The government has launched a new scheme known as the Pradhan Mantri Mudra lending Yojana, to help all residents start their own businesses. The initiative provides micro credit/loans of up to Rs. 10 lakhs to income-generating micro firms in the non-farm sector, including manufacturing, commerce and service sectors as well as agricultural operations like poultry, dairy and beekeeping. Now Mudra Loan Scheme has been Increased from 10 lakh to 20 lakh. In this post you get every necessary information regarding this yojana such as objective, benefits, documents and apply online.
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PM Mudra Loan Yojana
The Pradhan Mantri MUDRA Yojana (PMMY) is a program launched by the Honorable Prime Minister on 8 April 2015 with the goal of providing loans of up to 10 lakh to small and micro companies outside of the corporate or agricultural sectors. These loans are classified as MUDRA loans inside the PMMY framework. These financial services are provided by a variety of entities, including commercial banks, regional rural banks (RRBs), small finance banks, micro finance institutions (MFIs) and non-banking financial companies.
You can utilize the loan from the PM Mudra Loan Yojana to establish a new business or to grow your existing one. This scheme would be extremely advantageous to the country’s residents who are currently unemployed as a result of a lack of employment opportunities. They can establish their own business by taking out a loan through this program. We will provide you with additional details.
Updates 23rd July – Under the Mudra Loan Yojana, it has been announced that the loan limit will be increased from 10 to 20 lakh rupees, effectively doubling the previous limit. Which means this Loan has been doubled.
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Overview Of PM Mudra Loan Yojana
| Name of the yojana | PM Mudra Loan Yojana |
| Launched by | Central Government |
| Beginning of the plan | 8 April 2015 |
| Beneficiaries | Small business |
| Objective | To provide financial support and funding to micro and small enterprises, including small businesses, entrepreneurs and individuals |
| Official website | www.mudra.org.in |
Objective Of PM Mudra Loan Yojana
The main objective of this yojana is to meet the financial needs of small and medium-sized businesses, hence increasing income and employment. MUDRA loans are available for a variety of purposes, Business loans for dealers, retailers and vendors with loan amounts of up to Rs.10 lakh per borrower/enterprise.
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Benefits Of PM Mudra Loan Yojana
- The PM MUDRA Yojana offers low-interest loans to help small business owners.
- It emphasizes SC/ST businesses to promote young, talented and educated people to become future entrepreneurs.
- Existing small enterprises can also profit from the PM MUDRA Yojana by gaining access to loans at competitive rates, which will allow them to grow their operations.
- Equitas, among others, may now benefit from discounted refinance rates, which can be passed on to the small-scale sector, allowing them to grow their enterprises.
- The Yojana regards Non-Banking Financial Companies (NBFCs) as an important avenue for reaching small-scale companies.
Eligibility Criteria
- The applicant must live in India.
- This yojana offers loans to persons in non-farming industries such as
- manufacturing
- Processing
- Trade
- Services sector
- Other professions with a credit demand of less than Rs.10 lakh.
Required Documents
- Aadhaar card
- Voter ID
- PAN card
- Address proof
- Business registration documents
- Proof of business activity
- Bank statement
- Caste certificate
- Mobile number
Top 10 Banks Offering MUDRA Loans
- Oriental Bank of Commerce
- ICICI Bank
- Kotak Mahindra Bank
- Standard Chartered Bank
- Indian Bank
- State Bank of Patiala
- Bank of India
- Central Bank of India
- IDBI Bank
- Citibank
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How Much Loan Will Be Available Under Pradhan Mantri Mudra Loan Scheme
- Shishu Loan offers loans of up to Rs.50000.
- If you apply for Kishor Loan Ithat, you will be eligible for a loan ranging from Rs.50,000 to 5 lakhs.
- If you apply for a loan through Tarun Loan, you will be offered a loan ranging from Rs 5 lakh to Rs 10 lakh.
Apply Online For Loan Under PM Mudra Loan Scheme
- First you have to visit the Official Website of the scheme.
- The homepage will appear on your screen.
- You will see three options of Shishu, Tarun and Kishore.
- You must select the sort of loan you wish to take before proceeding.
- The application form will appear on your screen.
- To get the application form for the PM Mudra Loan Scheme, click on the download option.
- Enter all the necessary details in the form.
- You have to attach all the necessary documents.
- You must take this application form and submit it to your local bank.
- You would be eligible for the PM Mudra Loan Scheme once your application has been approved by the bank employees.
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FAQ’s
What is the MUDRA scheme?
MUDRA (Micro Units Development and refinancing Agency Ltd.) is a development initiative for the country’s micro companies, offering refinancing support to banks and other financial institutions that lend to micro units.
What kinds of loans are available under the MUDRA scheme?
The MUDRA plan offers three types of loans: Shishu (up to Rs. 50,000), Kishore (up to Rs.5 lakhs) and Tarun (up to Rs.10 lakhs).
What is the official website of the scheme?
www.mudra.org.in