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The Mudra Yojana was launched on April 8, 2015. Its primary objective is to provide financial support to small and micro businesses to foster entrepreneurship and generate employment in the country. The program is particularly focused on supporting small businesses in various sectors, including manufacturing, services, and trading.
Loans up to ₹50,000. This category is intended for new startups and small businesses requiring minimal capital.
Loans ranging from ₹50,001 to ₹5,00,000. This is for businesses that are in their growth phase and need additional funding.
Loans ranging from ₹5,00,001 to ₹10,00,000. This category targets established businesses that require support to scale further.
Collateral-Free Loans: Loans up to ₹10 lakh do not require collateral, making it easier for entrepreneurs to access finance.
Boost to Small Businesses: Facilitates easy availability of credit, empowering small business owners to invest and expand.
Employment Generation: By supporting small businesses, the scheme contributes to job creation and economic growth.
Flexibility: Businesses can choose loan amounts and repayment terms according to their financial capabilities.
Online Application: Applicants can visit the official Mudra Yojana website or the respective bank’s website to apply online.
Documentation: Required documents often include identity proof, address proof, business plan, and income proof.
Loan Approval: Banks assess the application and disburse funds once approved.
Interest rates for loans under the Mudra Yojana vary by bank, but they generally range from 8% to 12%, depending on the creditworthiness of the applicant and the nature of the business.
Disclaimer
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