Wednesday, March 30, 2016

Pradhan Mantri Mudra Yojana: A boon for many families


The initiative to 'fund the unfunded' under the Pradhan Mantri Mudra Yojana has proved to be a boon for many families who have not only fulfilled their dreams of self reliance but have also earned the dignity of labour in entrepreneurship. 

The small tailoring shop in the bylanes of cox town in Bengaluru is a new entrant in the locality.

The shop may be small but it exemplifies the big dreams of this couple Shekar and Usha, professionally trained tailors.

They have been running a small business from their home for several years with a list of loyal customers. 

But shekhar was feeling the pressure of meeting demand without scaling up.

After being casually told about the Mudra Yojana, shekar and Usha immediately rushed to the bank and applied for a loan. 

Though Shekhar and Usha availed mudra loan under the sishu category they are happy that they will be able to meet their target. 

They not only pay the interest on time but feel a sense of dignity when dealing with the bank which treats them respectfully. 

Usha and shekhar are happy that mudra loan has helped them expand their business.

They are hopeful that they will earn better now to fund their children's education and also hope to take a higher category loan for further expansion. 

Just like shekhar's family, another beneficiary, Nazeer Ahmed made a living by selling readymade garments as a hawker. 

He suffered losses and his friends suggested a loan through Pradhan Manthri Mudra Yojana.

He found the procedure simple and quick.

He applied for a loan of about 5.80 lakh and brought a sedan car which is now attached to a cab service and his earnings have soared.

Like shekhar he is relieved at the thought of being spared from money lenders and high interest rates .

There are lakhs of beneficiaries across the state who have benefited from the Mudra Yojana.

Many banks are making the process simple with special mudra desks to assist beneficiaries. The Mudra yojana provides loans from public sector, regional, rural, State and urban cooperative banks to non-farm income generating enterprises in manufacturing, trading and services whose credit needs are below Rs.10 lakh. 

The loans are under three categories - Shishu, up to Rs. 50,000; Kishor up to Rs. 5 lakh; and Tarun up to Rs. 10 lakh.

    Source: via NMApp