Last updated on December 13, 2019
According to the Indian Textile Ministry, women entrepreneurs form the lion’s share of beneficiaries of the MUDRA Yojana scheme. They alone have secured about 75% of the total disbursals. Through this policy, the Government of India is making certain that more women workforce comes into the organized sector.
The Home Ministry stated that loans totaling Rs. 14 Crore has already been processed, and 75% of it has already been availed by women entrepreneurs across India.
This speaks volumes about the latent entrepreneurial quality of the country’s female population and the probabilities of exponential growth in the coming years. Since its inception in 2015, a total of Rs. 7 Lakh Crore has been disbursed under the MUDRA Yojana scheme.
How MUDRA Yojana is impacting the women entrepreneurs?
As more and more job seekers are turning into job creators – the nation has become the world’s 2nd highest entrepreneurial hub. Flagship schemes such as PMMY only fuels this trend by providing financial support and empowering entrepreneurs to venture into a new line of business.
With the help of concession on Pradhan Mantri MUDRA Yojana interest rate, female entrepreneurs belonging to Scheduled Castes, Scheduled Tribes, and Other Backward Classes can avail the required finance for earning a dignified livelihood through micro-enterprises.
The Pradhan Mantri Mudra Yojana is also providing financial impetus to small manufacturing and service sector units, as well as micro trade units to help them meet working capital requirements needed in early phases of business growth.
Under this scheme, the country’s leading financial institutions have extended monetary support to over 12 Crore beneficiaries – 28% of it are first-time female entrepreneurs, and 74% are women from the SC, ST and OBC category.
With this initiative in progress, you too can obtain your capital at subsidized MUDRA Yojana loan interest rate.
Alternatively, you can also opt for a Business Loan from reputed lenders like Bajaj Finserv at competitive rates to help facilitate your business growth.
This instant loan facility will provide you with the necessary funds to help your MSME scale new heights. Further, you can also benefit from pre-approved offers provided you are an existing customer.
MUDRA scheme offers 3 types of financial products to women entrepreneurs to set-up their business and other existing micro-units. These include:
- Shishu: Credits up to Rs. 50 thousand.
- Kishore: A minimum of Rs. 50,001 to a maximum of Rs. 5,00,000
- Tarun: Loans between Rs. 5,00,001 to Rs. 10,00,000
Since its inception, the Pradhan Mantri MUDRA Yojana scheme has benefited millions of MSMEs. For instance, 1,959,870,318 loans worth over Rs. 321,722 Crore have been sanctioned between FY 2018-19. As per provisional data, 6562325 loans worth Rs. 35002 Crore has already been sanctioned for FY 2019-20.
What do you need to know of MUDRA loan for Women Entrepreneurs?
Female entrepreneurs can avail MUDRA loans from financial institutions and NBFCs at subsidized MUDRA Yojana loan interest rate. This credit facility comes with zero-collateral so that you can borrow it without risking any assets. Even if one defaults, the government takes the responsibility to repay the advance.
This customized credit facility is available for micro-units in both urban and rural areas. The repayment tenor can be stretched to a maximum of 7 years for your convenience. The loan facility also provides you with access to the MUDRA debit card for cash withdrawal in a hassle-free manner. Alternatively, you can also enjoy the benefits of MSME loan to expand your micro-enterprise, maintain the working capital requirements and meet other business requirements.
To become a beneficiary under the MUDRA Yojana scheme, the women applicants must possess a clean credit track record and must not be a defaulter at any financial institution. It is also advisable to check the eligibility criteria and prepare your organization to procure a business loan in the future.
