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The Government of India has launched a financial scheme called Pradhan Mantri Mudra Yojana (PMMY) that offers financial support to small and micro enterprises. This scheme has been introduced to bring business enterprises into the formal financial system. The businesses must generate income and create employment opportunities. This is mainly targeted at non-farming industries but allied agricultural businesses can apply for this loan. More details can be read below.
About Bank of Baroda Mudra Loan
Mudra Loan is a financial initiative taken by the Government of India to assist micro units and provide them with sufficient funds to develop their business. Many a time, MSMEs (Micro, Small and Medium Enterprises) find it impossible to get financial assistance from banks due to lack of security or inability to repay the loan. In the interest of developing the country’s economy, supporting these units will result in an overall progress.
The Mudra Loan can be used for the following purposes:
The scheme focuses on priority lending for women, backward classes, minorities, Dalits and Tribals who have been traditionally struggling for this kind of finance. All businesses involved in non-farm income generating activity whose credit requirement is less than Rs. 10 lacs can use this loan. There is no requirement of collateral with Mudra Loans. Under PMMY, Mudra Loans are provided by 27 Public Sector Banks, 31 Regional Rural Banks, 17 Private Sector Banks, 36 Microfinance Institutions, 25 Non-Banking Financial Institutions and 4 Co-operative Banks.
Some of the key benefits of Bank of Baroda Mudra Loan are:
The main features of Bank of Baroda Mudra Loan are:
Bank of Baroda has listed the following eligibility criteria for Mudra Loans:
The following documents have to be submitted while applying for Bank of Baroda Mudra Loan:
1. What is Bank of Baroda Mudra Loan?
Bank of Baroda Mudra Loan offers financial assistance to small and micro enterprises in the non-farming sector and engaged in manufacturing, trading or services domain.
2. What are the types of Bank of Baroda Mudra Loan?
There are three types of Bank of Baroda Mudra Loan:
3. What is the processing fee for Bank of Baroda Mudra Loan?
Bank of Baroda does not charge processing fees for this loan.
4. What are the eligibility criteria for this loan?
Bank of Baroda has put down a list of eligibility criteria for Mudra loan:
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