NEW DELHI : When the Pradhan Mantri MUDRA Yojana (PMMY) was launched 8 years ago, more than 40.82 crore loans totaling Rs 23.2 lakh crore have been sanctioned, govt said..
"As of March 24, 2023, around Rs 23.2 lakh crore had been sanctioned in 40.82 crore loan accounts since the scheme's start on April 8, 2015. Around 68% of accounts under the plan are held by women business owners, and 51% are held by business owners that fall under the SC, ST, and OBC categories. This indicates how the wide access to finance for the nation's aspiring entrepreneurs has sparked innovation and maintained growth in per capita income" Nirmala Sitharaman, the finance minister, said.
The MUDRA Yojana has contributed to the creation of numerous high-paying jobs at the community level and has also changed the game by stimulating the Indian economy.
The government created the programme to make easy, collateral-free microcredit available to non-corporate, non-farm small and microentrepreneurs for the purpose of producing income.
The loans under Pradhan Mantri MUDRA Yojana are provided by member lending institutions (MLIs), i.e. banks, non-banking financial companies (NBFCs), microfinance institutions and other financial intermediaries.
What are the Benefits of Mudra Yojana: First off, there is no application fee or need for any collateral to submit a loan request. In addition to this, the scheme's low interest rate of just 1% is a vital component. This will enable small firms and entrepreneurs from lower income groups flourish and grow and boost their social upward mobility, which will aid the country's economy as well. These essential qualities include easy access, systematic guidelines, and low cost of financing.
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