Pradhan Mantri Mudra Yojana (PMMY) 2024: The Government of India has initiated the Mudra Yojana to provide loans for starting one’s own business to all citizens of the country. This scheme, named Pradhan Mantri Mudra Yojana (PMMY), was launched on April 8, 2015, by our Prime Minister, Shri Narendra Modi. This scheme falls under the Micro Units Development and Refinance Agency (MUDRA) initiative.
Through this scheme, loans ranging from Rs. 50,000 to 10 lakhs are provided to small businesses (such as non-corporate, non-farm micro, and small enterprises) through the medium of banks. The benefits are given based on their category under PMMY, helping them start new ventures or expand existing ones.
Contents
- 1 Pradhan Mantri Mudra Yojana (PMMY) 2024
- 2 Pradhan Mantri Mudra Yojana (PMMY) 2024 Details
- 3 Objectives of Pradhan Mantri Mudra Yojana (PMMY) 2024
- 4 Loans available under the Pradhan Mantri Mudra Yojana (PMMY) 2024
- 5 Benefits of Pradhan Mantri Mudra Yojana (PMMY) 2024
- 6 Eligibility Criteria for Pradhan Mantri Mudra Yojana (PMMY) 2024
- 7 Documents Required for Pradhan Mantri Mudra Yojana (PMMY) 2024
- 8 List of Businesses Covered under Pradhan Mantri Mudra Yojana (PMMY) 2024
- 9 Banks Offering Mudra Loans
- 10 Important Links
Pradhan Mantri Mudra Yojana (PMMY) 2024
To promote entrepreneurship and facilitate financial inclusion, the Indian government has introduced the Pradhan Mantri Mudra Yojana (PMMY). Launched in 2015, the aim of this initiative is to provide financial assistance to small and micro-businesses, foster economic development, and enhance employment opportunities. This article provides information on the objectives, benefits, eligibility criteria, necessary documents, and the application process for PMMY. Please read the article for a comprehensive understanding.
Pradhan Mantri Mudra Yojana (PMMY) 2024 Details
| Scheme | Pradhan Mantri Mudra Yojana (PMMY) 2024 |
| Loan | Rs. 50,000 to 10 lakhs |
| Location | India |
| Year | 2024 |
| Category | Yojana |
| Mode | Online |
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Objectives of Pradhan Mantri Mudra Yojana (PMMY) 2024
- Provide financial assistance to micro and small enterprises.
- Boost entrepreneurship among the youth.
- Ensure the availability of affordable loans for all sectors of society.
Loans available under the Pradhan Mantri Mudra Yojana (PMMY) 2024
Mudra PMMY offers three categories of loans to meet the diverse financial needs of small and micro enterprises. These categories are:
- Shishu: Loans up to Rs. 50,000, typically targeted at newly established or small-scale enterprises.
- Kishor: Loans ranging from Rs. 50,001 to Rs. 5,00,000 for businesses that have progressed beyond the initial stage and require higher financial assistance.
- Tarun: Loans from Rs. 5,00,001 to Rs. 10,00,000 are designed for well-established businesses seeking expansion and development.
Benefits of Pradhan Mantri Mudra Yojana (PMMY) 2024
- Any Indian citizen can apply for a loan under PM Mudra Yojana to advance their business or start a new one.
- Three types of loan amounts are offered under PM Mudra Yojana, and applicants can choose one based on their needs.
- A repayment period of 5 years is provided for repaying the loan amount.
- Individuals availing loans under PM Mudra Yojana are also issued a Mudra Card, which can be easily used when needed.
- The interest rates under Pradhan Mantri Mudra Yojana are competitive.
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Eligibility Criteria for Pradhan Mantri Mudra Yojana (PMMY) 2024
- The applicant must be a citizen of India.
- The applicant should be at least 18 years old.
- The applicant should not be a defaulter of any bank.
Documents Required for Pradhan Mantri Mudra Yojana (PMMY) 2024
- Valid photo identity proof.
- Current address proof.
- Proof of income – Latest ITR and financial documents.
- Last 6 months’ bank statement.
- Loan application form.
- Ownership proof of residence/office.
- Proof of continuity of business.
- Trade references.
List of Businesses Covered under Pradhan Mantri Mudra Yojana (PMMY) 2024
- Small Manufacturing Units
- Service Sector Ventures
- Shopkeepers and Traders
- Agri-Enterprises
- Food Processing Units
- Artisans and Craftsmen
- Transportation Services
- Professionals and Self-Employed Individuals
- Small Business Enterprises
- Vendors and Street Hawkers
- Micro-Enterprises in Rural Areas
- Women Entrepreneurs
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Banks Offering Mudra Loans
- Axis Bank
- Indian Bank
- Bajaj Finserv
- Bank of Baroda
- Kotak Mahindra Bank
- Bank of India
- Lendingkart Finance
- Bank of Maharashtra
- Punjab National Bank
- Canara Bank
- Saraswat Bank
- Central Bank of India
- State Bank of India
- HDFC Bank
- Syndicate Bank
- ICICI Bank
- Tata Capital
- IDFC First Bank
- Union Bank of India
- Yes Bank
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How to Apply for Pradhan Mantri Mudra Yojana (PMMY) 2024?
1. Visit the official website.
2. On the homepage, you will find three loan options: Shishu, Kishor, and Tarun. Choose the one that best suits your needs.
3. Download the application form for the Pradhan Mantri Mudra Yojana.
4. Print out the application form.
5. Complete the application form with all the necessary information accurately.
6. Attach photocopies of the necessary documents.
7. Submit the completed application form to the manager at your nearest bank branch.
8. Bank officials will verify your application form and documents.
9. Upon successful verification, the bank will approve your loan, and the loan amount will be transferred to your bank account.
Important Links
Official Website: Click Here