Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to 10 lakh to the non-corporate, non-farm small / micro enterprises. These loans are classified as MUDRA loans under PMMY. MUDRA stands for Micro Units Development and Refinance Agency. It is a refinancing agency not a direct lending institution. Provides funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs. Both Term Loan and Working Capital Loan is available under Mudra Yojna. Term loans are often used by small businesses to buy fixed assets or make investments, such as equipment or a building. A Working Capital Loan is a short-term loan that is taken to finance a company's everyday operations, such as payroll, rent, etc. Under the aegis of Pradhan Mantri Mudra Yojana (PMMY), MUDRA has created products / schemes. The interventions have been named 'Shishu', 'Kishore' and 'Tarun' to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth to look forward to :
•Shishu : covering loans upto 50,000/-
•Kishor : covering loans above 50,000/- and upto 5 lakh
•Tarun : covering loans above 5 lakh and upto 10 lakh.
Mudra loan is extended for a variety of purposes which result in income generation and employment creation. The loans are extended mainly for:
•Business loan for Vendors, Traders, Shopkeepers and other Service Sector activities
•Working capital loan through MUDRA Cards
•Equipment Finance for Micro Units
•Transport Vehicle loans – for commercial use only
•Loans for agri-allied non-farm income generating activities, e.g. pisciculture. bee keeping, poultry farming, etc.
•Tractors, tillers as well as two wheelers used for commercial purposes only.
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