Pradhan Mantri Mudra Yojana in ICICI Bank
Hon’ble Financed Minister Shree Arun Jetley launched a finance scheme in the 2015 – 2016 Budget to provide financial help and to develop small businessmen and micro units. This scheme was named as Pradhan Mantri MUDRA Yojana (PMMY). MUDRA stands for Micro units Development and Refinance Agency limited.
In India the entrepreneurs, small businesses and micro units do not get any financial support easily from banks because of their low yield, little or no business security, low capital, less recognition, etc. This results to lack in growth of small and medium scale units as they do not get any financial help and cannot survive in the harsh market simultaneously with big giants.
So the MUDRA Yojana was launched which will provide the micro units, financial support in form of loans and other scope to flourish and expand their business. The MUDRA loan will be distributed according to three categories namely Shishu, Kishor and Tarun. For loan up to Rs. 50,000 Shishu Loan will be given. The Kishor category is allotted for loans from Rs. 50,000 to Rs. 5 lakh. Lastly, loans above Rs. 5 lakh to Rs. 10 lakh will be sanctioned under Tarun category.
All Indian citizens who want financial help in form of small loans for their micro units can avail the loan from different nationalized banks, Non-Banking Financial Companies (NBFC) and Micro Finance Institutions (MFI), under the Pradhan Mantri Mudra Yojana.
ICICI bank is one of the leading private sector banks in India with millions of satisfied customers. ICICI also provides MUDRA loans. MUDRA cards are issued in name of the borrower through RuPay. It looks like an ATM card and have a credit limit. This MUDRA card can be used in ATMs to withdraw cash and in other Point Of Sales machines for some purchases. The interest rate charged is very competitive according to the current market. The entire process is being kept very user friendly. MUDRA loan can be sanctioned for Vehicle loan, Business Installment Loan (BIL) and Business Loan Group Loans (BLG) and Rural Business Credit (RBC). To apply for this loan, one have to visit an ICICI branch along with proper documents like MUDRA application form, Photo identity card ( Aadhar card, Passport, Voter ID, Driving license), Address proof (telephone or electricity bill, house tax token, etc.), Recent photo copy of the applicant, Quotations of the items or services to be purchased and other relevant information. ICICI bank do not charge any processing fee for MUDRA loan.
For more information log on to : http://www.icicibank.com/Personal-Banking/loans/pradhan-mantri-mudra-yojana.page