close
Home » Pradhan Mantri Mudra Loan Yojana

Pradhan Mantri Mudra Loan Yojana

by admin
Pradhan Mantri Mudra Loan Yojana

Pradhan Mantri Mudra Loan: The MUDRA loan is provided under the pradhan mantri Mudra load Scheme (PMMY) to non-forming and non-corporate micro and small enterprises can avail loan up to 10 lakh under the Mudra ( Midro Units Development and Refinance agency Limited) Scheme.

Features of the Pradhan Mantri Mudra Loan Yojana

Loan Amount Under ShishuUp to 50000/-
Loan Amount Under TarunRs.50001/- to Rs.500000/-
Loan Amount Under KishoreRs. 500001/- to Rs. 1000000/-
Processing Fees0.5% for Tarun loans Nil for Others.
Eligibility CriteriaNew and Exiting Units
Re-payment period3-5 years

Required Documents for Pradhana Mantri Loan Yojana

Identity Proof : Aadhar Card, PAN Card, Voter ID, Driving Lenience etc.

Address Proof : Unity Bills, Aadhar Card, Passport etc.

Proof of Business : Lenience or Registration documents confirming business existence or partnership deed etc.

Income Proof : Balance sheet for the last 2 years, Bank account statements, income tax returns etc.

Objectives of Pradhan Mantri Mudra Loan Yojana

MUDRA loans can be used for a variety of purposes, including job creation and revenue generation. The following are the most common reasons for getting out Mudra loans:

  • Shopkeepers, traders, vendors, and other service-related businesses can apply for a business loan.
  • Loans for vehicles
  • Mudra Loans are available to people who work in agri-allied non-farm income-generating businesses like poultry farming, beekeeping, pisciculture, and so on.
  • Financing for small business equipment
  • A Mudra Loan is available to anyone who utilizes tractors, tillers, or two-wheelers for commercial purposes.
  • MUDRA cards can be used to get a working capital loan.

Benefits and Features of Pradhan Mantri Mudra Loan Yojana 

Some of the key benefits and features of the scheme are as follows:

  • Loans with no collateral
  • Amount of loan: up to Rs. 10 lakhs.
  • The loan is covered by the Government of India’s Credit Guarantee Schemes.
  • Term loans, working capital loans, and overdraft facilities are all options
  • Interest rates are low, and processing fees are considerably lower.
  • Mudra loans are available to all non-farm enterprises, i.e., small or micro businesses that generate money.
  • People belonging to the SC/ST category can also get Mudra loans with lower interest rates.
  • Loans with lower interest rates for women entrepreneurs
  • In both rural and urban locations, banking and financial services are available.
  • Micro-small companies and start-ups can get financial support.
  • Small business loans with reasonable interest rates are available.
  • This program can benefit food vendors, merchants, and other small business owners.
  • This program provides financial assistance to persons who do not have access to basic banking services.
  • The government assumes the borrower’s credit guarantee, which means that if the borrower is unable to repay the loan, the government will be responsible for the loss.
  • The scheme’s repayment duration can last up to seven years.
  • The Micro Credit Scheme is available to people who want to earn money through micro-enterprise operations.
  • Borrowers that are women are eligible for a loan with lower interest rates.
  • Refinancing options are also available through certified lenders.
Also Read  Self Employment Direct loan Scheme

Eligibility for MUDRA Loans

Mudra loans are available to Indian nationals who have their business plans for the service sector, commerce, or industrial operations and require funds of up to Rs.10 lakh. Public and private sector banks, regional rural banks (RRBs), small finance banks (SFBs), and micro-financial organizations also offer it (MFIs). The applicants applying for Pradhan Mantri Mudra Loan Yojana 2022 must fulfill the following eligibility criteria:

Minimum age 18 years
Maximum age 65 years
Security or collateralNo collateral or third-party security is required
Who can avail of a Mudra LoanLoans can be availed by new and existing units
Institutions eligible to offer Mudra LoanPublic Sector Banks, Micro Finance Institutions, Private Sector Banks, and Regional Rural Banks

Language : Kannada

Which Department : Education

Central OR State Information: State

Location : Karnataka

Published Date : 2020

Information Term : Short

Purpose of Information : Employee

Information Format : JPJ

Information Size : 672kb

Number of Pages : 02

Scanned Copy : Yes

Information Editable Text : No

Password Protected : No

Image Available : Yes

Download Link Available : Yes

Copy Text : No

Information Print Enable : Yes

File Quality : High

File size Reduced : No

File Password : No

Rate : Free of cost

For Personal Use Only

Save water, Save life’s.!!

Please Note ; We have collected this content from the internet ,for education purpose its very helpful to students, if you find this is copyrighted content and belongs to you please contact to the admin to remove this content from our website.

Apply OnlineGo to the Page

Thanks For Visiting Our Website.

You may also like

Leave a Comment

close