Micro Units Development and Refinance Agency Bank (MUDRA Bank) or Mudra Loan, is a new financial institution set up by the Government of India. It is set up under the guidelines of Pradhan Mantri MUDRA Scheme (PMMY). The purpose of Mudra Bank is the development of micro-units and providing refinance to the Micro Finance Institutions. The loans are provided to encourage entrepreneurship and startups. The mudra loans are given to small manufacturers, small entrepreneurs, farmers, start-ups, individuals, shopkeepers, vendors, restaurants and bakeries etc.
The interest rates of the mudra loans are not fixed, it is based on RBI’s policy which decides every quarter. The interest rates are generally between 8.40% and 12.45% for 1 to 5 years accordingly. Three products, i.e. Shishu, Kishor and Tarun, are launched by the mudra banks which signify the stage of growth and funding needs for the micro-units, entrepreneurs or startups. Loans up to a limit of Rs.50,000 is provided under Shishu. Kishor offers loans from Rs.50,000 to Rs.5,00,00. Loans from above Rs.5,00,000 up to Rs.10,00,000 are provided under Tarun.
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