Pradhan Mantri Mudra Loan Yojana 2023: Online Apply, PMMY Interest Rate, Eligibility

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Documents Required For PMMY:To address the issue of unemployment in the country, the central government makes various efforts from time to time. One such initiative is the Prime Minister Mudra Loan Yojana (PM Mudra Loan Scheme), which has been launched by the government to provide loans to Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs) in the country. Through this scheme, the government will provide loans of up to 10 lakh rupees to small businesses, non-corporate and non-agricultural micro-enterprises. The benefits under PMMY (Benifits Of Mudra Loan) are provided to beneficiaries based on their category, which will help entrepreneurs in starting their own businesses. If you also want to avail the benefits of the Prime Minister Mudra Loan Scheme, you can complete the application process on its official website.

What is the PM Mudra Loan Yojana?

The PM MUDRA (Micro Units Development and Refinance Agency) Loan Scheme is a program initiated by the Indian government on April 8, 2015. It aims to provide loans to individuals for setting up small and micro businesses based on their category and requirements. Under this scheme, loans offered to citizens are divided into three categories: Shishu (for newborns), Kishor (for children), and Tarun (for youth). One can avail this loan without the need for excessive documentation, guarantees, or security deposits. Young individuals aged 18 and above, who wish to start their own business, can  apply for loans under the PM MUDRA Loan Scheme for amounts up to 10 lakh rupees, with repayment periods ranging from 3 to 5 years.

PM Mudra Loan Yojana Key Highlights 2023

Scheme Name	Pradhan Mantri Mudra Loan Yojana
Implemented by	Central Government
Commencement Date	8th April, 2015
Year	2023
Medium	Online process
Beneficiaries of the Scheme	Citizens of the country
Objective	To provide loans for starting businesses
Loan Amount	₹50,000 to ₹10 lakh
Official Website	www.mudra.org.in

PM Mudra Loan Yojana 2023

The PM Mudra Loan Scheme, initiated by the central government, allows young entrepreneurs in the country who want to start their own businesses or expand their existing ones to obtain loans from various banks under PMMY. These loans are provided by banks in easy terms ranging from 50 thousand to 10 lakh rupees, depending on the individual’s category and needs. This enables individuals to fulfill their industry aspirations without any financial difficulties. Citizens are provided with a Mudra Card to avail loans under the PM Mudra Loan Scheme, through which they can easily obtain loans from banks in favorable terms.

Documents Required For PMMY : The Central Government has allocated a budget of Rs. 3 lakh crore for the efficient implementation of the PM Mudra Loan Scheme. So far, a total of Rs. 1 crore 75 lakh has been provided as a loan amount to the beneficiaries. It is important to note that the repayment period for the loans under this scheme has been extended to 5 years.

What is a PM Mudra Card?

Under the Pradhan Mantri Mudra Loan Yojana, citizens are provided with a special facility for establishing their own businesses, for which they are given a Mudra card to obtain a loan. By using this Mudra card, citizens can easily obtain a loan without any hassle. (Documents Required For PMMY ) To use the card, citizens will also be provided with a password. Benifits Of Mudra Loan Through this card, citizens can now withdraw money according to their needs, which will help them avoid any financial problems during times of need and easily obtain a loan to grow their business.

The objective of the Prime Minister’s MUDRA Loan Yojana 2023

The main objective of the government in launching the PM Mudra Loan scheme is to provide financial assistance to citizens for starting their own businesses. This scheme aims to help unemployed citizens who want to start their own small businesses but are unable to do so due to their financial situation. Under this scheme, they can easily obtain a loan with favorable conditions and start their own employment. The loan amount will be provided at a low interest rate to benefit the borrower. This scheme will not only encourage many unemployed youth who are troubled by the problem of unemployment to establish their own industries but also create employment opportunities for other citizens. As a result, the unemployment rate in the country can be reduced.

Benefits of PM Mudra Loan Yojana

Here are the benefits of the PM Mudra Loan Scheme:

• Citizens of the country who want to start their small business or venture can avail loans under the scheme.
• Citizens can receive loans ranging from INR 50,000 to INR 10 lakh for the initiation of their business.
• The scheme primarily targets entrepreneurs, shopkeepers, and individuals engaged in manufacturing and trade activities under the MSME sector.
• The central government will provide Mudra cards to citizens for availing loans.
• The PM Mudra Loan Scheme (Benifits Of Mudra Loan) also extends encouragement to women who wish to start their own industries.
• Women entrepreneurs are offered loans with minimal or zero processing fees for initiating their industries.
• The loan amount can be utilized for term loans as well as overdraft services.
• Women entrepreneurs are provided loans under the scheme at a reduced interest rate of 25 basis points through NBFCs and MFIs. (Benifits Of Mudra Loan)
• Non-farm enterprises, such as small or micro farms, can also apply for Mudra loans under the scheme.
• The scheme aims to create employment opportunities and generate better income for the youth by establishing their own businesses, thereby opening doors for employment for other citizens as well.

Under The PMMY Women Can Also Avail Loans.

Under the PM Mudra Loan Scheme, women in the country who wish to start their own business can also avail loans under the scheme. Under PMMY, women entrepreneurs are provided collateral-free business loans at low interest rates. This loan is given to women entrepreneurs for a period of 5 years, during which they can apply for loans up to Rs. 10 lakhs. The loan amount approved for women to start businesses is charged very low or zero processing fees. Banks, NBFCs, and Microfinance Institutions provide this facility to women entrepreneurs.

Businesses Started Under the Scheme

Under the PM Mudra Loan Scheme, citizens are provided with the facility of loans for various types of businesses. Here is the information regarding the loans offered under the scheme for different businesses:

• Small-scale manufacturing enterprises
• Artisans and craftsmen
• Fruit and vegetable vendors
• Shopkeepers
• Activities related to agriculture
• Beekeeping
• Agro-industry integration
• Fish farming
• Poultry farming
• Livestock rearing
• Classification
• Carving
• Dairy and fisheries
• Agriculture clinics and agri-business centers
• Food and agriculture processing, and more

Types of PM Mudra Loan Scheme 

The PM Mudra Loan Scheme offers financial assistance to individuals and businesses looking to start or expand their ventures. There are three types of Mudra loans available under this scheme, each catering to different needs and requirements. Here, we will discuss these types in detail:

1. Shishu: This type of Mudra loan is ideal for small-scale businesses or individuals who are just starting their entrepreneurial journey. The loan amount offered under Shishu is up to Rs. 50,000, making it suitable for micro-enterprises. It provides financial support to meet the initial capital requirements and covers various expenses such as equipment purchase, working capital, and business development.

2. Kishore: Kishore Mudra loans are designed for businesses and individuals who have already established their ventures and are now looking to expand. The loan amount offered under Kishore ranges from Rs. 50,000 to Rs. 5 lakhs. This type of loan helps entrepreneurs meet their growing capital needs, invest in new machinery, hire additional staff, and explore new business opportunities.

3. Tarun: Tarun Mudra loans are meant for well-established businesses that require substantial financial assistance for expansion and growth. The loan amount offered under Tarun ranges from Rs. 5 lakhs to Rs. 10 lakhs. This type of loan can be used to upgrade infrastructure, purchase advanced machinery, expand production capacity, and diversify business operations.

It is important to note that: Mudra loans are collateral-free, meaning borrowers do not need to provide any security or guarantee to avail of these loans. Additionally, the interest rates on Mudra loans are competitive, making them an attractive financing option for small and medium-sized enterprises.

Toll-Free Numbers for PMMY