Pradhan Mantri Mudra Yojana
Details
Pradhan Mantri Mudra Yojana (PMMY) is a scheme set up by the Government of India (GoI) through MUDRA (a subsidiary of SIDBI) that helps in facilitating micro credit upto Rs. 10 lakh to small business owners. MUDRA supports Financial Intermediaries to extend loans to the non-corporate, non-farm sector income generating activities of micro and small entities with credit needs upto Rs. 10 lakhs).
Benefits
- Shishu (Covering loans upto Rs. 50,000/-) : This stage would cater to entrepreneurs who are either in their primitive stage or require lesser funds in order to get their businesses started.
- Kishor (Covering loans upto Rs. 5,00,000/-): This section of entrepreneurs would belong to either those who have already started their business and want additional funds to mobilize their business.
- Tarun (Covering loans upto Rs. 10,00,000/-) : If an entrepreneur meets the required eligibility conditions, he/she could apply loan for upto Rs.10 lakhs. This would be the highest level of amount that an entrepreneur could apply for a startup loan.
Eligibility
Any Indian Citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is up to Rs 10 lakh
The usual terms and conditions of the lending agency may have to be followed for availing of loans under PMMY.
The business should be either one of the following:
- Small manufacturing enterprise
- Shopkeepers
- Fruit and Vegetable vendors
Artisans
How to apply
Eligible beneficiaries can apply for Mudra Loan online on Udyamimitra Portal.
For assistance call toll free number 1800 180 1111/1800 11 0001
Whom to contact
- Public Sector Banks
- Private Sector Banks
- State operated cooperative banks
- Rural banks from regional sector
- Micro Finance Institution (MFI)
- Non-Banking Finance Company (NBFC)
- Small Finance Banks (SFBs)
- Other financial intermediary approved by Mudra Ltd. as member financial institutions
For more details, visit https://www.mudra.org.in/
What are the Documents Required to Apply for PMMY?
- Identity proof (any one of the following)
- Address proof (any one of the following)
- Recent utility bills (telephone or electricity)
- Property tax receipt (not older than 2 months)
- Voter’s ID card
- Aadhaar card
- Passport
- Bank passbook/account statement (attested by bank officials)
- Domicile certificates or certificates issued by government authorities.
Conclusion
Pradhan Mantri Mudra Loan Yojana has opened doors for aspiring entrepreneurs to pursue their dreams and contribute to the nation’s economic growth. By following the eligibility criteria, preparing accurate documentation, and presenting a well-defined business plan, you can increase your chances of securing a Mudra loan. The transparent and straightforward process of PMMY ensures that India’s micro-businesses can thrive and grow, making a valuable contribution to the nation’s economic progress.
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