In a bid to uplift the economic status of weavers from economically weaker sections nationwide, the Central Government’s Textile Ministry has introduced the Hathkargha Bunkar Mudra Yojana. This initiative aims to extend financial assistance and affordable loans to weavers and individuals associated with the textile industry. Continue reading to delve into the key facets of Hathkargha Bunkar Mudra Yojana 2024, encompassing its objectives, benefits, features, eligibility criteria, and the application process.
Hathkargha Bunkar Mudra Yojana Overview:
The Indian Textile Ministry has launched the Hathkargha Bunkar Mudra Yojana to address the financial needs of weavers. This scheme offers loans through banks at a reasonable interest rate of 6 percent. Weavers can access a maximum loan of Rs 10 lakh under this scheme, contributing to the revival of traditional handloom businesses. Upon loan approval, beneficiaries receive a Mudra card, enabling easy ATM withdrawals.
Objective of Hathkargha Bunkar Mudra Yojana:
The primary objective of the Hathkargha Bunkar Mudra Yojana is to provide immediate financial support to weavers, promote small and middle-class weavers, and create employment opportunities. Through low-interest and subsidized loans, the scheme aims to enhance the economic condition of weavers, especially in urban and rural areas.
Government Subsidies and Benefits:
The scheme encompasses various subsidies to support the weaver community. Loans are extended at a 6% interest rate, with the Central Government covering the maximum bank difference. Additionally, a 7% interest subsidy and a 20% margin money subsidy (up to Rs 25,000) are offered. The repayment period for loans ranges from 3 to 5 years, with flexible monthly or quarterly payment options.
Terms and Conditions for Loan Eligibility:
To qualify for a loan under the Hathkargha Bunkar Mudra Yojana, weavers must maintain a good civil score and adhere to timely repayments. Loans are provided in the form of term loans and credit, offering flexibility in repayment options.
Loan Limits and Nature:
Handloom Mudra loans can be granted up to a maximum of Rs 10 lakh, with separate limits for working capital and permanent capital. The scheme supports both working capital (Cash Credit Card Limit) and capital (Term Limit), catering to the diverse needs of weavers.
Eligibility Criteria and Required Documents:
To benefit from Hathkargha Bunkar Mudra Yojana, applicants must be Indian citizens engaged in weaving activities and should not be defaulters in any bank. Self-help groups and joint liability groups are also eligible to apply. Necessary documents include Aadhar card, address proof, bank account statement, passport-size photo, and a valid mobile number.
z
How to Apply for Hathkargha Bunkar Mudra Yojana:
Applying for the scheme is a straightforward process. Visit the official website http://handlooms.nic.in/hi.php to gather information. Obtain the application form from the nearest bank, fill in the required details, and submit the form along with the necessary documents to the bank officer.
Through the implementation of Hathkargha Bunkar Mudra Yojana, the government aims to breathe new life into the traditional handloom industry, fostering economic growth and creating sustainable employment opportunities for weavers nationwide.
Read more:
Pradhan Mantri Mudra Loan Yojana (PMMY) : PM Mudra Loan Apply Online, Eligibility
Hathkargha Bunkar Mudra Yojana FAQs:
What is the Hathkargha Bunkar Mudra Yojana and what does it aim to achieve?
The Hathkargha Bunkar Mudra Yojana is an initiative by the Central Government's Textile Ministry aimed at uplifting the economic status of weavers from economically weaker sections. It seeks to provide financial assistance and affordable loans to weavers and individuals associated with the textile industry to revive traditional handloom businesses.
How much loan can a weaver access under the Hathkargha Bunkar Mudra Yojana, and what is the interest rate?
Weavers can access a maximum loan of Rs 10 lakh under this scheme, with a reasonable interest rate of 6 percent.
What is the primary objective of the Hathkargha Bunkar Mudra Yojana?
The primary objective is to provide immediate financial support to weavers, promote small and middle-class weavers, and create employment opportunities, particularly in urban and rural areas.
What subsidies and benefits are offered under the Hathkargha Bunkar Mudra Yojana?
The scheme includes a 6% interest rate on loans, with the Central Government covering the maximum bank difference. Additionally, a 7% interest subsidy and a 20% margin money subsidy (up to Rs 25,000) are provided.
What are the terms and conditions for loan eligibility under the Hathkargha Bunkar Mudra Yojana?
Weavers must maintain a good civil score and adhere to timely repayments. Loans are provided in the form of term loans and credit, offering flexibility in repayment options.
How long is the repayment period for loans under the Hathkargha Bunkar Mudra Yojana?
The repayment period ranges from 3 to 5 years, with flexible monthly or quarterly payment options.
What are the limits for Handloom Mudra loans, and how are they categorized?
Handloom Mudra loans can be granted up to a maximum of Rs 10 lakh, with separate limits for working capital and permanent capital. The scheme supports both working capital (Cash Credit Card Limit) and capital (Term Limit).
Who is eligible to benefit from the Hathkargha Bunkar Mudra Yojana?
Indian citizens engaged in weaving activities, not defaulters in any bank, and those belonging to self-help groups and joint liability groups are eligible to apply.
What documents are required for applying to the Hathkargha Bunkar Mudra Yojana?
Necessary documents include Aadhar card, address proof, bank account statement, passport-size photo, and a valid mobile number.
How can one apply for the Hathkargha Bunkar Mudra Yojana?
Applying for the scheme is a straightforward process. Visit the official website http://handlooms.nic.in/hi.php to gather information, obtain the application form from the nearest bank, fill in the required details, and submit the form along with the necessary documents to the bank officer.
