As per the reports by the Boston Consulting Group (BCG), India will be the third largest consumer market in the world by 2025. This simply means the rising MSMEs and SMEs have a tremendous opportunity here, to tap in and become big. However, that would require proper financial support from the formal banking sector, which was lacking. Thankfully, the current government was able to realize the growth potential, identify the possible problems and came up with a fitting solution - the Pradhan Mantri MUDRA loan scheme.
The Micro Units Development and Refinance Agency (MUDRA) has been set up as a subsidiary of the Small Industries Development Bank of India (SIDBI). The sole aim of this loan is to lend collateral-free financial support to eligible beneficiaries, strictly for the purpose of meeting their business needs.
How to apply for a loan under MUDRA funding scheme?
The loan can be availed from the agencies registered as a partner with MUDRA. Therefore, you can check the list and approach the nearest bank or NBFC for the loan. However, make sure you have these things at the time of applying:-
A proper business plan needs to be submitted to the agency at the time of application.
A loan application which must be submitted under the selected category: Shishu, Kishore or Tarun
In case you fail to qualify the terms and conditions of MUDRA scheme, you can check out the varied business funding schemes offered by NBFCs and banks.
Also Read: PRADHAN MANTRI MUDRA LOAN YOJANA: STEP BY STEP GUIDE TO AVAIL THE SCHEME
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