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The Mudra loan was established by the central government of India, to help support and develop micro enterprises in the country. The main aim of the mudra loan was to provide financial assistance to the micro and small business through various financial institutions like banks and NBFC’s. The Mudra scheme does not directly provide the financial support to the micro and small enterprises, but provides refinance support to commercial banks, Regional Rural banks, Small finance banks, NBFC’s, etc. to finance micro and small enterprises. There are three types of mudra loans available namely Shishu loan (provides loan up to 50000 rupees), Kishore loan (provides loan up to 5 lakhs) and Tarun loan (loan up to 10 lakhs)
Mudra loan is one of the best financial supports extended for small businesses which can be used in a variety of ways that leads to income generation and job creation. They provide business loans for vendors, traders, shopkeepers and other service sector activities. It helps provide working capital loans, equipment finance, vehicle loans (for commercial use), etc.
A mudra card is a debit-cum ATM card issued against the MUDRA loan account for the working capital loan. This Mudra card helps the borrower to make multiple withdrawals and credits to manage the working capital limit in an efficient manner and to minimize the burden of interest. It also aids in the digitization of MUDRA transactions and the creating credit history for the borrower. The card can be used throughout the country for making transactions from any ATM and can also make payment through any Point of Sale machines.
Benefits of Mudra loan
At TN Finance, we are committed to help your growing businesses with small Business Loans in India.