Pradhan Mantri Mudra Yojana (PMMY) | Everything you need to know

Pradhan Mantri Mudra Yojana is a loan scheme that was launched by the Government of India in April 2015 to provide loans to small and micro-enterprises. It has been designed with the aim to promote entrepreneurship among individuals with low income.

There are many benefits for taking loans under Pradhan Mantri Mudra Yojana. These include easy repayment, flexible tenure, low-interest rates, and so on. It also helps you get a loan irrespective of your past credit history or bad credit score.

Introduction: What is the Pradhan Mantri Mudra Yojana and What does it do?

The Pradhan Mantri Mudra Yojana is a government of India scheme that was announced in the Union Budget 2015. It is a part of the Prime Minister’s economic reform plan, Make in India.

The main objective of this scheme is to provide loans to small and medium enterprises (SMEs) for expanding their business and creating more employment opportunities. The loan amount ranges up to Rs 10 lakh.

Loans are categorized into three,

Shishu – Loans covering up to 50,000

Kishore – Loans covering from 50,000 to 5 Lakh

Tarun – Loans covering from 5 Lakh to 10 Lakh

Borrowers can also now file online applications for MUDRA loans on the Udyamimitra portal.

Mudra loans under Pradhan Mantri Mudra Yojana (PMMY) can be availed from the nearby branch office of a bank, NBFC, MFIs, etc.

Mudra can be given for the following purposes

• Transport Vehicle
• Community, Social & Personal Service Activities
• Food Products Sector
• Textile Products Sector / Activity
• Business loans for Traders and Shopkeepers
• Equipment Finance Scheme for Micro Units
• Activities allied to agriculture

Mudra Card is a debit card issued against the loan account

Borrowers can use Mudra Card for cash withdrawals or credits, and they can manage the working capital through the card. The card also helps in tracking the history of the usage. Using the card they can withdraw cash from any ATM.

Please check the Mudra offerings on the website.

What are the Benefits of PM Mudra Yojana?

The main objective of the PM Mudra Yojana is to provide loans to micro, small and medium enterprises (MSMEs) in India. This will help these sectors grow and create more jobs for people. It will also help in reducing poverty levels in India.

The benefits of this scheme are:

-It provides collateral-free loans up to Rs 10 lakhs for MSMEs -It has a reduced interest rate of 9% per annum as compared to 12% per annum offered by other schemes like Kishore Vaigyanik Prots

Who Qualifies for PM Mudra Yojana?

The PM Mudra Yojana is a scheme of the Indian Government to provide loans to small businesses. The scheme is available for all small business owners, but there are some eligibility criteria that need to be met.

The minimum age of the applicant should be 18 years and the maximum age should be less than 65 years

How to Get a Loan with Pradhan Mantri Mudras Yogna – The Process and Documentation Required

In order to get a loan from Pradhan Mantri Mudra Yojana, you need to have a few documents. These include the following:

– Aadhar Card

– PAN Card

– Passport size photograph

– Proof of residence

– Proof of identity

– Proof of income

PM Mudra Yojana Loan Eligibility Criteria in India

PM Mudra Yojana is a loan scheme for self-employed people in India. The scheme was launched in April 2015 by the Indian Prime Minister Narendra Modi. It is a part of the Pradhan Mantri Mudra Yojana (PMMY).

The PM Mudra Yojana Loan Eligibility Criteria in India are as follows:

1) The applicant should be between 18 to 65 years of age

2) The applicant should be an Indian citizen

3) The applicant should have a valid Aadhaar card

4) The applicant should not have any outstanding loans from different schemes or banks

What are the Loan Interest rates on PM Mudra Yojana?

The interest rates on PM Mudra Yojana are very low, ranging from 2.50% to 8.00%. The interest rates are calculated on the basis of the loan amount and tenure.

PM Mudra Yojana is a scheme by the Indian Government that offers loans to small businesses in India at a low-interest rate with a long repayment period. The scheme was launched in April 2015 and is targeted towards people who have been left out of the formal banking system because they do not have access to credit or collateral for a loan.

What are toll Free Numbers for PM Mudra Yojana?

Please check the Mudra website for the numbers.

Conclusion

The government is committed to ensuring economic empowerment of the poor and has announced “Pradhan Mantri Mudra Yojana” (PMMY) to make this possible.

The PMMY is an income-generating scheme for the poor, which encourages entrepreneurship among the underprivileged sections of society.

The aim is to provide a support system to those who have been left out of the economic system.

The Pradhan Mantri Mudra Yojana provides a variety of benefits, such as increased lending, reduced poverty rates, and improved infrastructure.

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