Mudra Yojana Scheme is one of those schemes designed to empower women who desire to achieve big things in life. Designed by the Government of India for Indian women specifically, Mudra Yojana Scheme offers loans to women for starting new business ventures.
The Yojana provides three categories under which your business will fall and the funding will be done accordingly. The categories are:
- Shishu – Under this category you can get a loan of up to Rs. 50,000. This is for businesses who are in their initial or starting stages.
- Kishor – Under this category you can get a loan of up to Rs. 50,000 to Rs. 5 lakhs, if your business is well established.
- Tarun – you can get a loan of Rs. 10 lakhs if your business is well established and if you’re looking for funds to expand it.
The scheme targets to instill faith in women offering them financial freedom. Let us look at the key aspects of Mudra Yojana Scheme.
- Women who aspire to open tailoring units, food packaging industry, incense sticks production, Beauty Parlors and Tuition centers among the many other ventures can avail loan under the Mudra Yojana Scheme.
- Women who wants to start business units as Joint Ventures can also avail loans offered under the scheme.
- Mudra Yojana Scheme has well laid eligibility criterion. Anyone who wants to avail benefits under the scheme must understand the same for clarity.
- It does not require any collateral for availing loans.
- Loan procedure under the Mudra Yojana Scheme involves simple verification procedures which the aspiring women must be willing to adhere to.
- Many women use the scheme to generate regular income for their families by joining hands with their spouse. This is permitted by the scheme.
- ‘Funding the unfunded’ being the basic principle of Mudra Yojana Scheme, many Women who belong to minority and other backward casts gain hugely out of the same.
- Under the Mudra Yojana Scheme, women can apply for the loan in any of the Private or Public commercial Banks, Micro Finance Institutions, Urban and State Co-operative Banks and Regional Rural Banks.
- Eligibility conditions for availing loan under Mudra Yojana Scheme may differ from one Bank and another.
If you are one among those aspiring Women who want to become a successful Entrepreneur availing loan through Mudra Yojana Scheme, prepare a Business Plan first. Submit it to the Bank from where you want to avail the loan and follow recommended process.
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