Pradhan Mantri Mudra Yojana 2024: You have a Business and want to grow your business, But you do not have enough capital to start. Don’t worry. Pradhan Mantri Mudra Yojana is solving this problem since 2015.
The PM Mudra Yojana offers a loan of up to 10 Lakh for small businesses. You can get it from banks under the scheme.
Below is the complete information regarding the scheme. Read till the end.
Pradhan Mantri Mudra Yojana (PMMY)
Honourable Prime Minister Narendra Modi launched the Pradhan Mantri Mudra Yojana on April 8, 2015. The scheme provides loan benefits to non-corporate, non-farm small or micro-enterprises.
Whenever you go for taking a loan, you have to mortgage something for security. But many people cannot complete this criterion and they miss the loan for their purpose.
But in this government loan scheme, you do not have to mortgage anything on behalf of the loan for your business purpose.
The scheme PMMY classifies loans as MUDRA. And it provides loans in three different classifications of business sizes.
Objectives of PMMY
MUDRA loans are given out for several things that generate income and create jobs. The principal purposes of the loans are:
- Business loans for traders, shopkeepers, vendors, and other service-related businesses.
- A working capital loan made possible by MUDRA Cards.
- Micro Unit Equipment Financing.
- Loans for transport vehicles.
PM Mudra Yojana Loan Allocation
The PMMY allocates the loan in 3 categories on the base of the size of the micro-business. These loan allocations are as follows:
| PMMY Categories | Loan Allocation (in Rs) |
|---|---|
| Shishu | 50,000 |
| Kishor | 50,000/- and up to 5 lakh |
| Tarun | 5 lakh and up to 10 lakh |
Who Functions PM Mudra Yojana
MUDRA (Micro Units Development & Refinance Agency Ltd) implements the PMMY scheme for the development and refinancing of micro-enterprises/businesses.
MUDRA’s goal is to finance small businesses in the non-corporate sector through a variety of Last Mile Financial Institutions, including banks, NBFCs, and MFIS.
Where Can I Take MUDRA Loan
Micro Businesses can get MUDRA Loans from the following:
- Public and Private Sector banks such as:
- PSU Banks
- Regional Rural Banks (RRBs)
- Small Finance Banks
- Private Sector Banks
- Foreign Banks
- Micro Finance Institutions
- Non-Banking Finance Company
Implementation Of The PM Mudra Yojana
At the state level, the SLBC also known as State Level Bankers’ Committee completes the scheme while at the national level, MUDRA/Department of financial service and the government of India.
Note: MUDRA LTD is a not lending institution for the scheme. It is a refinancing agency.
You can avail MUDRA Loan at any nearby branch of Banks, NBFC and MFIs. Now you can file a new application online on Udyami Mitra Portal. Visit udyamiitra.👇
You can also check this scheme on the latest portal made by the government of India for all types of loans.
This portal is Jan Samarth Portal. We have provided a thorough guide on how to use JanSamarth Portal for finding loan schemes.
Additional Information On PMMY 2024
Following is the additional information about the Pradhan Mantri Mudra Yojana that you must have known before applying for it:
- As per the basic rule of bank loans, there must be a Promoter Margin in business. Also, it is mandatory by the guidelines of RBI. But you are free from the Promoter Margin in the Shishu loan.
- Interest rates must be charged by the bank’s policy decision. However, the interest rate charged to final borrowers must be fair.
- The first charge is on all assets produced by the borrower’s loan as well as any assets that are directly connected to the venture or project for which credit has been granted.
[Promoter Margin: How much amount you have invested in your business self ]
Eligible Applicants Under PMMY 2024
- The following types of borrowers are eligible under the scheme:
- Individuals
- Proprietary Concern
- Partnership Firms
- Private Limited Company
- Public Company
- Entities of any other legal forms
- Banks should not make the applicant defaulter for a loan and the applicant should have a satisfactory credit score.
- You must have to show any skill/experience/knowledge to get the loan proposal.
- Education qualification is depend on the type of loan proposal.
Nature Of Assistance under the PMMY scheme
- Term Loan
- Overdraft Limit
- Working Capital Loans
- Composite Loans for Acquiring Capital Asset
Pradhan Mantri Mudra Yojana Apply Online 2024
if you want to apply for Pradhan Mantri Mudra Yojana then I have to tell you that I cannot put all things step-by-step in this post because it is a broad process that is linked with banks.
But I can provide you with some information where you can check your PM Mudra Yojana eligibility and apply for it online.
Stetp1: Visit JanSamarth Portal for PMMY
You can check eligibility for PMMY on Jan Samarth Portal online and if you are eligible you can get complete the process on the portal to get the MUDRA loan successfully.
Here are steps on how you can check it:
- Firstly, go to the official website of Jan Samarth Portal.
- On the homepage, go to Schemes > All Scheme > Business Activity Loan > PMMY.
- You can visit it directly by clicking here:
- Now click on check eligibility:
Step2: Fill Out the Loan Eligibility Form
- First, you have to select your business type:
- Loan for Handloom Weaver
- Laon for Manual Scavengers
- Loan for Street Vendors
- Business Loan
- Select your Business Activity
- New
- Existing
- Education Info:
- Passed Class 8
- EDP Training
- Nature Of Business
- Manufacturing
- Business/Service
- Trading
- Gender, Social Category, Location
- Male/Female/Others
- General/SC/ST/OBC/Minority
- Hilly, Tribal, Border, Urban, Rural
- Select Applicant Type
- Individual
- Non-Individual
- Now enter your Business Project Cost
- Also, enter your investment in the project.
- Click on Calculate Eligibility.
- You will get a list of schemes that can provide you with a subsidised loan.
Step3: Apply for a loan
- Now you have to apply for a loan.
- Click on Apply
- After this, you will jump to the Registration page.
- Here you have to Register with your mobile number.
- Enter your mobile number and captcha code.
- Click on Get OTP.
- Verify your OTP.
- You have to also verify your email id with OTP verification.
- After successful registration, you apply for Loan Application in your dashboard.
- Also, you can track the application status.
FAQs Pradhan Mantri Mudra Loan Yojana
The Pradhan Mantri Mudra Yojana is a kind of loan subsidy scheme. The scheme provides up to 10 lakh loans for your business. You can get the loan at @10% p.a.
Under the PMMY scheme, you can get three optional loans;
>Shishu: covering loans upto Rs. 50,000,
>Kishor: covering loans Rs. 50,000 and up to INR 5 lakh,
>Tarun: covering loans above Rs. 5 lahks and up to INR 10 lakh.
You can Pradhan Mantri Mudra Yojana Online Apply @jansamarth.in
