PM disburses over Rs 42,520 cr under MUDRA Yojana

PM disburses over Rs 42,520 cr under MUDRA Yojana

Mudra Yojana was introduced with the sole aim to aid entrepreneurs of small scale enterprises and small businesses with easy loan facilities. Mudra Yojana has experienced different kinds of push just to make it all the more popular among people since its launch in April 2015. Even the Prime Minister has initiated many such drives so that he can make the scheme a grand success.

As per a recent development, PM is disbursing a whopping amount of Rs 42,520 crore under the Pradhan Mantri MUDRA Yojana (PMMY), which will reach out to over 66 lakh borrowers. And the best thing is nearly one third of the total borrowers this time is comprised of women.  This is for the first time that a massive number of women borrowers have joined the Mudra Yojana since the start of this scheme and this definitely calls for a huge success of the scheme.

Earlier in November this year the Prime Minister stated that the Mudra Yojana has not attained the speed or pace that the PM has expected the Yojana to achieve. However, he expressed happiness about the fact that the Mudra Yojana could help people stand on their own to take responsibility and to care for their families. The Mudra Yojana has also helped create jobs for numerous jobless, which is why the scheme focuses on the entrepreneurial segment of the country so that more and more job avenues can be created to crores of people here.

The Mudra Yojana presents loans under three prime categories namely, Shishu, Kishor and Tarun. These categories actually signify the correct stage of growth of the enterprise or micro unit for which the borrower needs funding. The loan cover starts from Rs. 50,000 to small start-up initiatives to upto Rs. 10 lakh for huge established businesses. Loans are disbursed depending on the scale and kind of the business so that people can get benefit as per their requirement.

To set the right pace of the Mudra loans or the Mudra Yojana, government has allocated the banking sector an overall pay-out target of over Rs 1.22 lakh crore for the target year 2015-16.

The Mudra Yojana has become pivotal in giving means to many unemployed people in the country to start their own venture at a small scale. In fact, the increased number of new entrepreneurs as well as women entrepreneurs as borrowers has confirmed this fact as well as the success of the scheme.

Other Schemes

• How to apply Mudra Loan
• Interest Rate in Mudra Scheme