How to get a loan? Now, go to Flipkart, Amazon, Uber, Ola

The finance ministry has joined hands with over two dozen e-commerce firms, including major players like Amazon, Flipkart, Ola and Uber, to provide easy finance to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY), a top government official said.

The three way partnership between lenders, industry and the government aims to facilitate small business loans.

PMMY is a flagship scheme of the government to provide loans of up to Rs 10 lakh to small entrepreneurs.

The loans are being given by banks, small finance banks, non-banking financial companies (NBFCs) and micro finance institutions.

The scheme aims to strengthen forward and backward linkages for robust value chains anchored by industries, aggregators, franchisors and associations.

Other companies participating in the scheme include MakeMyTrip, Oyo, Meru Cab, Big Basket, Carz on Rent, Habib Salon, among others.

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Last financial year, the government had extended Rs 2.53 lakh crore credit under the Mudra scheme, taking the total credit extended in the last three years to Rs 5.73 lakh crore.