Pradhan Mantri MUDRA Yojana

Pradhan Mantri MUDRA Yojana is a scheme set up by the Government of India GoI for providing Mudra Loans up to Rs 20 lakhs to the noncorporate nonfarming small micro enterprises

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Honble Prime Minister on April 8, 2015 for providing loans up to 10 lakh (20 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the Tarun category) to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. The borrower can approach any of the lending institutions mentioned above or can apply online through this portal www.udyamimitra.in . Under the aegis of PMMY, MUDRA has created four products namely Shishu, Kishor, Tarun and TarunPlus to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth.

Pradhan Mantri MUDRA Yojana Objective Image

Objectives

To create an inclusive, sustainable and value based entrepreneurial culture, in collaboration with our partner institutions in achieving economic success and financial security.

Benefits

The scheme has been classified under four categories as SHISHU, KISHORE , TARUN and TARUN PLUS to signify the stage of growth / development and funding needs of the beneficiary micro unit/ entrepreneur.
Shishu: Covering loans upto Rs.50,000/-.
Kishore: Covering loans above Rs.50,000/- and upto Rs. 5 lakhs.
Tarun: Covering loans above Rs. 5 lakhs and upto Rs. 10 lakhs.
Tarun Plus : Loans up to Rs. 20 lakh for enterpreneurs who have successfully repaid previous loans under the Tarun category.

Pradhan Mantri MUDRA Yojana Benefit Image

Eligibility

Types of Eligible borrowers: Individuals , Proprietary Concern , Partnership Firm , Private Limited Company , Public Company , Entities of any other legal forms .
The applicant should not be a defaulter to any bank or financial institution and should have a satisfactory credit track record.
The individual borrowers may be required to possess the necessary skills/experience/knowledge to undertake the proposed activity.
The need for educational qualification, if any, needs to be assessed based on the nature of the proposed activity and its requirement.

How to Apply?

Step 01: Go to PM MUDRA official website and after that select the Udyamimitra portal

Step 02: Click on Mudra loan Apply Now

Step 03: Select one of the following : New entrepreneur/ Existing Entrepreneur/Self-employed professional. Then fill in the name of the applicant, email and Mobile number and Generate OTP

After Successful Registration: Step 01: Fill in Personal Details and Professional Details. Select hand-holding agencies if any help is required for preparing project proposals etc., otherwise click Loan Application Center and apply.Select the category of loan required - Mudra Shishu / Mudra Kishore/ Mudra Tarun.

Step 02: The applicant then needs to fill in the Business Information like business name, business activity, etc. and select industry type like Manufacturing, Service, Trading or activities allied to agriculture.Fill in other information like owner details, existing Banking/ Credit facilities, proposed credit facilities, future estimates and preferred lender.

Step 03: Attach all required Documents i.e. ID proof, Address proof, Applicant photo, Applicant Signature, Proof of Identity/ Address of Business Enterprise, etc. Once the application is submitted, an Application Number gets generated which needs to be kept for future reference.

Apply Now