Pradhan Mantri Mudra Loan Scheme: There are many people in India who want to do business but are unable to do so because of money, this article is going to be special for all of them. With the help of Mudra Loan Yojana, you can start your business by taking loan at no interest. This scheme was launched by the Prime Minister of India, Modi. Business loans ranging from Rs 50,000 to Rs 10 lakh are available under this scheme depending on the categories of Shishu, Kishor and Tarun. When you apply for a MUDRA loan, you are issued a MUDRA card which is similar to a debit card. This card can be used to withdraw that loan amount.
Everyone knows about India’s loan system and its interest rate, it is not easy for a common poor person to take it. But applying for Mudra Loan is very easy and anyone can get it very easily. In today’s post, you are going to tell about Mudra Loan Yojana in detail.
PM Mudra Loan
| Scheme Name | Pradhan Mantri Mudra Loan Yojana (PMMY) |
| Started By | Central Government |
| Stating Year | April 2015 |
| Loan Amount | 50,000/- To 10,00,000/- |
| Official Website | https://www.mudra.org.in |
Pradhan Mantri Mudra Loan Yojana
A Mudra loan is a type of loan provided by the government of India to small businesses and entrepreneurs. The acronym “Mudra” stands for Micro Units Development and Refinance Agency. The loan is intended to provide financial assistance to small businesses and entrepreneurs who may not be able to access traditional forms of financing. The Mudra loan is provided by banks and other financial institutions, and it is backed by the government of India.
Requirments for Pradhan Mantri Mudra Yojana
The eligibility criteria for an E-Mudra loan are similar to those for a traditional Mudra loan. To qualify for an E-Mudra loan, you typically need to meet the following criteria:
- You must be a small business owner or an entrepreneur, who are looking to start or expand their business.
- You must have a viable business plan and the ability to demonstrate that your business is financially viable.
- You should have a good credit score and credit history.
- You should not have any outstanding loan with other banks or financial institutions.
- You should be able to provide any required collateral or security to secure the loan, as per the bank’s policy.
- You should be an Indian citizen, above 18 years of age.
PM Mudra Loan Scheme
Under the Pradhan Mantri Mudra Yojana (PMMY), the Government of India has arranged Mudra loans to help small businessmen of the country to grow their business. Under which a loan of Rs 10 lakh is given by the bank on very easy terms. Its special thing is that you do not need any kind of guarantee for this and you can start your business easily.
There are many such startups in India, which were closed due to lack of funding, the bank did not even give loans to such people. Mudra Loan Scheme is the best to solve all these problems.
Purpose of Mudra Loan Scheme
The main objective of this Pradhan Mantri Mudra Loan Yojana is to encourage people to start their own business. But some people are unable to start their business due to lack of money. For all such people, the central government has started the Mudra loan scheme.
In this scheme, all the small and retail businessmen, who are unable to carry forward their business due to lack of money, are all eligible for this scheme. The central government wants to make small businessmen self-reliant and empowered through this Mudra Yojana.
Eligibility for PM Mudra Loan
It is very important for you to have eligibility to take advantage of the scheme, about which you have been told here.
- All those who are above 18 years of age can apply for this
- The applicant should not be a defaulter from any bank.
- You should have business for which you are taking loan.
- Applicant should have good cibil score.
- There should be complete information and report about whatever business you are doing.
Document Recuired for Mudara Scheme
If you apply for Mudra loan then you have to follow some conditions. Along with this, it is also very important to have some documents with you, about which we are telling you below.
- PM Mudra Yojana application Form
- Application form for loan
- Proof of Income
- 2 Coloured passport size photos
- Proof of Identity
- Proof of residence
- Previous 6 months bank statement
- Must have Pan Card and Aadhar Card
- Must have Business Registration Certification.
- You need a permanent address of your business, along with this, if you rent your office, then a rent agreement will be needed.
Types of Mudra Loan
According to the need of the business and the people, the loan was told in three types which are as follows – Tarun, Kishore, and Shishu.
Shishu: This is the smallest loan amount and is intended for businesses in the early stages of development. The loan amount can be up to Rs 50,000.
Kishore: This loan is intended for businesses that have been in operation for a longer period of time and have a higher turnover. The loan amount can be between Rs 50,000 and Rs 5 lakh.
Tarun: This loan is intended for established businesses that have a higher turnover and are looking to expand. The loan amount can be between Rs 5 lakh and Rs 10 lakh.
