1) Introduction:-
- With Vision of to be an integrated financial and support services provider, Hona’ble Prime Minister of India Mr. Narendra Modi on April 8, 2015 has launched the Pradhan Mantri Mudra Yojana (PMMY) scheme.
- Under this scheme loans are providing upto Rs. 10 lakh to the non-corporate, non-farm small/micro enterprises engaged in manufacturing, trading and services sectors.
- These loans are classified as MUDRA loans under PMMY and given by Commercial Banks, RRBs, Small Finance Banks, MFIs & NBFCs.
2) Category of Loans:-
- Under this loans are categorized in the three parts, namely Shishu, Kishore & Tarun.
- Shishu : covering loans upto 50,000/-
- Kishor : covering loans from 50,001/- upto 5,00,000/-
- Tarun : covering loans from 5,00,001/- upto 10,00,000/-
3) Eligibility:-
- The MUDRA loans are to be provided for income generating small business activities across manufacturing, processing, services or trading sectors and would cover all Individuals/ Proprietary Concerns/ Partnership Firms/ Private Limited Companies/ Entities of any other legal forms running as shopkeepers, artisans, self-help groups, manufacturing units, hawkers, professionals, service providers, etc.
4) Benefits:-
- Cover urban as well rural areas.
- Helps you to meet the working capital needs of your business.
- Offers income-generating opportunities to micro and small enterprises as well as startups.
- No need to provide any collateral or security to avail Mudra Loan to the extent.
- Finance at very low cost.
- Very low processing charges or nil processing charges for availing of the loan.
- Both new & existing businesses are eligible to get Mudra loan.
5) Frequently Asked Questions:- Click Here
Disclaimer:-
The contents of this post are solely for informational purpose.