Only 19% of the women in India were working as of 2020, according to world bank!
Hence, to encourage more women to start a business, the Government had launched Mudra Loan for Women.💰
This is a Govt. initiated credit funding scheme to offer business loans and MSME loans of amount up to Rs. 10 lakh to individuals, business owners, enterprises, and self-employed professionals.
This scheme does not require any collateral to grant the loan. Interest rates on MUDRA loans start at the rate of 7.30% p.a. and the loan repayment tenure ranges between 1 year to 7 years. 🤯
However, there are categories under which a mudra loan application can be applied.
The loan scheme for women is classified into three schemes,
SHISHU Loan: The Mudra Shishu Loan scheme provides loans of up to Rs. 50,000 (for start-ups and new businesses).
KISHOR Loan: Loans ranging from Rs. 50,001 to Rs. 5,00,000 are available under the Kishor Loan Scheme (for the purchase of raw materials, equipment/machinery, and business expansion for existing businesses).
TARUN Loan: The Tarun Loan Scheme provides loans ranging from Rs. 500,001 to Rs. 10,00,000 (for established businesses and enterprises).
It can be availed from public sector banks, private sector banks, regional rural banks (RRBs), small finance banks (SFBs), and microfinance institutions (MFIs).🏦
So, if you require a business loan to expand your business, take advantage of the Mudra Loan by Govt.😁
For further details, you refer to the Pradhan Mantri Mudra Yojana (PMMY) website.
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