A MUDRA Card?

Consumer Voice - - Bfsi Guide -

The MUDRA card is a credit prod­uct that the bor­rower can use to buy busi­ness-re­lated raw ma­te­rial, etc. The card is given af­ter loan has been sanc­tioned un­der the MUDRA Yo­jana and it has a limit of 10 per cent of the busi­ness loan (sub­ject to Rs 10,000 max­i­mum). The bor­rower can avail of the fa­cil­ity of work­ing-cap­i­tal ar­range­ment in the form of cash credit (CC)/over­draft (OD). Since the MUDRA card is a RuPay debit card, it can be used for draw­ing cash from an ATM or a busi­ness cor­re­spon­dent; the bor­rower can also make pur­chase us­ing a point of sale (POS) ma­chine. There is a pro­vi­sion to re­pay the amount as and when sur­plus cash is avail­able, thereby re­duc­ing the in­ter­est cost.

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