary conditions which is thought to be not good for banking industry.

    To help the applicants for the Mudra loan scheme the Govt. has also started dedicated help lines. These numbers are available on 24/7 basis – 1800 180 1111 and 1800 11 0001.

    Knowledge is power.

  • To increase the employment potential for the self employed people engaged or want to start small/ micro businesses, the Mudra Loan scheme was launched in the year 2015. The loan amounts are restricted to a maximum of Rs 10 lakhs only.

    The basic objective of this ambitious scheme is to help the small/ micro enterprises business persons to expand their business with the quick Mudra loan. In this the participating banks and financial institutes have to play a major role as quick disbursement of the loan is again depends on the processing time taken by the bank.

    Govt claims that this scheme has been very popular and successful. As per the data in Govt site 17.8 crore number of loans were given under Mudra scheme in which an amount of 7,17,181 crores was disbursed during the year 2018-19 only. This is definitely an impressive reflection.

    The success stories can be shared at the Govt Mudra site where many beneficiaries of the scheme have given their applaud for the scheme.

    Thoughts exchanged is knowledge gained.

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