Avyud Consultancy provides expert assistance for Mudra Loan Services in Purnea, Bihar, helping small business owners and entrepreneurs secure funding for growth. The Mudra Loan Scheme, initiated by the government, offers financial support with low-interest rates, empowering startups, micro-businesses, and MSMEs. Whether you need funds for working capital, expansion, or equipment purchase, we streamline the loan application process, ensuring hassle-free approval. Our experts guide you in choosing the right category—Shishu, Kishor, or Tarun—based on your funding needs. Partner with Avyud Consultancy for seamless Mudra loan processing and fuel your business success today!
Mudra Loan Services in Purnia, Bihar
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Benefits of Mudra Loan
Mudra would be responsible for refinancing all financiers or financial institutions engaged in the financing of Small Businesses, Societies, Trusts Section 8 Companies, Co-operative Societies, Small Banks, Scheduled Commercial Banks, and Rural Banks which are in the business of lending to micro or small businesses engaged in manufacturing, trading, and services activities.
Loan under Mudra in Purnea, Bihar
Loan is provided currently under three schemes in Pradhan Mantri MUDRA Yojana. The three schemes are as follows:
- Child: Loan of up to Rs.50,000/-
- Teenager: Loans of above Rs. 50,000/- to Rs. 5 lakhs.
- Tarun: Loans of above Rs. 5 lakhs to Rs. 10 lakhs.
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Eligibility Criteria for Mudra Loan
Any Indian Citizen who has a business plan for a non-farm sector income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than 10 lakh can approach either a Bank, MFI, or NBFC for availing of MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY). The terms and conditions of the lender would have to be followed for availing of loans under MUDRA. The lending rates are as per the RBI guidelines issued in this regard from time to time. Since, MUDRA is a refinancing institution, loans are not offered directly by MUDRA but through existing NBFCs, Financial Institutions, Bank’s, Primary Lending Institutions, etc.
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FAQs for Mudra Loan Services
What is Mudra?
MUDRA, which stands for Micro Units Development and Refinance Agency Limited, is a new institution set up by the Government of India for development and refinance activities related to micro-units. This was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016. The objective of MUDRA is to provide funding to the non-corporate small business sector.
Why Mudra has been Set Up?
The biggest hurdle in the growth of entrepreneurship in the non-corporate small business sector (NCSBS) is the lack of financial support to the sector. More than 90% of this sector does not have access to formal sources of finance. To meet the needs of the NCSBS segment or the informal sector, the Government of India is setting up Mudra Bank through a statutory act to bring them into the mainstream.
How to Get Mudra Loan?
MUDRA or Micro Units Development and Refinance Agency Limited is an establishment established by the Government of India to improve and re-negotiate identification practices with small-scale units. MUDRA was announced by the Hon’ble Finance Minister in the 2016 budget. Under MUDRA, advances are given under three schemes, specifically ‘Bal’, ‘Kishor’ and ‘Tarun’ to reflect the stage of development and subsidy needs of the recipient small scale unit. This credit can be availed by micro-units and entrepreneurs in India. In this article, we take a look at the method to get currency advance.
What is the Rate of Interest on Mudra Loans?
Interest rates have been deregulated and banks have been advised to charge reasonable rates of interest within the overall guidelines of the Reserve Bank of India.
Who All are Eligible Under MUDRA?
Any Indian citizen who has a business plan for a non-farm income-generating activity such as manufacturing, processing, trading, or service sector, whose credit requirement is less than INR 1m, can seek credit from banks, micro finance institutions, or non-banking financial companies can contact. To get a MUDRA loan under PMMY. One may have to comply with the general terms and conditions of the lending agency for availing loan under Pradhan Mantri Mudra Yojana (PMMY). Lending rates are as per RBI guidelines issued from time to time in this regard. Click here for more information.
Who is The Drawback of Mudra Loan?
- There is a cap of Rs. 10 lakh under Mudra Loan.
- The applicant needs to have a good Credit History in order to avail of Mudra Loan.
- It is not available to large-scale enterprises.
- It is available only to Indian citizens.
- Applicant should not be a defaulter in any Bank/Financial institution
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