The central government of India recently has announced a loan scheme for small and marginal fishermen of our country to make them financially strong and to ease of their business. Through this scheme, the government will provide them a loan for the purchase of modern boats so that they can grow their business by venturing into deep sea. Under this government scheme,
the Mudra Loan Scheme will allow small-scale fishermen to get loans for new boats from banks. The scheme is for those poor fisherman who are not able to buy modern type of boats due to lack of finance, this is to help them get modernized boats so it will be easier for them to complete their jobs as needed. As a result, such fishermen can make their businesses a little stronger and more efficient. The new loan scheme includes both small and marginal fishermen.
Key Points about the Scheme
- A person can get up to Rs. 1 crore in money off for the scheme. This will come from a loan through the central government.
- A boat that can go beyond 12 nautical miles from the surface should be utilized. The loan total should be enough to cover such a boat.
- This is also designed for people aiming to get boats that handle more people. The boats to be used in the scheme may be used to handle many people so fishermen can work with others instead of being alone. This may help with making it easier for people to get more out of a search.
Eligibility criteria
- Fishermen rated as being small or marginal in capacity are eligible to take advantage of the scheme. These are fishermen in particular who need assistance with getting their businesses to grow and become more prominent. Information on the existing boats might be required at some loan offices to ensure that a person can utilize the loan properly.
- The Mudra scheme will help fisherman who needs assistance with new boats. This especially helps them to keep their businesses afloat. It is important considering how difficult it may be to get into some regions around the seas where more fish can be found.
Participation process
- Fishermen must go to their local bank branches to find what is available.
- They must look for who offers loans and how much they have to work with the banks.
- All banks have their own amounts of funds provided by the government for the scheme.
