MUDRA Loan – Pradhan Mantri MUDRA Yojana Loan (PMMY) | IRAC / NPA Classified Norms for MUDRA Loan
MUDRA Loan – Pradhan Mantri MUDRA Yojana Loan (PMMY) | IRAC / NPA Classified Norms for MUDRA Loan discussed by CA. (IP) Vivek Khurana.
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Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to 10 lakh to the non-corporate, non-farm small / micro enterprises.
These loans are classified as MUDRA loans under PMMY.
MUDRA stands for Micro Units Development and Refinance Agency.
MUDRA is a refinancing agency not a direct lending institution.
Provides funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs.
Types of Loans Available Under MUDRA Yojna:-
Both Term Loan and Working Capital Loan is available under Mudra Yojna.
Term loans are often used by small businesses to buy fixed assets or make investments, such as equipment or a building.
A Working Capital Loan is a short-term loan that is taken to finance a company’s everyday operations, such as payroll, rent, etc.
Pradhan Mantri MUDRA Yojana (PMYY):-
Under the aegis of Pradhan Mantri Mudra Yojana (PMMY), MUDRA has created products / schemes.
The interventions have been named ‘Shishu’, ‘Kishore’ and ‘Tarun’ to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth to look forward to :
Shishu : covering loans upto 50,000/-
Kishor : covering loans above 50,000/- and upto 5 lakh
Tarun : covering loans above 5 lakh and upto 10 lakh.
Eligibility for Assistance from Mudra:-
Only Non-Corporate Small Business can avail Mudra Loans.
Non-Corporate Small Business can Comprise of Partnership Firms running as small Manufacturing Units, Service Sector Units, Shopkeepers, Fruits/Vegetable Vendors, Artisans etc.
It is available in both rural and urban areas.
Both new or existing businesses can benefit from Mudra Loans.
The age should be under 18 to 65 years.
You should have a clear credit history, i.e., you shouldn’t be at any bank’s defaulter list.
Purpose of MUDRA loan:-
Mudra loan is extended for a variety of purposes which result in income generation and employment creation. The loans are extended mainly for:
Business loan for Vendors, Traders, Shopkeepers and other Service Sector activities
Working capital loan through MUDRA Cards
Equipment Finance for Micro Units
Transport Vehicle loans – for commercial use only
Loans for agri-allied non-farm income generating activities, e.g. pisciculture. bee keeping, poultry farming, etc.
Tractors, tillers as well as two wheelers used for commercial purposes only.
DISCLAIMER :-
This Video is for the purposes of information / knowledge and shall not be treated as solicitation in any manner or of for any other purposes whatsoever.
It shall not to be used for any legal advice /opinion and shall not to be used to rendering any professional opinion. Viewers are advised to kindly go through to original Government publications / notifications and published case laws or judicial pronouncements.
The statements and opinions expressed in video are those of the speaker and do not necessarily reflect those of the CA Sansaar or any of its employees. CASansaar Team does not take any responsibility for the views of the Speaker.
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