To qualify for a Mudra loan, you’ll typically need to be a small business owner or an entrepreneur, have a viable business plan, and be able to demonstrate that you can repay the loan. Some financial institutions might also ask for collateral to secure the loan.
Benefits of taking Mudra loan
Given below are the key features and benefits of Mudra loans run by the central government, which you can also take advantage of.
- Banking and financial services can be availed in both rural and urban areas.
- Financial assistance can be availed by micro-small businesses and start-ups.
- Business loan can be taken for small amount at affordable interest rates.
- If any borrower is unable to repay the amount then the responsibility of loss will be borne by the government.
- No collateral is required to take advantage of this scheme.
- The repayment period of this scheme can be up to seven years.
- Food vendors, shopkeepers can take maximum benefit of this scheme.
Can Mudra loan be applied online?
Yes, Mudra loans can be applied for online. The government of India has set up the Pradhan Mantri Mudra Yojana (PMMY) portal to facilitate online applications for Mudra loans. The portal is designed to make the application process as simple and efficient as possible.
To apply for a Mudra loan online, you will need to visit the PMMY portal and complete the online application form. The form will typically ask for information about your business, your financials, and your personal details. Once you have completed the form, you will need to submit it along with any required documents such as PAN Card, ID proof, business registration, GST registration, bank statement, income tax return, and other financial documents as per the requirement of the lending institution.
After you have submitted the application, it will be reviewed by the financial institution, and if it is approved, the loan amount will be disbursed to your bank account.
It is worth noting that not all financial institutions are providing loan disbursement via online, some of them only accept physical application, So it’s important to check with the bank you’re applying through for their specific application process.
What is the Mudra loan interest rate?
Often people need money to start their business, for which businessmen take loans. But its rate is very high, due to which many people are afraid of it.
To start a business through Mudra loan, you can take a loan at a very cheap rate. At present, if we talk about some major banks, then it starts from around 8.15%. The interest rate of Pradhan Mantri Mudra Yojana Loan 2023 varies from time to time. It may differ from bank to bank. It may vary according to the loan amount sanctioned.
Bank Involve In Mudra Yojana
Prime Minister wants to take financial assistance through Mudra loan scheme. So you can go to any bank branch in your home. Below is the list of all the banks. You can apply for Mudra loan by visiting any of these banks. After going to the bank, you will have to ask for the application form. With which attach all the necessary documents and submit
| Bank Name | Bank Status |
|---|---|
| इंडियन बैंक | वाणिज्यिक बैंक |
| बैंक ऑफ इंडिया | वाणिज्यिक बैंक |
| आंध्रा बैंक | वाणिज्यिक बैंक |
| बैंक ऑफ बड़ौदा | वाणिज्यिक बैंक |
| बैंक ऑफ़ महाराष्ट्र | वाणिज्यिक बैंक |
| कार्पोरेशन बैंक | वाणिज्यिक बैंक |
| सिंडिकेट बैंक | वाणिज्यिक बैंक |
| सेंट्रल बैंक ऑफ इंडिया | वाणिज्यिक बैंक |
| देना बैंक | वाणिज्यिक बैंक |
| आई डी बी आई बैंक | पब्लिक सेक्टर बैंक |
| इंडियन पोस्ट पेमेंट बैंक | सरकारी बैंक |
