PM Mudra Loan– There is a big update for all. If you are an entrepreneur, but are unable to expand your business due to lack of money. And you are unable to get a loan, then Pradhan Mantri Mudra Yojana can help you in this. PM Mudra Yojana (PMMY) is a scheme of the Government of India, through which loans are provided to small businessmen. Mudra is a type of NBFC i.e. non-banking financial institution, which provides funds to financial institutions such as commercial banks, MFIs, small finance banks and other NBFCs that provide loans to small businessmen.
Through this, needy small entrepreneurs get loans. The special thing about this scheme is that no guarantee or security has to be deposited in it. If you want to take a loan through Pradhan Mantri Mudra Yojana (PMMY) to expand your business and you do not know its process, then today we will give you information about it and tell you how much loan you can get through this scheme.
How much loan amount is available under PM Mudra Yojana?
1. Under this scheme, the loan is divided into 4 parts based on the amount. Its first category is Shishu Mudra Loan. Second is Kishor Mudra Loan. Third is Tarun Mudra Loan. And fourth is Tarun Plus Mudra Loan.
2. Under Shishu Mudra Loan, a maximum loan amount of Rs 50,000 is available.
3. Under Kishor Mudra Loan, loan amount ranges from Rs 50,000 to Rs 5 lakh.
4. Under Tarun Mudra Loan, loan amount ranging from Rs 5 lakh to Rs 10 lakh is available.
5. Under Tarun Plans Mudra Loan, loan amount ranging from Rs 10 lakh to Rs 20 lakh is available.
Who is given loan under Mudra Scheme?
Under the PM Mudra Yojana, small shopkeepers, home based businesses, women entrepreneurs, farmers, animal husbandry, small artisans, startups starting a new business, MSME, street vendors, retailers, traders, small manufacturers, partnership firms, limited liability partnerships, etc. get loans.
How to apply for loan under Mudra Scheme?
If you want to take a loan under Mudra Yojana, you can apply in both ways, either offline or online. If you want to take a loan by applying offline , then you will have to go to the nearest bank or the office of the loan giving NBFC institution. After this, you will have to take the Mudra loan form and fill it. You will also have to attach the necessary documents with the form. After this, you will have to submit the form.
If you want to apply online , then you will have to visit the Mitra portal. First register here. After this, apply for a loan. Upload the required documents. Select your bank or NBFC institution from where you want to take a loan. After this, submit it. After this process, the lender i.e. the bank or the loan giving institution will contact you itself and take the process forward.
If you are filling the form for Shishu Mudra loan, then its form will be different. Whereas, if you are taking loan under Kishor and Tarun Mudra, then the form for both will be the same.
Documents required
1. The applicant must have passport, voter ID card, Aadhaar card, driving license, PAN card for KYC. Out of these, PAN and Aadhaar card are mandatory.
2. If the applicant belongs to any special category like SC/ST/OBC then it is necessary to have its certificate.
3. The applicant also has to submit 6 months bank account statement.
4. If you are doing business, then you have to provide proof of how old your business is and how it has been running till now. However, this depends on the applicant’s business. It is not necessary that this applies to everyone.
Mudra does not decide the interest rate of the loan given under the Pradhan Mantri Mudra Yojana. The bank or the loan giving institution decides the interest rate on the loan given under this scheme. For example, the interest rate of Mudra loan in Union Bank of India is 10.75% to 12%. In Canara Bank it is 10.30%-12.00%, in Bank of Baroda it is 9.40%-11.75%. Similarly, different banks and NBFC institutions decide the interest rate under the Mudra scheme.