Hello friends, welcome to all of you, in this article of ours today, through this article, we are going to tell you all about PM Mudra Loan Apply, some important information like Pradhan Mantri Mudra Yojana, Documents Required For PMMY, what is , Or, What are the benefits of Benifits Of Mudra Loan, PM Mudra Loan Scheme, what is the important information related to them, through this article we will tell you, then definitely read till the end
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|
|Beneficiaries of the Scheme||Citizens of the country|
|Objective||To provide loans for starting businesses|
|Loan Amount||₹50,000 to ₹10 lakh|
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
- Activities related to agriculture
- Agro-industry integration
- Fish farming
- Poultry farming
- Livestock rearing
- 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
Under the PMMY (Pradhan Mantri Mudra Yojana), state-wise helpline numbers have been issued to provide solutions to any issues. Applicants can contact the toll-free numbers of their respective states, which are as follows:
|State/U.T.||Toll Free No.|
|Andaman and Nicobar||18003454545|
|Jammu and Kashmir||18001807087|
|Daman and Diu||18002338944|
|Dadra and Nagar Haveli||18002338944|
Beneficiaries of the Pradhan Mantri Mudra Loan Yojana
Under the Pradhan Mantri Mudra Loan Yojana, the following individuals/businesses can apply for loans:
- Companies in the service sector
- Micro-manufacturing firms
- Partnership businesses
- Truck owners
- Sole proprietors
- Food-related businesses
Eligibility criteria For Apply Under The PM Mudra Loan Yojana
Here is the information regarding the eligibility criteria for applying (PM Mudra Loan Apply) under the Pradhan Mantri Mudra Loan Yojana.
- Individuals who wish to establish their own enterprise or have already started their business are eligible to apply under the scheme.
- Applicants must be 18 years of age or above to be eligible for the scheme.
- The applicant should not be a defaulter in any bank; otherwise, they will not be considered eligible for the application. (PM Mudra Loan Apply)
- Mudra (Shishu) category: Application can be made for loans up to Rs. 50,000.
- Mudra (Kishor) category: Application can be made for loans above Rs. 50,000 and up to Rs. 5,00,000.
- Mudra (Tarun) category: Application can be made for loans above Rs. 5,00,000 and up to Rs. 10,00,000.
Documents Required for PMMY Loan Apply
Here is the information regarding the important Documents Required For PMMY under the scheme (PMMY), through which applicants can complete the application process. Here are the details of all the required documents:- Documents Required For PMMY
- Aadhaar card of the applicant
- Identity proof (PAN card, Voter ID card)
- Address proof
- Birth certificate
- Passport-size photograph
- Business-related documents
- Income tax returns and self-assessment tax returns
- Establishment certificate
- Balance sheet details of the last three years
It is important to note that the specific Documents Required For PMMY may vary depending on the lending institution and the loan amount applied for.
List of Banks involved in Online Mudra Yojana
List of Banks Included in PMMY (Pradhan Mantri Mudra Yojana)
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- Bank of Baroda (BOB)
- Canara Bank
- Union Bank of India
- Bank of India (BOI)
- Central Bank of India
- Indian Bank
- Allahabad Bank
- Bank of Maharashtra
- UCO Bank
- Corporation Bank
- Indian Overseas Bank
- Andhra Bank
- Punjab & Sind Bank
- Syndicate Bank
- Oriental Bank of Commerce (OBC)
- Dena Bank
- Vijaya Bank
- IDBI Bank
- Axis Bank
- ICICI Bank
- HDFC Bank
- Kotak Mahindra Bank
- Yes Bank
- IndusInd Bank
- RBL Bank
- Federal Bank
- South Indian Bank
- Jammu & Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Tamilnad Mercantile Bank (TMB)
- United Bank of India
- Punjab & Sind Bank
- Andhra Pradesh Grameena Vikas Bank
- Baroda Gujarat Gramin Bank
- Bihar Gramin Bank
- Chaitanya Godavari Grameena Bank
- Himachal Pradesh Gramin Bank
How to Apply Online for PM Mudra Loan Yojana.
- Visit the official website of Pradhan Mantri Mudra Yojana.
- Look for the “Apply Online” or “Online Application” section on the website.
- Click on the provided link to access the online application form.
- Fill in all the required details accurately in the application form, including personal information, business details, loan amount, etc.
- Upload the necessary documents as mentioned in the application form.
- These may include identity proof, address proof, business proof, income tax returns, bank statements, etc.
- Double-check all the entered information and uploaded documents for accuracy and completeness.
- Submit the completed application form along with the required documents.
- After submission, you will receive an acknowledgment or reference number for your application.
- Keep this acknowledgment or reference number safe for future reference.
- The bank or financial institution will review your application and contact you for further processing, if required.
- You may be asked to provide additional documents or visit the bank branch for verification purposes.
- Upon approval, the loan amount will be disbursed to your bank account.
Step To Check Annual Report For PM Mudra Loan Yojana 2023
To check the Annual Report in PM Mudra Loan Yojana, applicants can follow these steps:
- Visit the official website of PM Mudra Yojana.
- On the homepage, click on the “Annual Report” in the Financials section.
- You will see options for different years’ annual reports.
- Click on the desired financial year’s report that you want to view.
- The annual report will be downloaded in PDF format to your device.
- You can then check the annual report in the downloaded PDF file.
Please note that the specific location and naming of sections may vary on the official PM Mudra Yojana website. It is recommended to visit the official website and navigate to the relevant sections for the most accurate and up-to-date information.
Mudra Loan Yojana Login Process
To login to the PM Mudra Loan Yojana portal, follow these steps:
- Visit the official website of PM Mudra Yojana.
- On the homepage, click on the “Login for PMMY Portal” option.
- The next page will appear on your screen.
- Enter your login ID, password, and fill in the provided captcha code.
- Click on the login option.
- This way, the login process on the portal will be completed.
See Information Related To Tender Like This
To obtain information related to tenders, the applicant can follow these steps:
- Visit the official website of the organization or platform providing the tenders.
- On the homepage, locate and click on the “Tenders” option.
- The next page will open, displaying a list of tenders.
- In this list, click on the relevant options provided to access information related to specific tenders.
- This way, you will be able to view the information associated with the tender.
How To View PMMY State Annotation Performance
To view state-wise performance within the portal, the applicant can follow these steps:
- Firstly, visit the official website of the portal.
- On the homepage, locate and click on the option “State Wise Performance.”
- After clicking, the state-wise performance PDF file will be downloaded to your mobile or laptop.
- In this list, you can check the performance of your specific state.
Check PMMY Contact Details
Any Indian Citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is up to 10 lakh can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY.
Benifits Of Mudra Loan: The Mudra loan scheme is designed to promote entrepreneurship and self-employment by providing easy access to credit facilities. (Benifits Of Mudra Loan) No processing fees: The Mudra loan scheme does not charge any processing fees, making it a cost-effective financing option for MSMEs
Any Indian Citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is up to 10 lakh can approach either (Benifits Of Mudra Loan) a Bank, MFI or NBFC for availing of MUDRA loans under PMMY.
Documents Required For PMMY
1.Valid photo identity proof.
2.Current address proof.
3.Proof of income – Latest ITR Financial Docs of Income.
4.Last 6 months Bank statement.
5.Loan application form.
6.Ownership proof of residence/office.
7.Proof of continuity of business.