Rajkot entrepreneur gives his salon a makeover with PM Mudra Yojana

Rajkot, April 16 (IANS) The Pradhan Mantri Mudra Yojana (PMMY), launched by Prime Minister Narendra Modi to promote startups and self-employment, continues to receive a positive response across the country. One such inspiring success story comes from Rajkot, where a local entrepreneur has transformed his small salon into a thriving business with the help of the scheme.

Hiten Joshi, who runs a salon on Nirmala Convent Road in Rajkot, shared his experience with IANS about how Mudra loans helped him at a crucial time in his entrepreneurial journey.

“In 2023, I needed funds to grow my business. I approached the bank, and the State Bank of India provided me a good loan at a low interest rate. With that support, my business developed well. I also started selling cosmetic products at my salon. In fact, investment is high for cosmetics business as payment must be made for the products in advance. So, I needed a lot of money. In this case, Mudra scheme helped me a lot. Later, when I needed another loan, the bank approved it again, and now I’m running my business successfully. I believe the Mudra loan is a very useful and good option for those starting new businesses,” said Hiten Joshi.

His story reflects how the Mudra Yojana has become a reliable source of financial support for small business owners who may not have access to traditional forms of credit due to a lack of collateral or formal financial history.

The scheme offers loans under several categories: 'Shishu' - covering loans up to Rs 50,000; 'Kishor' - covering loans above 50,000 and up to 5 lakh; 'Tarun' - covering loans above 5 lakh and up to 10 lakh and 'Tarun Plus' - covering loans above 10 lakh and up to 20 lakh.

The goal is to support anyone looking to start small businesses in sectors such as MSMEs, barber shops, hotels, retail stores, etc. The Pradhan Mantri Mudra Yojana continues to empower individuals by providing the financial support needed to achieve self-reliance and entrepreneurial success.

Loans are disbursed through simplified procedures, and banks do not require any collateral, making it easier for first-time entrepreneurs like Joshi to access funds.

Thousands of such stories across the nation are testimony to how PMMY is enabling local entrepreneurs to dream big and build sustainable livelihoods. With continued awareness and support, schemes like Mudra Yojana are laying the foundation for a self-reliant and economically vibrant India.

--IANS

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