With the launch of The Pradhan Mantri MUDRA Yojana, the small and independent entrepreneurs now enjoy a sigh of relief in Rajasthan. For years these small entrepreneurs have been struggling to get access to the banking system, loans, insurance etc which are the backbone of any business.
This scheme was formally launched in April 2015, with a financial strength of Rs 20000 crore. Under PMMY all the banks including the private sector banks, public sector banks, regional rural banks, state cooperative banks, urban cooperative banks, foreign banks and nonbanking finance companies are required to lend to nonfarm sector income generating activities below Rs 10 lakhs.
Target beneficiaries of the scheme
The purpose of the PMMY is to provide funding to the non-cooperate small business sector. This non-cooperate small business segment consists of small manufacturing units, service sector units, shopkeepers, fruits and vegetable sellers, truck operators, repair shops, artisans, food processors etc both in rural and urban areas. The biggest hurdle in the growth of this sector is the lack of the financial support. The majority of people belonging to this sector do not have access to sources of finance.
Loan offerings under PMMY
- Firstly the applicant for the MUDRA loan should approach any of the banks listed under the scheme as loan provider
- The bank will then categorize your business into one of the three categories specified by the scheme:
- Shishu loan- maximum loan amount is Rs 50000
- Kishor loan- maximum loan amount is RS 5 lakh
- Tarun loan- maximum loan amount is Rs 10 lakh
- Filling up of the MUDRA form for loan with current account opening in the bank
Eligibility to attain MUDRA loan
- Loan applicant must be an Indian citizen
- Loan can be availed only for micro and small scale businesses from rural areas
- Proper proof of IDENTITY, RESIDENCE
- Loan amount should be quoted under the maximum limit of Rs 10,00,000
MUDRA loan helpline numbers
The government has offered two national toll-free helpline numbers – 1800 180-1111 and 1800 11 0001
Impact on the economy of Rajasthan
- It will immediately boost the GDP of the state
- Increased employment and increased income
- Increased demand for goods and services
Thus the business units and the end users are all benefited from this scheme leading to increased income and better lifestyle.
Thus the success of this scheme will result in the growth of the state economy over the years and help Rajasthan emerge as one of the fastest and most powerful economy.