| पंजाब नेशनल बैंक | वाणिज्यिक बैंक |
| भारतीय ओवरसीज बैंक | वाणिज्यिक बैंक |
| पंजाब एंड सिंध बैंक | वाणिज्यिक बैंक |
| भारतीय स्टेट बैंक | वाणिज्यिक बैंक |
| यूको बैंक | वाणिज्यिक बैंक |
| यूनियन बैंक ऑफ़ इंडिया | वाणिज्यिक बैंक |
| यूनिटेड बैंक ऑफ़ इंडिया | वाणिज्यिक बैंक |
| विजया बैंक | वाणिज्यिक बैंक |
| आंध्र प्रदेश ग्रामीण विकास बैंक | ग्रामीण बैंक |
| बड़ौदा गुजरात ग्रामीण बैंक | ग्रामीण बैंक |
| आंध्र प्रगति ग्रामीण बैंक | ग्रामीण बैंक |
| बड़ौदा राजस्थान क्षत्रिय ग्रामीण बैंक | ग्रामीण बैंक |
| बड़ौदा उत्तर प्रदेश ग्रामीण बैंक | ग्रामीण बैंक |
| बिहार ग्रामीण बैंक | ग्रामीण बैंक |
| डेक्कन ग्रामीण बैंक | ग्रामीण बैंक |
| चैतन्य गोदावरी ग्रामीण बैंक | ग्रामीण बैंक |
| केरल ग्रामीण बैंक | ग्रामीण बैंक |
| हिमाचल प्रदेश ग्रामीण बैंक | ग्रामीण बैंक |
| आर्यावर्त बैंक | ग्रामीण बैंक |
| देना गुजरात ग्रामीण बैंक | ग्रामीण बैंक |
| काशी गोमती संयुत ग्रामीण बैंक | ग्रामीण बैंक |
| कावेरी ग्रामीण बैंक | ग्रामीण बैंक |
| कर्नाटक विकास ग्राम बैंक | ग्रामीण बैंक |
| महाराष्ट्र ग्रामीण बैंक | ग्रामीण बैंक |
| मध्य बिहार ग्रामीण बैंक | ग्रामीण बैंक |
| मालवा ग्रामीण बैंक | ग्रामीण बैंक |
| मेघालय ग्रामीण बैंक | ग्रामीण बैंक |
| पांडियन ग्राम बैंक | ग्रामीण बैंक |
| नर्मदा झाबुआ ग्रामीण बैंक | ग्रामीण बैंक |
| मरुधरा ग्रामीण बैंक | ग्रामीण बैंक |
| पल्लवन ग्राम बैंक | ग्रामीण बैंक |
| पुदुवई भारथार ग्राम बैंक | ग्रामीण बैंक |
| प्रथम ग्रामीण बैंक | ग्रामीण बैंक |
| प्रगति कृष्णा ग्रामीण बैंक | ग्रामीण बैंक |
| सप्तगिरि ग्रामीण बैंक | ग्रामीण बैंक |
| पंजाब ग्रामीण बैंक | ग्रामीण बैंक |
| सर्व हरियाणा ग्रामीण बैंक | ग्रामीण बैंक |
| सर्व यूपी ग्रामीण बैंक | ग्रामीण बैंक |
| सौराष्ट्र ग्रामीण बैंक | ग्रामीण बैंक |
| सतलज ग्रामीण बैंक | ग्रामीण बैंक |
| तेलंगाना ग्रामीण बैंक | ग्रामीण बैंक |
| उत्तर बिहार ग्रामीण बैंक | ग्रामीण बैंक |
| त्रिपुरा ग्रामीण बैंक | ग्रामीण बैंक |
| विदर्भ कोंकण ग्रामीण बैंक | ग्रामीण बैंक |
Mudra Yojana Helpline Number
| State | Tollfree number |
| Maharashtra | 18001022636 |
| Chandigarh | 18001804383 |
| Andaman & Nicobar | 18003454545 |
| Arunachal Pradesh | 18003453988 |
| Bihar | 18003456195 |
| Andhra Pradesh | 18004251525 |
| Assam | 18003453988 |
| daman and diu | 18002338944 |
| Dadar nagar haveli | 18002338944 |
| Gujarat | 18002338944 |
| Goa | 18002333202 |
| Himachal pradesh | 18001802222 |
| Haryana | 18001802222 |
| Jharkhand | 18003456576 |
| Jammu & kashmir | 18001807087 |
| Keral | 180042511222 |
| Karnataka | 180042597777 |
| Lakhshdweep | 4842369090 |
| Meghyalya | 18003453988 |
| Manipur | 18003453988 |
| Mizorm | 18003453988 |
| Chattisgarh | 18002334358 |
| Madhya pradesh | 18002334035 |
| Nagaland | 18003453988 |
| Delhi NCR | 18001800124 |
| Oddisha | 18003456551 |
| punjab | 18001802222 |
| puducherry | 18004250016 |
| Rajasthan | 18001806546 |
| Sikkim | 18004251646 |
| Tipura | 18003453344 |
| Tamil Nadu | 18004251646 |
| Telangana | 18004258933 |
| Uttrakhand | 18001804167 |
| Uttar Pradesh | 18001027788 |
| West Bengal | 18003453344 |
FAQs – Mudra Loan Scheme
Mudra Yojana is a loan scheme through which a loan of 50000/- to 1000000 rupees will be given to small businessmen.
Visit – https://www.mudra.org.in
If you are a small business owner or want to start your own business and need loan for this then Mudra Loan Scheme is the best. Hope you have understood all this information, if you have any question then you must comment and share it with your friends.
If you have any question related to this scheme, then definitely tell by commenting. Please follow our Facebook page for updates on such sarkari yojana.
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