Pradhan Mantri Mudra Yojana

Pradhan Mantri Mudra Yojana PMMY, Checkout benefits, How to apply

Wanna Know about the Pradhan Mantri Mudra Yojana PMMY? Check Out this amazing post.

Recently, Hon’ble Prime Minister of India, Shri Narendra Modi has appealed to fully implement this scheme of making Vocal for local and becoming self-reliant in the country and there are many local entrepreneurs or small entrepreneurs with new businessmen. I am taking part in this.

And to give a strong side to this scheme, many schemes are being run by the Government of India like startup loan etc. Look forward in the same episode which has also started another new and beneficial scheme for you which is pradhan mantri mudra yojana (known as PMMY).

The Central Government of India has started the beneficial Pradhan Mantri Mudra Yojana for small enterprises. Under this scheme, people will be given small amount through loan to start their new venture (business). This scheme was launched in April 2015 and till date this scheme has given incentives to many people.

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Target / Objective of Pradhan Mantri Mudra Yojana

Under the Mudra scheme of the Central Government, the Government of India has kept two objectives.

First: The citizen who wants to start up or want to start his own small business will be given loan at easy interest.

Second: If someone wants to give new dimensions to the business or wants to do something new but is unable to do it due to financial reasons, then this is a good scheme through which he can make his dream come true.

The thinking of the government according to this scheme is that on getting easy loan from the bank, a large number of people will be motivated for self-employment and become self-reliant. This is the main goal of this scheme to create a large number of employment opportunities.

If an ordinary person would go to take a loan from the bank, he had to complete many formalities and had to roam here and there for many documents and people feel hesitant to take a loan from the bank, but in this scheme, the guarantee bank The government will give it to you and the government will also give you all possible help.

Types of loan in this scheme

Shishu Loan:

Shishu Loan Under this loan, loans up to Rs 50,000 are given to new entrepreneurs.

Kishor Loan:

Kishor Lane gives loans ranging from Rs 50,000 to Rs 5 lakh to new and old entrepreneurs under this loan.

Tarun Loan:

Under Tarun Loan, loans ranging from Rs 5 lakh to Rs 10 lakh are given to new and old entrepreneurs so that they can make their dreams fly.

Eligibility for Prime Minister Mudra Loan

To take advantage of this scheme, the applicant should be a small entrepreneur.

If the applicant is a small shopkeeper, vegetable seller, fruit seller, etc., then he is a small entrepreneur eligible for this scheme.

The applicant should be a resident of any state of India.

Check Out the interest rates of Pradhan Mantri Mudra Yojana

There is no fixed interest rate on the loan under Pradhan Mantri Mudra Yojana and different banks charge different interest rates on Mudra loans. It also determines the interest rate based on the nature of the business of the borrower and all the risks associated with it. Generally the minimum interest rate on this loan is 12 percent. Also read: Kangana Ranaut News

Focus on women in Prime Minister’s Mudra Yojana

The full name of Pradhan Mantri Mudra Yojana is Micro Units Development Refinance Agency (MUDRA), which mainly focuses on giving loans to women, 3 out of 4 entrepreneurs who take loans are women.

Special benefits of Pradhan Mantri Mudra Yojana

Under this government beneficial scheme, the applicant gives loan without guarantee. Apart from this, there is no processing charge of any kind for the loan. The loan repayment period under Mudra Yojana can be extended up to 5 years, information on this is yet to be received. This is the reason why this scheme is very much liked by the businessmen.

Where to apply for PMMY scheme.

  • To apply in this scheme, you should have an account in the bank in your name, in which the loan related to your business is given.
  • You can apply for a loan by visiting any nearest bank.
  • The bank will check your document and the application made by you, then they will tell you how much loan you need, and if the loan is approved, then the loan comes in your account in the next 7 days (different bank’s different) time. It’s period.

Required documents for Pradhan Mantri Mudra Yojana

  1. Application form related to the scheme.
  2. 2 Latest photo, photo should not be month old.
  3. Photo ID proof for identification.
  4. Address proof document in which full address is written.
  5. Income certificate.
  6. Bank statement for the last 6 months.

Frequently Asked Questions (FAQ) On Pradhan Mantri Mudra Yojana

Q1. I have started a new business, will I get a loan?

Yes you are eligible for this but it depends on the bank how much loan they give you.

Q2. What are the documents required for application?

Your Aadhar card, PAN card, etc. documents are required to authenticate your application.

Q3. Which bank gives this type of loan?

Almost every national bank in India gives this type of loan, you can get information about it in any bank near you.

Q4. Is the old businessman eligible for this?

Yes! If you already have a business and want to increase it, then you can take a loan from the bank under this scheme.


You can get more information about this scheme from its official website. Click Here

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