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Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans:
- It provides loans of up to Rs. 1 crore to non-corporate, non-farm small/micro enterprises.
- Any Indian Citizen who has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Micro Units Developmen...
The Central Government has recently made MUDRA loans given to joint liability group micro enterprises eligible for the Credit Guarantee Fund for Micro Units.
About MUDRA Loans:
- MUDRA Loan is offered under the Pradhan Mantri Mudra Yojana (PMMY).
- PMMY was launched in 2015 with the aim to help small-scale businesses expand and attain success.
- Support under the scheme: It provides loans of up to 10 lacks to non-corporate, non-farm small/micro enterprises.
- Purpose of loan: To start a new business, enhance existing or meet working capital requirements, and for business expansion purposes
- These loans are classified as MUDRA loans under PMMY.
- Eligibility: Any Indian Citizen who has a business plan for a non-farm sector income-generating activities such as manufacturing, processing, trading, or service sector.
- These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs.
- Types of loans:
- Shishu - Covering loans up to Rs 50,000;
- Kishor - Covering loans above Rs 50,000 and up to Rs 5 lakh;
Tarun - Covering loans above Rs 5 lakh and up to Rs 10 lakh.
Hence only statement 2 is correct.
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Community Answer
Consider the following statements regarding the Micro Units Developmen...
MUDRA (Micro Units Development and Refinance Agency) Loans are a financial support system for non-corporate, non-farm small/micro enterprises. Let's analyze the given statements:
Statement 1: It provides loans of up to Rs. 1 crore to non-corporate, non-farm small/micro enterprises.
This statement is correct. MUDRA loans provide financial assistance to small/micro enterprises to meet their working capital and business expansion needs. The loan amount can range from Rs. 50,000 to Rs. 1 crore, depending on the borrower's requirements and creditworthiness.
Statement 2: Any Indian Citizen who has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.
This statement is incorrect. While MUDRA loans are designed to support small/micro enterprises, not all Indian citizens with a business plan are eligible for these loans. To be eligible for MUDRA loans, the borrower must meet certain criteria, such as:
- The borrower should be a small/micro enterprise involved in non-farm income-generating activities.
- The borrower should have a sound business plan and a clear vision for business growth.
- The borrower should have a good credit score and credit history.
Therefore, statement 2 is incorrect, and only statement 1 is correct.
In conclusion, MUDRA loans are a significant source of financial support for small/micro enterprises, but borrowers must meet specific eligibility criteria to avail these loans.
Statement 1: It provides loans of up to Rs. 1 crore to non-corporate, non-farm small/micro enterprises.
This statement is correct. MUDRA loans provide financial assistance to small/micro enterprises to meet their working capital and business expansion needs. The loan amount can range from Rs. 50,000 to Rs. 1 crore, depending on the borrower's requirements and creditworthiness.
Statement 2: Any Indian Citizen who has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.
This statement is incorrect. While MUDRA loans are designed to support small/micro enterprises, not all Indian citizens with a business plan are eligible for these loans. To be eligible for MUDRA loans, the borrower must meet certain criteria, such as:
- The borrower should be a small/micro enterprise involved in non-farm income-generating activities.
- The borrower should have a sound business plan and a clear vision for business growth.
- The borrower should have a good credit score and credit history.
Therefore, statement 2 is incorrect, and only statement 1 is correct.
In conclusion, MUDRA loans are a significant source of financial support for small/micro enterprises, but borrowers must meet specific eligibility criteria to avail these loans.
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Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans: It provides loans of up toRs. 1 crore to non-corporate, non-farm small/micro enterprises. Any Indian Citizenwho has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans: It provides loans of up toRs. 1 crore to non-corporate, non-farm small/micro enterprises. Any Indian Citizenwho has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans: It provides loans of up toRs. 1 crore to non-corporate, non-farm small/micro enterprises. Any Indian Citizenwho has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans: It provides loans of up toRs. 1 crore to non-corporate, non-farm small/micro enterprises. Any Indian Citizenwho has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans: It provides loans of up toRs. 1 crore to non-corporate, non-farm small/micro enterprises. Any Indian Citizenwho has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans: It provides loans of up toRs. 1 crore to non-corporate, non-farm small/micro enterprises. Any Indian Citizenwho has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Micro Units Development and Refinance Agency (MUDRA) Loans: It provides loans of up toRs. 1 crore to non-corporate, non-farm small/micro enterprises. Any Indian Citizenwho has a business plan for a non-farm sector income-generating activities are eligible for MUDRA loans.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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