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 Shishu | Up to 50000/- |
| Loan Amount Under Tarun | Rs.50001/- to Rs.500000/- |
| Loan Amount Under Kishore | Rs. 500001/- to Rs. 1000000/- |
| Processing Fees | 0.5% for Tarun loans Nil for Others. |
| Eligibility Criteria | New and Exiting Units |
| Re-payment period | 3-5 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.
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 collateral | No collateral or third-party security is required |
| Who can avail of a Mudra Loan | Loans can be availed by new and existing units |
| Institutions eligible to offer Mudra Loan | Public 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
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