Mudra Yojana Toll Free Helpline Numbers, Email and Website
Micro Units Development and Refinance Agency (MUDRA) Loan Yojana is set up for refinancing and refunding all the micro-finance Institutions and the small scale businesses. Earlier in ancient times there was no such scheme to help the small businessmen achieve growth and expansion for their businesses. This Yojana has been especially formed for these startups, entrepreneurs of India, small organizations and companies as they encompass within the word Mudra. It is a tremendous initiative been taken by our Honorable Prime Minister Shri Narendra Modi Ji with the Government of India. Fulfilling all the funding needs of non-corporate small business is the only goal of this scheme.
Features of this Yojana
In basic words, it can be said that it is a subsidiary of SIDBI. The roles and responsibilities of Mudra bank are well defined and are:
- Preparing and introducing the policy guidelines
- Registration for MFI people
- Help people in providing support for getting the loan
- Laying down proper financing process to avoid debt and evolve measures for recovery
- Creating and running Credit guarantee schemes for providing guarantee for the credit extended to the business people
- Regulation of MFI people
- Originate a good architecture of Last Mile Credit Delivery to micro businesses
Thus, these Mudra banks will be wholly and truly responsible for providing financial support to the Last Mile Financiers such as non-banking finance companies engaged in financing of small business, societies, co-operative societies, trusts, small banks, scheduled banks, regional rural banks, companies under section 25 which are in the trade of lending money to small and micro businessmen. The Mudra Bank would partner with state/ regional level financial institutions for refinancing the last mile financiers.
Now some information about how the scheme is structured. This Yojana has three categories for providing loan.
The three categories named are:
- Shishu (Child Category): As the name says it includes all startups which have been just launched/ born in the economy. The loan cover extends to about Rs. 50,000 to be given to all micro units falling in this category and looking for loan.
- Kishor (Adolescent category): This category extends loan to all those business that have created a sufficient base in the economy. These have learnt to stand on their own but still need support for establishment and spreading goodwill. The loan cover in this category is Rs 50,000 to Rs. 5 lakh.
- Tarun (Adult Category): Now those who are grown up adults fall in this category. They are supported because they have been well established but need support for expansion. Loan extends up to Rs. 10 lakhs.
Corpus Fund and Associated Banks
Now extending such big loans is not possible until the corpus fund is a huge hit. The corpus fund of this scheme is characterized to be of Rs 20,000 crores extending loans up to Rs. 10 lakhs. The main target of this Yojana is non-corporate small business segment comprising millions of partnership firms supervising as small manufacturing units, service sector units, shopkeepers, fruit vendors, truck operators, food service units, repair shops, machine operators, small industries, artisans, in rural and urban areas. Regional Rural banks and Schedule Commercial Banks are eligible for assistance from Mudra Bank. All this guidelines need to be followed in a prescribed manner to get the loan sanctioned.
The step by step information is as follows:
- First the businessman who is the borrower needs to pay a visit to a private or commercial bank nearby.
- Then narrate the business plan for which one wants the loan and get the application form. Along with this form provide an identity proof and address proof with recent passport size photographs.
- Fulfill all conditions as per the bank officials to fill the form and collect info regarding its submission.
- Once all enquiries have been made regarding the information provided by the borrower, the loan will then be sanctioned to the borrower.
More info on Mudra Yojana
In case of any queries and confusion about what needs to be done, contacting the Regional Nodal Officers is must. Mudra Bank has its registered address at SIDBI, Ground floor, Videocon tower, Jhandewalan Extension, E-1, Rani Jhansi Road, New Delhi-110055. One can also visit the official website in case of any questions; firstname.lastname@example.org. Access to finance simultaneously at a reasonable price is the unique customer proposition of Mudra. Thus, this long process is very vital for the future as well as for the present growth of our economy. With such a huge population to support, we need industries and better working economy to cater to its needs. We are still a developing economy but we need to reach the stage of a developed nation. We need entrepreneurs to rise above the horizons.