Mudra Loan
Pradhan Mantri Yojana was launched in 2015 with the aim to help small scale businesses expand and attain success. Companies from both profit and non-profit sector can avail a loan under this scheme and can avail a loan of up to Rs.10 lakh to kickstart their business.
Purpose of Pradhan Mantri Mudra Loan Yojana
MUDRA loans can be taken for a variety of reasons that help in creating employment and generating income. Here are the main purposes for which Mudra loans are taken:
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Business loan for shopkeepers, traders, vendors and other activities in the service sector
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Equipment finance for small enterprise units
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Working capital loan via MUDRA cards
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Transport vehicle loans
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People involved in Agri-allied non-farm income generating activities such as poultry farming, bee-keeping, pisciculture, etc. can apply for a Mudra Loan.
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People who use tractors, tillers as well as two wheelers for commercial activities can apply for a Mudra Loan.