{"id":796,"date":"2022-01-12T10:50:51","date_gmt":"2022-01-12T10:50:51","guid":{"rendered":"https:\/\/www.saturotech.com\/blog\/?p=796"},"modified":"2024-03-18T19:31:20","modified_gmt":"2024-03-18T19:31:20","slug":"the-mudra-loan","status":"publish","type":"post","link":"https:\/\/saturotech.com\/blog\/the-mudra-loan\/","title":{"rendered":"The Mudra Loan"},"content":{"rendered":"\n
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The Mudra Loan<\/strong> is a public sector loan given to MSMEs (Micro, Small & Medium Enterprises)<\/strong> by the Micro-Units Development and Refinance Agency Bank, a public sector financial institution in India. The loan is available at low rates to non-banking financial institutions that provide credit to micro-finance institutions.  <\/p>\n\n\n\n

The Mudra Loan is a popular source of financing for MSMEs. Prime Minister Narendra Modi announced the launch of this scheme on 8 April 2015. The Mudra loan scheme is available to individuals, small and medium enterprises (SMEs), and new start-ups. The MSMEs that qualify for the Mudra Loan must be in the initial stages of their business.  <\/p>\n\n\n\n

The loan is offered with no security or collateral. The funds can only be used for business purposes; borrowers must provide proof of the technical viability of their business before applying for the Mudra loan. <\/p>\n\n\n\n

The MUDRA loan scheme also provides an innovative working capital facility, the Mudra Card, to micro-enterprises. The Mudra Card is issued against a Mudra loan account and can be used to withdraw cash at ATMs and to make payments at Points of Sale. There are no other similar loans available in India, so the MUDRA loan is a good option for small and medium-sized businesses.  <\/p>\n\n\n\n

There are no minimum\u00a0income\u00a0requirements for this type of loan. To apply for a Mudra loan, an applicant must be a resident of India. The loans are available to 27 public-sector banks, 31 regional rural banks, 17 private-sector banks, 36 microfinance institutions, and 25 non-banking financial institutions. Moreover, 4 cooperative and municipal banks are able to get this loan.\u00a0<\/p>\n\n\n\n

In order to avail of a Mudra loan, an applicant must have a PAN card.  <\/p>\n\n\n\n

It is not mandatory to have a PAN card, but banks may require one to ensure the applicant’s legitimacy. However, the PAN card is necessary for a Mudra loan, so an individual must ensure that it is not invalidated. It is important to remember that the loan is intended to support a small enterprise. It should be easy to repay.\u00a0<\/p>\n\n\n\n

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