What is MUDRA Bank?
Micro Units Development and Refinance Agency MUDRA known as MUDRA Bank, is a new institution set up by the Government of India for development of micro-units and refinance of MFIs to encourage entrepreneurship in India & provide the funding to the non-corporate small business sector.
In Mudra Scheme, people will get mudra loan from Mudra bank with nominal interest rates. Its a dream scheme of Pradhan Mantri Shri Narendra Modi that’s why people call it “PMMY Mudra”. Mudra had launched in 2016 during the budget session by the Union Finance Minister.
MUDRA Bank will need two type of product like refinance for the micro-units having loan requirement from Rs 50 thousand to 10 lakhs and support of Micro Finance Institutions (MFI) for on landing.
MUDRA will refinance to micro-business under the scheme of Pradhan Mantri MUDRA Yojana.
What is MUDRA Scheme/ Yojana?
Under the guideline of Pradhan Mantri MUDRA Scheme, MUDRA Bank has launched its three initiative product and its name is SHISHU, KISHOR & TARUN to signify the stage of growth and funding needs of the micro-units or entrepreneur.
MUDRA Bank is refinancing through State level institutions, MUDRA will deliver the loan through NBFCs, MFIs, Rural Banks, District Banks, Nationalized Banks, Private Banks, Primary Lending Institutions and other intermediaries.
What is the Interest Rate of MUDRA Bank?
There is no fix Interest rate on MUDRA loan. According to source banks are charging around Base Rate + 1% to 7% minimum. The interest rate can be higher according to risk and customer profile and it can be different in all banks. So please check all nearest bank branches once before apply for the mudra bank Loan.
There is no subsidy in PMMY Mudra scheme.
Who is eligible for mudra bank Loan?
Any Indian Citizen who is involved in income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than 10 lakh can approach either a Banks, MFIs, Financial Institutions or NBFC for availing of MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY). MUDRA Bank is not refinancing agriculture sector under PMMY but traders of vegetables & fruits cover under MUDRA Bank Schemes.
₹ One Lakh crore will allocate accordingly.
40,000 Crore Rupee for Mudra Bank Shishu Loan Scheme.
35, 000 Crore Rupee for Mudra Bank Kishor Loan Scheme.
25, 000 Crore Rupee for Mudra Bank Tarun Loan Scheme.
Share your experience with us at info (at) mudrabank.com
We are getting lots complaints from users that banks are not showing interest to disburse loan under mudra scheme. We work on that issue and found that Banks area not showing interest because it is unsecured & can be NPA at large scale.
Author:- Jeevan Pant
mudrabank.com does not belong to govt. of India or any other mudra process or Govt. agencies. We made that website to share experience & exchange information only. Mudra is not a bank, it has been constituted to make policy for MUDRA Loan & provide the collateral loan to unorganized sectors & individuals.
Need MUDRA Loan, Click here to apply Online.
Mudra Bank welcomes central govt. an initiative of Demonetization.