Micro Units Development & Refinance Agency (MUDRA) is an initiative by the Government of India to provide funding to people who want to start a new business or to expand their existing business. Mudra provides finance to banks to further lend money to people residing in rural and urban India. The maximum loan amount offered by banks is up to Rs. 10 lakh. The interest rate offered varies from bank to bank but is comparatively lower than other types of loans and lending options. To avail Mudra loan, an applicant needs to submit a project report to the lender along with all the required documents.
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