Pradhan Mantri Mudra Yojana: Know How You Can Get Loan Of Rs 10 lakh

Pradhan Mantri Mudra Yojana (PMMY): Pradhan Mantri Mudra Yojana (PMMY) is an important initiative of the Government of India, which aims to help small and micro industries to meet their financial needs. This scheme is extremely beneficial for those citizens who are engaged in small business or industry and feel the need for capital to further their work. Under this scheme, a loan of ₹ 50,000 to ₹ 10 lakh is made available to the applicant.

No eligible citizen needs to go out of his house to avail the scheme as the application process is available online. In this article, we will provide you complete information about the features, eligibility, required documents, application process and other important aspects related to Pradhan Mantri Mudra Yojana.

Objective of Pradhan Mantri Mudra Yojana

Pradhan Mantri Mudra Yojana was launched by the Government of India to encourage small and micro industries. Its objective is to provide loans to small entrepreneurs working in the field of trade, manufacturing and services as per their requirements. This scheme motivates the small businessmen of the country to become self-reliant and contribute to employment generation.

Types of loans under Pradhan Mantri Mudra Yojana

Three types of loans are provided under this scheme, which are divided based on the business needs of the applicants:
Shishu Loan: Loans up to ₹50,000 are provided under this category. This is for businesses that are in their initial stages.
Kishor Loan: Loans ranging from ₹50,000 to ₹5 lakh are given under this category. This is for businesses that are in the next stage of their growth.
Tarun Loan: Loans ranging from ₹5 lakh to ₹10 lakh are provided under this category. This is for businesses that are well established and want to expand.

Eligibility and conditions of Pradhan Mantri Mudra Yojana

To avail the benefits of Pradhan Mantri Mudra Yojana, the applicant has to fulfill some conditions.

The applicant must be a citizen of India.
The applicant should not be a defaulter of any bank or financial institution.
The applicant must have the necessary experience, skills and knowledge to start or carry on the business.
The applicant’s credit report should be satisfactory.

This scheme is available to individual entrepreneurs, partnership firms, private limited companies and other legal entities including public companies.

Documents required for Pradhan Mantri Mudra Yojana

The following documents will be required to apply for this scheme:

Aadhaar card
PAN card
sidence certificate
Age certificate
Bank account details
Bank statement
Passport size photo
Active mobile number

Benefits of Pradhan Mantri Mudra Yojana

The biggest benefit of this scheme is that it provides loans to small entrepreneurs according to their financial needs. This helps in starting or carrying forward the business. Being run by the government, the interest rates under this scheme are also lower than other private loan schemes.

Application Process of Pradhan Mantri Mudra Yojana

The following process is followed to apply under this scheme:

The applicant has to visit the official website of the scheme.
Select the “Schemes” option on the website and go to the “Business Activity Loan” section.
After clicking on “Pradhan Mantri Mudra Yojana” here, a new page will open in which information related to the scheme will be available.
Click on “Check Eligibility” to check your eligibility.
After ensuring eligibility, complete your registration by clicking on the “Register” option.
After successful registration, login ID and password will be received, through which you can apply for the scheme.

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