Pradhan Mantri Mudra Loan Yojana (PMMY): Pradhan Mantri Mudra Loan Yojana (PMMY) Is An Important Scheme Launched By The Government Of India, Which Aims To Provide Financial Assistance To Small Businesses And The Self-employed. Launched On April 8, 2015, This Scheme Provides Financial Assistance To Small Traders, Professionals And Industrialists.This Loan Does Not Require Any Collateral And Can Be Availed Through Government As Well As Private Banks, Rural Banks And Non-banking Finance Companies (Nbfcs). Through Mudra Loan, The Government Is Promoting Small Industrial Units, Thereby Increasing Employment Opportunities And Increasing The Economic Progress Of The Country.To Avail This Scheme, The Applicant Needs To Apply To The Nearest Bank Along With His Business Information And Aadhaar Card, Pan Card, Business Related Documents. In 2025, The Government Is Implementing New Policies To Make This Scheme More Effective, So That More People Can Get Financial Assistance.
Overview: Pradhan Mantri Mudra Loan Yojana (PMMY)
- Name Of The Scheme: Pradhan Mantri Mudra Loan Yojana (PMMY)
- Full Name: Micro Units Development And Refinance Agency
- Year Of Launch: 8 April 2015
- Beneficiaries: Small Entrepreneurs, Self-employment, Micro Industries
- Loan Amount From: Rs. 50,000 To Rs. 10 Lakh
- Is The Loan Free?: No, Has To Be Repaid
- Official Website: https://www.mudra.org.in
What Is Mudra Loan Scheme?
Under The Pradhan Mantri Mudra Loan Scheme, Loans Are Provided To Small And Medium Enterprises At Low Interest Rates. In Particular, Financial Assistance Is Available To Traders In The Non-corporate And Non-farm Sectors Through This Scheme.
The Loans Provided Under This Scheme Are Divided Into Three Categories
- Shishu Loan: Loans Up To Rs. 50,000/-
- Kishore Loan: Loans From Rs. 50,001/- To Rs. 5,00,000/-
- Tarun Loan: Loans From Rs. 5,00,001/- To Rs. 10,00,000/-
Aims And Objectives Of The Scheme
- To Provide Financial Assistance To Small Traders And Industrialists.
- To Increase Self-employment And Employment Opportunities.
- To Promote The Development Of Small And Medium Enterprises (Msmes).
- To Create New Opportunities For The Lower Castes, Backward Classes And Women.
- To Strengthen The Economy Of The Country.
Eligibility
- The Applicant Should Be At Least 18 Years Of Age.
- The Applicant Should Be An Indian Citizen.
- The Applicant Should Not Be A Defaulter Of Any Bank Or Financial Institution.
- Any Indian Citizen Who Wants To Start Their Own Small Business Or Expand An Existing Business.
- Available For Small Traders, Artisans, Small Industries, Agri-related Businesses, Etc.
- There Is No Fixed Income Limit, But The Interest Rate And Loan Amount Depends On The Nature Of The Business.
Required Documents
- Aadhaar Card, Pan Card, And Voter Identity Card (KYC Documents)
- Income Proof
- Business Related Documents
- Bank Statement (Last 6 Months)
- Filled Loan Application Form
Benefits (Who Will Get Benefits Under This Scheme?)
- People With Small And Medium Enterprises.
- Startups And New Business Starters.
- Artisans, Tailors, Shopkeepers, And Small Traders.
- Women, Youth, And People From Backward Classes.
- Farmers And People With Agriculture-related Professions.
Where To Apply For PMMY Scheme?
- Government And Private Banks (SBI, BOI, PNB, HDFC, ICICI, AXIS Bank, Etc.)
- Cooperative Banks And Rural Banks
- Non-banking Financial Companies (NBFCS)
- Microfinance Institutions
Application Process
- Select Bank: Any Government Or Private Bank Or Financial Institution Where Mudra Loan Is Available.
- Select Loan Category: Apply For Shishu, Kishore, Or Tarun Loan.
- Prepare Documents: Prepare Your Identity Proof, Business Information, And Required Documents.
- Fill The Form: Fill The Form Provided By The Bank.
- Verification By Bank: The Bank Will Verify Your Documents And Approve The Loan.
- Loan Approval And Transfer: After Approval, The Loan Amount Will Be Deposited In Your Bank Account.
Important Notes
- Pradhan Mantri Mudra Loan Yojana Is A Great Step To Promote Small Industry And Self-employment.This Scheme Helps Small Businesses And Gives People The Opportunity To Become Self-reliant.
- For More Information About Mudra Loan Yojana, Visit The Official Website www.mudra.org.in Or Contact The Nearest Bank.
Important Links
Official Website: Click Here