Pradhan Mantri Mudra Loan Yojna | Apply Online | Eligibility
To run smoothly, all companies should be financially strongly. Established businessmen manage all the financial issues by themselves. However, the startups or business owners need help. If the help comes from the government, that its a boon for all business owners. There is a loan scheme by Indian Government that has been known as Pradhan Mantri Mudra Yojana (PMMY). Its other name is Mudra loan Scheme. The effective loan scheme was launched on 8th April of 2015 by Indian ho’ble prime minister Mr. Modi Ji.
| Whether Mudra Loan is similar to all other existing loans? | No! Mudra loans can be availed only by small business owners. |
| Is there any particular banks to avail Mudra Loans | No! All nationalised bank can offer Mudra Loan |
| No. of PMMY Loans Sanctioned | 34880924 |
| Total Amount Sanctioned Under PMMY Loans | Rs. 137449.27 Crore |
| The Flagship of PMMY Loan Scheme | Fund the Unfunded |
| This PMMY Loan Scheme mainly focues | To provide financial support for non-farm income generating activities |
Pradhan Mantri Mudra Yojana – Loan Scheme
The Pradhan Mantri Mudra Yojana (PMMY) is somehow differs from all other loan scheme offered by central government of India, it is mainly implemented in order to boost india’s economic growth by supporting the entrepreneurial ship among talented youths across the nation by supporting them financially.
The PMMY loan scheme will be supportive only for small business and entrepreneurs particularly for womens. The managing authority and functional procedures of PMMY loan scheme are carried by Mudra Bank, which is different from other nationalised banks in india.
| The word Mutra refers what in hindi language? | Currency |
| Mudra Loans specially launched for | Small business Onwers and Entreperneurs |
| The Corpus Amount Setup by banks | Rs.20,000 Crore |
| Loan amount which can available under the Mudra Loans by entrepreneurs | Below 10 Lakhs |
| Official website for Mudra Loans to avail more information | http://www.mudra.org.in/ |
Now people thinking that to be part of Mudra Bank Loan Scheme, what are the qualifications criteria and what is the procedure of Loan Application. Other considerations are the amount interest & Applications. But before going to that it is very important to know the Category of your Business.
Types of loans provided
As per the loan options available under the plan, the interest levels and loan limitations vary to accommodate for the growth stage of the concerned enterprise obtaining the loan. As of November 2015, the applicable prices and boundaries are as follows
- Shishu – In this plan, you will able to get the loan amout maximum 50000 with the interest rate being 1% per month or 12% per annum. Loan term up to 5 years
- Kishore – Loans going above INR 50000 up to INR 5 lakhs. The interest rate will be reliant on the lender, according to the techniques recommendations, keeping a reputation of the credit score of the candidate in view. Loan term according to the interest of the bank
- Tarun – Loans going above INR 5 lakhs up to INR 10 lakhs. The interest rate will be reliant on the lender, according to the techniques recommedn this plan, you will able to get the loan amout 50000 to 5lakh dations, keeping a reputation of the credit score of the candidate in view. Loan term according to the interest of the bank
Here we get cleared that from the above mentioned schemes, the first one which caters to budding companies has the most affordable prices and a set payback term irrespective of the applicant’s or the business’ performance and record. The above, however, are subject to change according to the scheme’s recommendations.
| S.No | State | No. of Loans Availed during 2016-2017 Progress |
| 1 | Delhi | 61447 |
| 2 | Maharashtra | 1079957 |
| 3 | West Bengal | 872563 |
| 4 | Tamil Nadu | 1965430 |
| 5 | Madhya Pradesh | 771800 |
| 6 | Andhra Pradesh | 139874 |
| 7 | Uttar Pradesh | 1011858 |
| 8 | Karnataka | 1428562 |
| 9 | Kerala | 308635 |
| 10 | Chhattisgarh | 203070 |
Beneficiaries of PMMY loans should be aware of the fact that there’s no subsidy will be offered by government to the business owners or to the entrepreneurs under this PMMY scheme. At the same time, if the loan proposal of the beneficiaries is linked with any other existing government schemes and the capital amount offered under this PMMY award eligible under those linked government schemes means appropriate subsidies for the approved capital amount will be offered in PMMY loan scheme too.
Eligibility Criteria
Talented Indian citized who has the strong business strategy plan in non-farm industry which can be profitable while implementing can abe eligible to attain the loan amount under this PMMY loan scheme.
However, the approval or rejection and capital amount for availed PMMY loans purely depends upon the respective bank officials. Similarly, the business owners of the entrepreneurs can avail loan upto the maxium amount of 10 lakhs under this PMMY loans.
Target Beneficiaries
The purpose of PMMY is to provide a loan to the non-corporate small business sector. Non- Business Small Business Segment (NCSBS) consists of so many proprietorship/ joint venture firms running as small production units, support sector units, shopkeepers, truck operators, fruits/ vegetable vendors, foodservice units, food processors and others, machine operators, repair shops, artisans, small industries, in rural and urban areas.One of the major obstacles to the progress of private enterprise in the Non-Corporate Small Business Industry (NCSBS) is a lack of monetary support to this sector and a vast majority belonging to this sector do not have access to official sources of funding.
According to the recent survey conducted by NSSO (The National Sample Survey Organisation) during the year 2013, there were around 5.77 crore operative small business units and successfull proprietorship functioned in India, with the implementation of this PMMY loan scheme surely those numbers will get raised and it results strong impact in nation’s economic growth.
How to apply
Borrowers, who wish to avail assistance under Pradhan Mantri MUDRA Yojana (PMMY), can move towards the local branch of any of the bank in their area – PSU Banks, Local Non-urban Banks and Supportive Banks, Personal sector Banks, Foreign Banks, Small Fund Companies (MFI) and Non-Banking Fund Companies (NBFC). Sanction of assistance shall be as per the qualifications norms of the respective loan business.
MUDRA Bank
Unlike other nationalised banks, Mudra Bank is not an ordinary bank. Mudra Bank is a refinancing organisation in order to provide financial support to small business units and entrepreneurial ship as per the guidelines of RBI.
In addition, The Mudra bank offers Mudra cards to business owners who availed Mudra loans. Those cards will act as an credit card where the credit limit will 10% of the availed loan amount or Rs. 10,000 as maximum limit. It will be useful for purchasing raw materials for businesses.
Mudra Yojana Loan Scheme- main Objectives and Goals
India, being a developing country, requires its small business owners to grow and prosper. Considering the huge population and the associated poverty lines, this is not an easy task to accomplish. Our country shows off of a large number of companies employing many people, but sadly yet an important part of individuals is either unemployed or being affected by their start-ups. With built-in action, these having difficulties companies will get a boost in the form of micro finances.
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