Mudra Loan (PMMY): More attention is being given to the Start Up India Mission by the Modi government and new business ideas of the youth are being encouraged. Under this, now for the business of currency scheme, loans up to 20 lakhs will be given instead of 10 lakhs without guarantee.
How to get loan in Mudra scheme
To cater to the financial needs of small and medium-sized businesses in the country, the Government of India has launched Pradhan Mantri Mudra Yojana i.e. PMMY in April 2015.
Its main objective is to promote the contribution of women in Business Word and strengthen the field of business.
Anyone want to start a business are or aspire to Grow Your Existing Business of Micro Units Development Refinance Agency may or Mudra get business loans of up to 20 million under the Yojana.
# 1 Benefits of Mudra Scheme (Benefits of Mudra Yojana)
- Exchange guarantee without Scheme ( Without Guarantee provided by the Loan) are
- No processing fees are charged in providing loan.
- Repayment period of this loan can be extended up to 5 years.
- Working Capital Loan can be provided by Mudra Card.
Who will get the # 2 Mudra Loan (Eligibility of Mudra Loan Scheme)
Any Indian citizen or firm who wants to start any other type of business except farming or wants to pursue their own business, they are traders of Pradhan Mantri Mudra Yojana for Financial Needs up to 20 lakhs . Can apply under
# 3 Types of Mudra Loans
Under the Mudra Scheme, Mudra Loan is divided into three parts keeping in mind the needs of different businesses: –
- Shishu Loan: Loans up to Rs 50,000 / – are given under Shishu Loan .
- Kishor Loan: Loans up to Rs 50,000 / – and up to Rs 5 lakh are given under Kishor Loan.
- Tarun Loan: Loans above Rs 5 lakh and up to Rs 20 lakh are given under Tarun loan .
Under the Mudra Yojana, at least 60% of the loan will be given in the form of child loans.
# 4 interest rates ( Interest Rates Of Mudra Bank Loan) Mudra Loan (PMMY)
Mudra Loan under a fixed interest rate ( Interest Rate) are not |
The rate of interest may vary depending on the functioning of different banks and the business risk of the applicant.
Generally , the interest rate of Mudra Loan is around 12% per year. One big thing in this is that no subsidy is given by the government under the Mudra Scheme.
If the applicant has applied for subsidy in any other scheme like Sukanya scheme in which the government provides capital subsidy, then that subsidy can be linked to Mudra Loan.
Procedure for obtaining Mudra Loan (PMMY)
Now let’s talk about how you can apply in the Mudra scheme and what is the process of taking a Mudra Loan –
# 5 information gathering and choosing the right bank
- There is no fixed procedure to apply for a loan under the Mudra scheme.
- Mainly gives it to your business ideas . Will that work
- Therefore, you will have to contact your nearby banks with your plan and proper documents.
- Then complete information related to the loan process and interest rate will have to be collected.
- To get a loan, you have to fill the application form and submit it.
List of Institutions and Banks Offering Mudra Loan
At present, loans are being given under the Mudra scheme by the following institutions: –
- By 27 public banks
- 17 private banks
- By 31 regional rural banks
- By 4 Co-operative Banks
- By 36 microfinance institutions
- 25 non-banking financial institutions
#6 Documents Required
Generally for Mudra loan, you have to submit the following documents along with the application form. Depending on the loan amount, business nature, bank rules etc. the number of documents may be less.
(For example, if you are taking a loan of up to 50 thousand rupees, then you may not need Balance Sheet and Income Tax Return etc.): –
- Identity Proof – A self-certified copy of Voter’s ID card / Driving License / PAN Card / Aadhar Card / Passport.
- पते का प्रमाण (Residence Proof) Recent telephone bill, electricity bill, a property tax receipt (not older than 2 months), Voter’s ID card, Aadhar Card & Passport of Proprietor/Partners.
- Proof of SC/ST/OBC/Minority.
- Business Plan/Project Report.
- Address of the Business Enterprise Copy.
- The applicant should not be a defaulter in any bank.
- Bank Account Statement (Last 6 months)
- Last 2 years balance sheet (Applicable for all cases from Rs.2 Lacs and above).
- Projected Balance Sheets For One Year (Applicable for all cases from Rs.2 Lacs and above)
- Photos (two copies) of Proprietor/ Partners
#7 Download cApplication Form
You can get the application form from the bank for Mudra Loan or you can download it online: –
# 8 Loan Processing
- After submitting the application form with proper documents, the bank will check your documents.
- Along with this, to get completely satisfied, they can also ask for some more documents.
- This process may take a few days, depending on the functioning of different banks.
- Loan Processing Once completed, the bank will provide you Cheque, which will be deposited in the bank account of the applicant |
- Banks ensure that the loan amount is spent for your business or for the purpose for which the loan has been given.
- For this, they take many steps, such as: – If the applicant has to buy any big machinery or equipment in his project, then payment should be made through check.
# 9 Who will not get Mudra Loan (PMMY) (Rejection of Application)
Many such situations can occur when the bank rejects the loan application of the applicant. like –
- If the applicant does not have proper document.
- If the bank does not see any profit or better prospects on the Project Report.
- If the applicant has already taken a business loan.
- If the holder is not able to meet the necessary qualifications of the Mudra loan, etc.
# 10 How to get Mudra Card (Get Mudra Card)
At the time of grant of loan to all applicants taking Mudra loan, Mudra card (in the form of Rupay Debit Card) will be issued which will be like a debit card. In this way, the businessman can spend up to 10% of his Mudra loan with the Mudra card.
The purpose of Mudra Card is to meet the working capital (working capital) needs of the businessman so that the businessman can pay everyday expenses of his business through Mudra Card and reduce the interest expenses.
#11 Mudra Loan Helpline Numbers – Register Your Complaints
How to complain about not getting loan under Mudra scheme?
If you face any problem related to the currency scheme then you can contact the given website, mail and phone number –
- Mudra Yojana Website – http://www.mudra.org.in/
- Mail – [email protected]
- National Helpline Numbers For Pradhan Mantri Mudra Yojana – Call to 1800 180 1111 , 1800 11 0001
- For more information, you can get all the information by visiting www.mudra.org.in/ContactUs .
With this, you can call the number given for the Mudra Yojana according to your state –
|18003454545||Andaman and Nicobar|
|18002338944||Daman and Diu|
|18002338944||Dadra Nagar Haveli|
|18001807087||Jammu and Kashmir|
|18001800124||NCT of Delhi|
FAQ’s – Mudra Loan (PMMY)
Q.1 If SBI does not get the loan within 30 days, what to do?
Ans: You are Chairman of SBI, if you do not get the loan within 30 days in the State Bank of India (SBI Bank) [email protected] can email with complete information on |
Q.2 Is there any subsidy of any kind in Mudra scheme?
Ans: There is no subsidy for loans given under PMMY. However, if the loan application is linked to some government scheme and capital subsidy is provided in it, then it may also be eligible under PMMY.
Q.3 How much loan has been provided during Mudra Yojana till 2019?
Ans: You can see below how much loan has been provided under Mudra Yojana from 2016 to 2019 –
Q.4 How to check PMMY report of Mudra Yojana according to state?
Ans: To see the State Wise PMMY Report, first go to this link – select INDIA PMMY Report and your state, after which its report will be in front of you.
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