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What is the Pradhan Mantri Mudra Yojna (PMMY) Scheme?
PMMY or Pradhan Mantri Mudra Yojana scheme was launched by the Narendra Modi government in the year 2015 to facilitate micro-credit to small scale industries up to ₹ 10 Lakh. Under this scheme, the MUDRA, a subsidiary of SIDBI, provides financial support to intermediaries such as Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs for lending loans to the non-corporate, non-farm small/micro-enterprises.
What is Mudra Loan?
Under the aegis of PMMY, there are three loan products, namely, ‘Shishu’, ‘Kishore’ and ‘Tarun’, based on the stage of development and funding needs of the micro-unit. The entities can borrow loans up to ₹ 10 Lakh to meet their capital needs and operating costs through easy finance schemes of PMMY. These loan products are known as Mudra Loans.
Products under Mudra Scheme:
There are mainly three products under the Pradhan Mantri Mudra Loan:
Shishu Yojana: This category of Mudra loans is best suited for micro or small business owners. Under this scheme, one can apply for up to ₹ 50,000 loans. Shishu loans are for business owners who need a small capital to start their business. Applicants need to present their business idea to get their loan application approved.
Kishor Yojana: This category is meant for the business owners who have already started their business and want to expand it as a viable enterprise. The applicants can apply for a loan amount ranging from ₹ 50,000 to ₹ 5 Lakh. To apply for the loan, borrowers must fill in the application form and furnish the documents to showcase the current status of their organization.
Tarun Yojana: All small business owners who need to expand their business can apply for a loan under this scheme. Borrowers can apply for up to ₹ 10 Lakh loan.
Applying for Mudra Loan does not require to submit any collateral or third party security.
The purpose for which Mudra Loan can be used:
Mudra Loan scheme helps MSMEs with the following purposes:
* Starting a new business
* Expanding the business
* Purchase of plant and machinery
* To get working capital for business
* Purchasing equipment or commercial vehicles
* Hiring or training staff
Who can apply for Mudra Bank Loan?
The following kinds of business entities can avail of the Mudra Loan:
* Business vendors and shopkeepers
* Textile industry
* Food production sector
* Agricultural activities
* Artisans
* Small manufacturers
* Repairing shops
* Truck owners
* Self-proprietors
* Service sector firms
How to Apply for Pradhan Mantri Mudra Loan?
There are several banks that provide Mudra Loan; all you need to do is follow the below-mentioned steps:
Step 1: Visit mudra.org.in to download the form or visit the nearest commercial or private bank.
Step 2: Submit the loan application form with correct details such as your name, address, contact number, and Aadhaar details.
Step 3: Submit other documents along with the application form like Identity proof, address proof, company address proof, balance sheet, IT Returns, and other machinery details.
Step 4: Complete other formalities and procedures by the bank.
Step 5: Documents will be verified by the bank.
Step 6: Once verified, the loan will get credited to the applicant’s account.
Mudra Loan Documents:
The Mudra Loan eligibility documents that borrowers need to submit along with the application form are listed below:
(1).Passport-sized photographs of the applicant
(2).Proof of Identity such as Aadhaar Card, Passport, Voter I-Card, Driving License, etc.
(3).Residential Proof such as Aadhaar Card, Passport, Bank statements, telephone or electricity bill.
(4).Proof of Address of the enterprise (if any)
(5).Proof of identity and license of the enterprise (if any)
(6).Proof of quotation of items to be purchased for business use (if any)
Age Limit:
Mudra Loan Age Limit: 18 to 65 years
Processing Fee: NIL under Kishor and Shishu schemes.
0.5% for Tarun loan
Loan Tenure: Loan can be repaid for a period ranging from 3-5 years.
Collateral: No collateral or third party security is required
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