Pradhan Mantri Mudra Yojna

There was a discussion on the Fund availability by the start-ups in Mangalmay Group of Institutions and the following things were highlighted in the whole discussion been carried by the student:

Activities related to agriculture such as dairy, portray, bee-keeping etc. are also covered. The full name of this Yojna is Micro unit’s development and Refinance Agency. Due to this facility the entrepreneurs who have insufficient funds and the units running out of capital are given funds to deal with due to which the economy of the country becomes stronger. The main aim of this Yojna is to make the loans available to the small units so that they can start the units due the result of which they can create jobs in India.

This Yojna came into the mind of Prime Minister as per the one research study it was observed that the people at smaller units 90% of them either don’t have contacts with the banks or they are unable to get the loan easily from the bank. So, when they are in need of cash then either they take help of the investment institutions or from where underwriters or bigger firms who take more amount of interest resulting in loss of profit margins.

As per the latest news the Pradhan Mantri Mudra Yojna has been helpful in generating around 5.5 corers of job. This Yojna was started aiming to provide access to institutional finance for small scale business units.  Industrial estates like Maharashtra, Tamilnadu and Karnataka have been the biggest beneficiary of the Pradhan Mantri Mudra Yojna.

As per the report given by a Think Tank SKOCH, so far Rs 3.42 lakh corer loan has been provided to over 8 corers of people under the umbrella of this scheme, most of them are small entrepreneurs. The mudra scheme was launched by Honorable Prime Minister Sri. Narendra Modi on Aril 8, 2015, with an objective to provide the funds to the people that have insufficient capital to start up their own business. Mudra loan is available for non-agricultural activities for up to Rs. 10,00,000.

The main criteria for applying to get this type of loan is : they person who is applying for the loan must be an Indian and the whole blue print of the business has to be ready which is feasible.

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