What is Mudra Yojana or What is Pradhan Mantri Mudra Yojna

 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.

What is Mudra Yojana or What is Pradhan Mantri Mudra Yojna

    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)?

    Loans are available without guarantee under the Mudra scheme. Apart from this, no processing charge is also charged for the loan. The loan repayment period in Mudra Yojana can be extended up to 5 years.

    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)

    What is Mudra Loan for Women?

    The government encourages women entrepreneurship through the Mudra scheme under PMMY. The Government of India has also asked banks, lending institutions and Micro Finance Institutions (MFIs) to provide loans to women entrepreneurs at low interest rates. Currently, loans from NBFCs and MFIs under the Mudra scheme are offered to women entrepreneurs at 25 basis point lower interest rates.

    What is Mudra Card?

    Mudra card is a debit card issued to loan applicants who want to apply for Mudra loan. When a loan applicant applies for a MUDRA loan, and if it is approved, his/her MUDRA loan account is opened and cards are issued with it. The amount is credited to the MUDRA account, so loan applicants can withdraw the amount from their MUDRA account.

    Related Questions

    questions. How to apply for Mudra Loan?

    Answer: The application form is available at mudra.org.in so that you can download the form and fill all the required information. Different banks may have different application process for Mudra Loan. It is advisable to start with the bank in which you already have an account so that Mudra loan can be accepted easily.

    questions. Which banks provide Mudra Loan?

    Answer: Commercial banks in both private and public sectors are eligible to give Mudra loans. There are also some Regional Rural Banks (RRBs) which offer Mudra Loans. Since the interest rates and eligibility criteria vary slightly from bank to bank, you should get the necessary information from a few different banks before applying for a loan.

    questions. What is the repayment tenure of Mudra Loan?

    Answer: The repayment tenure of Mudra Loan is up to a maximum of 5 years.

    questions. How much amount is given under Mudra Loan?

    Answer: The minimum loan amount under Mudra Loan is Rs.50,000. And the maximum loan amount is Rs.10 lakh. is.

    questions. Do banks offer different interest rates for Mudra Loan?

    Answer: Yes, there is slight difference in the interest rates, eligibility conditions and application process of different banks. However, the interest rates remain within the prescribed limits for Shishu, Kishor and Tarun Mudra Loans by Mudra.

    questions. Is there any special Mudra loan scheme for women?

    Answer: Yes, United Mahila Uddhi Yojana is a part of Mudra Yojana. Under this, women engaged in economic activities related to production, construction or service can apply for a loan. This scheme is specially designed to empower and further encourage women entrepreneurs. Women holding more than 50% finance in the company can also apply for Mudra loan under this category.

    questions. Is there any reservation for Mudra Loan?

    Answer: No, any small trader can apply for Mudra Loan. Anyone who is eligible for a Mudra loan can avail the loan. Hence, no reservation is applicable in Mudra loan.

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