MUDRA is the acronym for Micro Units Development and Refinance Agency. The expanded form of MUDRA itself enough to define what is MUDRA ie., MUDRA aims and functioning to develop and refinance Micro entrepreneur units in India. More precisely, beneficiaries of MUDRA are to be one of Manufacturing (Non-farm enterprises), Trading, and Services. This agency, MUDRA is heavily supported by India Govt., and its liberalized financial services routed through or implemented by various Commercial Banks, Regional Rural Banks (RRB), Small Finance Banks, Micro Finance Institutions (MFI) and Non Banking Financial Company (NBFC) functioning across the country.
Collateral Free Loan
Union bank of India (UBI) extends its support to financing Micro enterprises that comes under MSME sector and doing business of Manufacturing, Trading and Service sector. The scheme is under Pradhan Mantri Mudra Yojana (PMMY) featuring Collateral free bank loan to either new or an existing business stated above. UBI PMMY or UBI MUDRA loan is available across the country where UBI has serviceable branch and access.
Are you interested to be a Micro or Small Entrepreneur in a hassle free credit system? Worried about collateral security? Here is the best solution to make your dreams come true as an entrepreneur! Bank of Baroda (BOB) offers collateral free, affordable credit to their customers who are in the business of Micro and Small enterprises through Pradhan Mantri Mudra Yojana or PMMY scheme. BOB PMMY scheme is supported by Government of India to extend affordable credit to micro and small enterprises across the country where BOB has serviceable branches.
Good time for small entrepreneurs! Hassle free loan under Pradhan Mantri Mudra Yojana (PMMY) Scheme from your most trusted bank SBI which is initiated by the Ministry of Finance, Govt. of India to "Fund the Unfunded". PMMY allows loans through Public Sector banks, Regional banks, Rural banks, State and Urban cooperative banks to manufacturing, trading and services sector that comes upto Rs. 10 lakhs fund needs. All of above PMMY is a Collateral Free loan Scheme.
SBI for SME provides financial assistance to authorized Sellers of Snapdeal or Flipkart engaged in selling products through online portal of Snapdeal or Flipkart. Sellers have to be registered with the online portal for a minimum of 6 months tenure can avail this smart loan. It is available under MUDRA Scheme.
You have skills, knowledge, ideas, experience and confidence to become an entrepreneur but needs financial assistance. If you make a project report then, approach a bank for financing the project, they simply ask what is the guarantee for repayment? They will ask you to provide collateral security as the secondary security to get back the fund you have been used in case failure in the business.
SBI provides collateral free business loan. New and existing Micro and Small Enterprises engaged in Manufacturing and Service sector can avail this scheme. For Manufacturing sector, original investment in plant & machinery should be upto Rs 5 crore and for Service sector, original investment in equipment upto Rs 2 crore.