Pradhan Mantri Yojana scheme was launched only to help Indian small-scale companies grow and reach penultimate success. This scheme was officially launched on 8th April, 2015 and is dedicated to funding several such enterprises. The name ‘mudra‘ is an abbreviation for Micro Units Development and Refine Agency and mainly helps companies from both, the profit as well as the non-profit sector with financing. Any eligible company or individual seeking to avail the mudra loan can get financial help up to the amount of Rs. 10 lakhs.
Salient Features of the Mudra Loan: The following mentioned features of the mudra loan distinguish this scheme over several others offered by the government; The amount availed by this loan can be used to fulfil the working capital requirements of the availing company Mainly, is it aimed at serving industries that are engaged in manufacturing, trading and services Both, existing companies as well as new ones can apply for the pm mudra loan The tenure of the mudra loan ranges from 3 years to 5 years, depending on what is agreed upon at the time of processing Enterprises have complete liberty to utilise the funds obtained via this loan for purchase of equipment/machinery, expansion of business, restructuring of business, hiring staff, working capital and many more. No collateral or additional security via a third party is required