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Mudra Loan (Pradhan Mantri Mudra Yojana Scheme)l

Mudra Loan – Businesses of the 21st century deserve a partner from this century too. And that means only one name – Lendingkart.

A huge number of micro, small, medium and large companies are housed in India. More so than ever, this number is growing in leaps and bounds, which if successful, can contribute greatly to the country’s economy. However, many of these come to a standstill and get stuck due to shortage of funding. To be able to allow smooth flow with the aid of money, the government of India has introduced a scheme called the Pradhan Mantri Mudra Yojana (PMMY) Working under this scheme, enterprises can avail monetary aid in the form of mudra loan and fulfil their career related dreams.

What is the Pradhan Mantri Yojana Scheme?

As stated above, the Pradhan Mantri Yojana scheme was launched only to help Indian small-scale companies grow and reach penultimate success. This scheme was officially launched on 8th April, 2015 and is dedicated to funding several such enterprises. The name ‘mudra’ is an abbreviation for Micro Units Development and Refine Agency and mainly helps companies from both, the profit as well as the non-profit sector with financing. Any eligible company or individual seeking to avail the mudra loan can get financial help up to the amount of Rs. 10 lakhs. Companies that would ideally be eligible for availing this loan are;

NBFCs (Non-banking financial corporations)

Small finance banks

MFIs (Micro finance institutions)

Commercial banks

RRB’s (Railway recruitment boards)

Key Features of PM Mudra Loan

Loan Purpose Fulfill working capital needs of the companyTarget Industries Manufacturing, trading, and servicesEligibility Open to both existing and new companiesLoan Tenure 3 to 5 years, based on agreement at the time of processingEasy Application Apply online via Mudra website or appUtilization of Funds Equipment purchase, machinery, business expansion, restructuring, hiring, etc.Collateral No collateral or third-party security requiredVersatile Products Three products offering flexibility

Benefits of Mudra Loan

There are several benefits associated with the Mudra loan scheme, some of which are stated below:

No collateral or third party security is needed to avail any of the mudra schemes

The Mudra loan interest rate is very affordable and doesn’t exceed 1% on a monthly basis

Withdrawing the sanctioned amount with the help of a Mudra loan card is very easy without the need of making a physical visit to the bank

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