Out of many popular types of business loans in India, one is Mudra loan. The loan scheme was launched in the year 2015. The business loan scheme is officially known as Pradhan Mantri Mudra Yojana (PMMY)scheme.
The purpose of this scheme is to facilitate the Micro, Small and Medium Enterprises(MSMEs) financially in their financial crisis on low interest rates.
Mudra loan scheme has attained great demand since its inception and has extended financial facilitation steadily to borrowers. In the last five years, over Rs. 12 lakh crores have been disbursed into over 24 crore loan accounts under the scheme.