Launched in 2015, the Mudra Yojana Scheme is a government initiative supporting small and micro-enterprises. Highlighting its commitment to gender equality, Finance Minister Nirmala Sitharaman emphasises that women are accorded top priority under the PM Mudra Yojana scheme. This initiative is a game-changer, particularly for women entrepreneurs, providing them with crucial financial aid to kickstart or expand their businesses.
Inclusive Financing for Women:
Under this scheme, there’s a unique offering called the Mudra Yojana Loan Scheme or Mahila Udhyami Yojana. It’s tailor-made for women, offering loans up to Rs 10 lakhs without the need for collateral. The interest rates are low, and repayment terms are flexible, making it easier for women to access and manage funds.
Accessing Mudra Loans:
These loans are available through various banks, micro-finance institutions, and financial organisations. The Micro Units Development and Refinance Agency Bank play a vital role in funding these loans. To encourage women participation, the government has urged lenders to reduce interest rates by twenty-five basis points for Mudra loans granted to women.
Categories of Mudra Loans for Women:
The Mudra Yojana for women includes three categories to cater to different business needs:
Shishu Loan: Up to Rs. 50,000 for small-scale endeavours.
Kishor Loan: Ranging from Rs. 50,000 to 5 lakhs for growing businesses.
Tarun Loan: Offering Rs. 5 lakhs to 10 lakhs for more established enterprises.
Eligibility Criteria:
Women entrepreneurs keen on benefiting from the Mudra Yojana Scheme need to meet straightforward criteria:
Age Requirement: Women between 18 and 65 years can apply.
Business Types: The scheme supports various non-corporate businesses like service, commerce, or manufacturing.
Preference for Certain Occupations: Priority given to women in specific vocations, such as craftsmen and weavers.
Good Credit History: Applicants need a good credit score with no criminal records.
Documents Required:
To apply, gather these essential documents:
Application form with photos
Business plan
Last 6 months’ bank statement
KYC documents
Caste certificate
Business address proof
Previous year’s ITR filings
The Mudra Yojana Scheme for women is a stepping stone for aspiring entrepreneurs. Designed to make financial support accessible, this scheme encourages women to take charge of their businesses. If you meet the eligibility criteria, kickstart your entrepreneurial journey by applying for the Mudra Yojana Scheme today!
