Best Projects to Start with Mudra Loan
The announcement of the implementation of the Mudra Yojana Loan Scheme is like music to the ears of each and every entrepreneur or businessman out there who is struggling desperately to make both ends meet. In the form of refinancing and microfinancing, this loaning scheme from the Government of India that is yet to be launched is sure to raise the standards of living for many below or just above the poverty line and also take the nation forward in terms of self-development and sustainability. It also strives to create motivation amongst the unemployed by lending them a helping hand and actively encourages them to start their own enterprise.
Aimed at empowering those with a very poor income mainly like the fruit and vegetable vendors, truck drivers, it aims to boost the economy of India. If you want some ideas on the best projects to start up with this loan, here are a few for you.
- Repair Shops
This is one of the businesses where you can be assured of a mounting inflow of customers. The choice of repair is up to you but with almost anything, for there are lots of options to take your pick from, the profits are quite almost the same. Most people prefer a bike repair shop, for our roads tend to drive the motorists to the repair shops quite often.
- Fruit or Vegetable Sales
This will be yet another profitable business for which the Mudra loans will fund you quite comfortably. If you can bargain for the fruits or vegetables to be bought at lower prices and then sell them in the market, you can accumulate a small fortune, in fact, in a very less time. This is a business that will be blossoming all year long, and you do not have to worry about seasonal declines. In fact, every season will present you with new opportunities with the arrival of the seasonal fruits and vegetables that are usually high in demand.
- Conventional Shops
True, at every nook and corner of the road, shops can be found in urban areas. But if you switch over to the rural and developing areas, people walk miles to buy basic things. If you do manage to set-up a small shop, with time and patience you can expand it, for profits will keep pouring in as long as you sell at reasonable rates.
- Food Service Units
Rain or shine, urban or rural, food service units are those that never go out of business. Be a little wise and start where not many eateries are available. Keep the food tasty and hygienic and that should do, people will swarm like bees, and you will be settled comfortably before you know it.
- Artisan Shops
If you are a skilled artisan, the Government of India will declare you eligible for receiving loans with a few verifications and formalities. Everything is going online now, and artisans are a rare occurrence. If you are blessed with the skill, do not let it go down the drain. Believe in yourself and spend your loaned money wisely.
- Small Industries
These are one more excellent start ups. Cottage industries do not require much start-up money and labour can be found in plenty for these. Also, they are very profitable. Many big industries started as very small ones and slowly progressed their way into the giants that they are today.
There are three categories of the loans under the Mudra Loan Scheme, each managing the process at different budget levels.
- Shishu- covering loans up to Rs. 50,000
- Kishor- covering loans between Rs. 50,000 and Rs. 1 lakh
- Tarun- covering loans between Rs. 1 lakh and Rs. 10 lakh
Depending upon the nature of the business and the eligibility and verification results of the applicant based on age and qualification, the loans will be granted under any one of the above mentioned schemes. Once the formal paper work is cleared, the money will reach the verified applicant, and he/she can start building his or her business, consequently building a better personal life as well as a better progressing nation economically for every Indian to proudly live in. Avail this benefit if you are aiming to be an entrepreneur.