Mudra Yojana: The Central Government has started Pradhan Mantri Mudra Yojana to start small businesses. Under this, people are given a small amount of loan to start their own. ( small business govt loan scheme)
Micro Units Development and Refinance Agency (MUDRA) Loan Scheme under Pradhan Mantri Mudra Yojana (PMMY) is an initiative of the Government of India that provides loans to individuals, SMEs and MSMEs. Loans under MUDRA 3 loan schemes are offered namely Shishu, Kishor and Tarun. The maximum loan amount that can be given under the MUDRA scheme is Rs 10 lakh. While the minimum loan amount is not fixed. There is no need to give any guarantee or pledge to the banks or lending institutions to avail the Mudra loan scheme. Mudra loan repayment ranges from 3 years to 5 years with EMI options.
Who can take loan under Mudra Yojana (Central govt scheme)?
If you are also facing the problem of capital to start your small business, then you can apply for a loan of up to Rs 10 lakh under the Pradhan Mantri Mudra Yojana, making your dream come true. can.
3 Types of Mudra Yojana Loan (PM Mudra Yojana Loan)
- Shishu Loan: Loans up to Rs 50,000 are given under Shishu Loan.
- Kishor Loan: Loans ranging from Rs 50,000 to Rs 5 lakh are given under Kishore Loan.
- Tarun Loan: Loans ranging from Rs 5 lakh to Rs 10 lakh are given under Tarun Loan.
What are the benefits of Pradhan Mantri Mudra Yojana (PMMY Scheme)?
What is the interest rate on Mudra Loan?
There is no fixed interest rate under Pradhan Mantri Mudra Yojana. Different banks may charge different interest rates for Mudra loans. Generally the minimum interest rate is 12%.
Step to Step – Loan under Mudra Yojana (How to apply for Mudra Loan)
• Download the loan application form by visiting the website: http://www.mudra.org.in/
• The form is different for Shishu loan, while the form is same for Tarun and Kishor loan.
• In the loan application form, give details like mobile number, aadhaar number, name, address etc.
• Attach 2 passport photos.
• After filling the form, go to any public or private bank and complete all the procedures.
• The branch manager of the bank takes information from you about the work. On that basis, PMMY approves the loan to you.
Benefits of Mudra Loan
Mudra Loans are mainly applied to shopkeepers, traders, vendors, and MSMEs in manufacturing, trading and service sector activities.
Mudra scheme comes under the credit guarantee schemes of the Government of India.
Loan amount can also be used as term loan and overdraft facilities
All non-farm enterprises, ie small businesses engaged in income generating activities can avail MUDRA loan
Mudra scheme can be availed through Mudra card
Documents Required for Mudra Loan
- Application Form
- Passport size photographs of applicant and co-applicant, if applicable
- KYC documents of applicant and co-applicants
- Proof of Identity (Aadhaar Card / Voter ID / Passport / Driving License, etc.)
- Proof of Residence (Aadhaar Card / Voter ID Card / Passport / Telephone Bill / Bank Details, etc.)
- Income proof, such as ITR, sales tax return, license, registration, etc.
- Proof of a particular category, such as SC, ST, OBC, minority, etc. (if applicable)
- Business address and tenure proof, if applicable
- Registration, license or certificate (if any)