MUDRA Bank Yojana [ Detailed Analysis - Economics ]
On 8th April 2015 with a corpus of Rs 20,000 crore and a credit guaranteed corpus of Rs 3,000 crore, The Prime Minister of India launched the promised Micro Units Development And Refinance Agency Ltd (Mudra). The launch was the fulfillment of the commitment given earlier given by the finance minister Arun Jaitley in the budget speech.
- Then Yojana aims to serve a pool of 5.77 crore small business that are currently engaged in a wide spectrum of economic activities.
- Minister Narendra Modi said emphasising that “the government wants youth to be job creators and not job seekers”.
How to Apply For MUDRA Loan
- SHISHU- Maximum Loan amount is Rs. 50,000
- KISHOR- Maximum Loan amount is Rs. 5 LAKH.
- TARUN- Maximum Loan amount is Rs. 10 LAKH
- For obtaining loan from this Yojana, one should be aware of the following listed eligibility criteria in addition to the loan availing process.
Interest Rates of MUDRA Loan
- If the loan is up to Rs 50,000 then the nominal rates are 10-12%.
- If the loan is up to Rs 5 lakh, which comes under unsecured loans, interest increases to 14-17%.
- If the loan is within 5-10 lakh then the interest rate comes to around 16%.
Principle Objectives of MUDRA Bank Yojana
To Contact Pradhan Mantri MUDRA Yojana
Even national toll free numbers are provided
- 1800 180 1111
- 1800 110 0001
Can MUDRA Bank Yojana Really Be A Game Changer For India?
- Definitely it will be a game changer for India. Majority of Indians are poor and live in rural and interiors parts of the country. Most of them don’t get the facilities that are termed very basic even by Indian standards.
- Most of fellow citizens do not have access to any farmland and being jobless, they are force to leave their own creativity to feed themselves and survive. Majority belongs to scheduled caste and scheduled tribes, which keeps them deprived.
- It is to be noted that most of the micro enterprises, retail or trading are initiated by women. Women control the enterprises with no exposures to education or any kind of formal training.
- So if we imagine India harnessing the free spirit of enterprise and some guidance, support or training the potential to get an immediate jump in GDP is possible.
- If MUDRA continues support to the underprivileged and extend its reach in every part of the country then it may emerge as a big success story.
- Published on: September 22, 2016