Mudra Fake Loan Approval Letters Fraud

Fraudsters are sending Fake MUDRA Loan Approval Letters asking people to pay loan processing fees via Whatsapp, SMS, email for loan payment.

  • Fraudsters are sending Fake LOAN APPROVAL LETTERS of PM MUDRA Yojana (PMMY) via Whatsapp, SMS, email and asking for Loan processing charge

  • Many people receiving similar fake letter with their name, some are complaining about fraud and posting Fake letters on social media.

  • MUDRA (Micro Units Development and Refinance Agency) scheme was launched by the Prime Minister on April 8, 2015 for providing loans up to 10 lakhs. Mudra loan is available at all bank branches across the country. Mudra loan is also issued by NBFCs / MFIs who are engaged in financing for micro enterprises in small business activities.

  • Mudra loan are mainly for: o Business loan for Vendors, Traders, Shopkeepers and other Service Sector activities o Working capital loan through MUDRA Cards o Equipment Finance for Micro Units o Transport Vehicle loans – for commercial use only o Loans for agri-allied non-farm income generating activities, e.g. pisciculture. bee keeping, poultry farming, etc. o Tractors, tillers as well as two wheelers used for commercial purposes only.

  • Under the schemes named 'Shishu', 'Kishore' and 'Tarun' to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur.