Question 1

Can women's get the Mudra loan?

Accepted Answer

The government encourages women to entrepreneurship through Mudra Yojana under PMMY. The Indian government has also asked banks, loan institutions, and microfinance institutions (MFIs) to provide loans to women entrepreneurs at low-interest rates. At present, loans are offered to women entrepreneurs under the Mudra scheme from NBFCs and MFIs at 25 essential points lower interest rates.

Question 2

What is a Mudra card?

Accepted Answer

A Mudra Card is a debit card issued to loan applicants who want to apply for a Mudra Loan. When a loan applicant applies for a Mudra loan, and if he is approved, his Mudra loan account opens and issues the card with it. The amount is put in a currency account so that loan applicants can withdraw the amount from their currency account.

Question 3

What is the Mudra Loan Helpline Number?

Accepted Answer

The toll-free number the Mudra Loan is:
1800 180 11 11
1800 11 0001

Question 4

How to apply for Mudra Loan?

Accepted Answer

The application form is available on mudra.org.in so that you can download the form and fill in all the required information. Different banks may have other application procedures for Mudra Loan. It is advisable to start with a bank where you already have an account so that can accept the Mudra loan easily.

Question 5

Which banks offer Mudra Loan?

Accepted Answer

Commercial banks, both private and public sector, are eligible for Mudra Loan. There are also some Regional Rural Banks (RRBs), which offer Mudra loans. Since interest rates and eligibility criteria vary slightly from bank to bank, you should obtain the necessary information from a few different banks before applying for a loan.

Question 6

What is the repayment period of the Mudra Loan?

Accepted Answer

The repayment period of the Mudra Loan is up to a maximum of 5 years.

Question 7

What is the amount given under Mudra Loan?

Accepted Answer

Under Mudra Loan, the minimum loan amount is Rs. 50,000; And the maximum loan amount is 10 lakhs.

Question 8

Do banks offer different interest rates for Mudra Loan?

Accepted Answer

Yes, there is a slight difference in the interest rates, eligibility conditions, and application procedures of different banks. However, the interest rates remain within limits prescribed for Mudra Loan by Mudra for Kishore, Kishore, and Tarun Mudra Loans.

Question 9

Is there any special Mudra loan scheme for women?

Accepted Answer

Yes, United Mahila Udhami Yojana is a part of Mudra Yojana. Under this, women engaged in economic activities related to production, construction, or service can apply for a loan. This scheme is specifically designed to empower women entrepreneurs and encourage them further. Women holding more than 50% finance in the company can also apply for a Mudra loan under this category.

Question 10

Is there any reservation for Mudra Loan?

Accepted Answer

No, any small merchant can apply for Mudra Loan. Anyone eligible for a Mudra loan can get a loan. Therefore, no reservation in Mudra loan is applicable.

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