Mudra Loan for Women | Mudra Loan for Ladies | Mudra Loan for new Business
Mudra Loan for Women
Mudra Loan for Women scheme has been launched by the Government of India which is a special loan scheme under Prime Minister Mudra Yojana (PMMY). The main motive behind launching mudra loan for ladies is to cater to the financial needs of women entrepreneurs in order to make them independent. Futher, both men and women must get the equal chances of earning their livelihood. Mudra Loan will definitely help the women who earlier used to struggle in getting loans. Now they can easily opt for loans and establish their own mark in the world of business. Women can get loan for woman owned business.
The scheme of mudra bank loan for ladies is for extending easy finance for individual women who want to start new businesses like papad manufacturing, aachar/ jam making, beauty parlors, tailoring business, coaching/ tuition centres, etc. Even those women are also eligible to get loan who want to start a business in a group of women.
Majority of Banks in India have come forward to participate and provide Mudra loans to women entrepreneurs who are engaged or want to be engaged in various activities such as tailoring, handicraft, fruit business, etc.
Loans are being provided at a comparatively low rate of interest. The loan doesn't require any collateral security.
Eligibility for Mudra Loan for Women
- The applicant should be Indian Citizen
- The applicant should be above 18 years of age
- There should be a concrete micro or medium business plan
- The applicant should have identity and address proof
3-Tier Loan Structure of Mudra Loan for women
3-Tier Loan Structure of Mudra Loan for women is as follows:
- Shishu: Loans up to Rs.50,000 provided to only startup businesses
- Kishore: Loans above Rs.50,000 and up to Rs.5 lakh provided to only those businesses that have already started up but need financial aid for establishing
- Tarun: Loans above 5 lakh and up to Rs.10 lakh provided to only those business that are already established but require funds for expansion
Further, overdraft amount upto Rs.5,000 sanctioned under PMJDY accounts are also classified as MUDRA loans under PMMY.
If the working capital loan or cash credit loan is granted, a Mudra Card will also be given to the woman borrowers which will work just same as a credit card.
Loan worth Rs. 1.8 lakh crore disbursed in 2016-17. Out of which more than 70% of the beneficiaries are women.
