Mudra loan is a funding scheme initiated by Government of India in 2015 under Pradhan Mantri Mudra Yojana (PMMY). Micro Units Development and Refinance Agency (MUDRA) loans can be availed by individuals, retailers, manufacturers, MSMEs engaged in income generating activities and serving manufacturing, trading and services sectors.
MUDRA Loan EMI Calculator
Mudra loan EMI calculator can be used to calculate the loan EMIs that the applicant has to repay for the borrowed loan amount. The applicant needs to fill in the three basic loan details to get the EMI details, such as loan amount, interest rate and repayment tenure. The loan amount and interest rate offered shall vary from bank to bank and depend on the applicant’s profile and business requirements. Business loan EMI calculator can also be accessed by visiting paisabazaar.com for checking Mudra loan EMIs.
Mudra Yojana under PMMY
Mudra Yojana is a loan scheme offered by banks in which the applicant can avail the maximum loan amount up to Rs. 10 lakh along with the maximum repayment period from 12 months to 5 years. There is no collateral/security to be submitted with the banks and the processing fee is also Nil. Mudra loan is classified into three loan schemes named as ‘Shishu’, ‘Kishor’ and ‘Tarun’. Under the Shishu scheme the applicant can take loan up to Rs. 50,000 for starting a new business, whereas in Kishor scheme the maximum loan amount is offered up to Rs. 5 lakh. Existing and established enterprises or businesses can take loan up to Rs. 10 lakh under Tarun loan scheme for business expansion purposes.