Home / Pradhan Mantri Mudra Yojana
Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015, for providing loans up to 10 lakh to the non-corporate, non-farm small/micro-enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs.
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Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has created three products i.e. ‘Shishu’, ‘Kishore’ and ‘Tarun’ as per the stage of growth and funding needs of the beneficiary micro unit. These schemes cover loan amounts as below:
All Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas, are eligible for assistance under Mudra.
Bank branches would facilitate loans under the Mudra scheme as per customer requirements. Loans under this scheme are collateral-free loans.
Vehicle loan: Commercial vehicle loan, Car loan and Two-wheeler loan
Business Installment Loan (BIL): Loan for working capital requirement, buying plant and machinery, renovating offices etc.
Business Loans Group Loans (BLG) and Rural Business Credit (RBC): We offer Drop line overdraft/Overdraft facility/Working capital loans
1. Shishu:- under the MUDRA loan scheme, provides up to Rs.50,000 to those entrepreneurs who are either in the initial stages of their business or are looking to start one.
Kishor, under the MUDRA loan scheme, offers up to Rs.10 lakh to businessmen who are looking for additional funds to expand their operations.
Under the Pradhan Mantri MUDRA loan arrangement, Tarun sanctions up to Rs.10 lakh if the business owner meets certain eligibility criteria.
If you are looking for a higher loan amount with a hassle-free borrowing experience, you can opt for a Business Loan from Bajaj Finserv that is specially designed for SMEs like yours. With unsecured loans up to Rs.45 lakh, your application gets approved in under 24 hours with minimal documentation. Bajaj Finserv even provides pre-approved offers to existing customers that simplify the application process even further.
The objective of PM Mudra YojanaThe PM MUDRA Yojana was launched to create an inclusive entrepreneurial culture to achieve economic and social success. Under this scheme, the government aims to provide financial assistance and other support to small businesses and micro-enterprises to encourage best practices for economic growth.
Loans worth around Rs.2,79,481.48 crore has been sanctioned under the Pradhan Mantri Mudra Yojana since the scheme’s inception in 2015. Of this, a total of Rs.2,64,676.44 crore has been disbursed.
The Central Government of India established MUDRA (Micro Units Development and Refinance Agency Ltd) to support the development of micro-enterprise enterprises by providing financial assistance. The purpose of the PM MUDRA Loan is to provide financial facilities to the small business sector through various financial institutions, such as banks and NBFCs.
The interest rate on a Mudra loan is nominal. Under the Pradhan Mantri MUDRA Yojana, banks and NBFCs have been advised to follow RBI guidelines and charge a reasonable rate of interest.
Mudra finance comes with easy-to-meet eligibility criteria. If you are an Indian citizen between the ages of 18 and 65 years with a business plan for any non-farm activity that generates income, such as manufacturing, processing, or the service sector, you can apply for a MUDRA loan under PMMY through a bank or an NBFC. This facility is available to small business owners, such as shopkeepers, sole proprietorship or partnership firms, operating small manufacturing units, repair shops, and small industries in both rural and urban areas.
If you meet these simple MUDRA loan eligibility criteria, you can easily obtain a loan of up to Rs.10 lakh through PMMY at a low-interest rate.
If you meet the simple eligibility criteria, you must submit a few documents to apply for a MUDRA loan. Below is a list of MUDRA loan documents.
Established by the Government of India, the MUDRA scheme provides refinancing assistance of up to Rs.10 lakh for small businesses through leading financial institutions such as banks and NBFCs. Under MUDRA, there are three different loan schemes, namely:
• Shishu: It covers loans up to Rs.50,000
• Kishor: It covers loans above Rs.50,000 and up to Rs.5 lakh
• Tarun: It covers loans above Rs.5 lakh and up to Rs.10 lakh
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