The MUDRA scheme is being hailed as the most beneficial scheme for MSMEs. Here are the benefits for industries under MUDRA Yojana for you to check out.
It provides microfinance funding to the country's micro-enterprise sector.
Promotes financial inclusion and gives financial aid and banking services to remote places.
Disburses collateral free loans whose responsibility will be assumed by the government in case of payment default.
It caters all banking services such as savings accounts, loans, and credit cards to deserving beneficiaries.
To facilitate higher funds available for lending, it gives refinance support to banks and NBFCs.
Sanctioned MUDRA loans can be used by business entities for agriculture and allied activities, manufacturing, trading, tractor financing, servicing and repairing machines, purchasing two-wheelers, etc.
Women entrepreneurs can avail loans at a lesser interest rate.
Maximum tenure of MUDRA loan can be extended up to 7 years
MUDRA loan also allows you to take advantage of the overdraft facility balance of up to Rs. 5000.
In addition to financial assistance, MUDRA Yojana educates and empowers MSMEs to develop financial literacy.
Provides other social support services in addition to disbursing credit facilities.
Three different loan schemes with varying loan amounts; Shishu loan up to Rs. 50,000, Kishore loan up to Rs. 5 Lakhs and Tarun loan up to Rs. 10 Lakhs, which can be availed depending on the purpose.
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