The PradhanMantri Mudra Yojana or PMMY is a flagship scheme of the Government to provide affordable credit to micro and small enterprises. Mudra Loans are framed to let startups or businesses bring into a formal financial mechanism. Loans under this scheme are available to startups involved in manufacturing, trading or service sector. Startups or businesses involved in Agri tech business can also apply for Mudra loans.
The main benefits of Mudra Loan is as under:
Business that falling under the following categories comprise MUDRA loan eligibility.
Prime Minister Mudra Yojana (PMMY) scheme launch the Mudra Loan on 08th April 2015 to extend the affordable loans.
Micro Units Development and Refinance Agency is the full form of MUDRA.
Sishu, Kishore and Tarun are the main three types of Mudra Loan.
The normal term of repayment is 12 to 60 months.
The Key purpose is granting business loans, finance of equipments and loans to transport sector.
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