PMMY ! We all are aware of Pradhan Mantri Mudra Yojana Loan. Honble Prime Minister Narendra Modiji has started many schemes for benefit of Indians. PMMY is one of those schemes to help small business persons getting loan for business. It is launched by PM on 8th April, 2015. In this article, I have covered following points regarding Mudra Loan:
- Types of Mudra LOan
- Mudra loan eligiblity
- Where to apply for Pradhan Mantri Mudra Yojana Loan
- Documents required for Mudra Loan
- Helpdesk no. For Mudra Loan
Types of Mudra Loan :
Pradhan Mantri Mudra Yojana Loan has three types :
- Shishu scheme
- Kishor scheme
- Tarun category
Under shishu scheme, Loan up to Rs.50,000 will be granted.The loan is for business which is in start up mode.
Benefits of shishu scheme are
- Collateral is not required under shishu scheme.
- There is no loan processing fees or charges !
- 1% pm rate of interest.
- Maximum 5 years tenure period
- If loan is for working capital, Mudra cards will be issued.It is Rupay debit card and cash can be withdrawal from ATM while working capital is needed.
This scheme is for loan From Rs. 50001 to Rs.5 Lakhs.
Tarun Category :
This category is for Loan above Rs. 5 lakhs to Rs. 10 lakhs.
Where to apply for Pradhan Mantri Mudra Yojana Loan:
Following lending institutions will grant Mudra Yojana Loan:
- State bank of India
- Bank of Baroda
- Bank of Maharashtra
- Bank of India
- Canara Bank
- Dena bank
- Corporation bank
- Indian bank
- IDBI bank
- Punjab national bank
- UCO bank
- Union bank
- Vijaya bank
- Axis bank
- HDFC bank
- Federal bank
- YES bank
- ICICI Bank
- DCB bank
You can get full list from this link
Following are the numbers of institutions providing Mudra loan
27 public sector Banks
17 Private sector Banks
31 Regional Rural Banks
10 cooperative Banks
Mudra loan eligibility:
Mudra scheme has implemented to help various sectors and various business segments. If you have business in following sectors, you can get loan easily.
Land transport sector:
which covers purchase of various transport vehicles for goods and personal transport like auto rickshaw, small goods transport vehicle, 3 wheeler, e rickshaws, passenger cars etc. In short, the vehicle should be supportive to business and business growth.
Community, social and personal service activities:
Which covers beauty parlors , gyms, boutiques, tailoring shops, dry cleaning, studio, medicine shops, courier service etc.
Food product sectors:
Small food production businesses as papad making, achar making, jam making, sweet shops, canteen, cold chain vehicles, cold storage, ice cream making units, buiscuits and bread making etc.
Textile product sectors:
Activities like handloom, powerloom, khadi work, chikan work, zari work, zardosi work, appareal design, cotton ginning and other textile articles like bags, vehicle accessories etc.
Micro credit scheme:
Financial support to MFIs for lending to small businesses.
Missing Middle Credit Scheme:
Refinance Scheme for RRBs / Co-operative Banks:
Mahila Uddyami Scheme:
Business loans for Traders and Shopkeepers:
Equipment Finance Scheme for Micro Units
Loan is granted to purchase equipment or machinery with loan size up to Rs. 10 Lakhs.
Documents required for Mudra Yojana Loan:
Form for Mudra yojana loan:
Following documents are needed to be submitted with PMMY:
- ID Proof copy – self attested – voter ID/ Passport/ Driving license / AADHAR card etc.
- Proof of Residence – Telephone bill / Electricity bill / Bank passbook / voter id/ aadhar card/ Driving license/ passport
- Recent Passport size photo of applicant – 2 copies
- Business address proof
- Supplier details
- CMA data if banker asks. You can avail our online service of CMA data preparation. Contact here for it.
Helpdesk no. for Mudra loan:
Each state has toll free number for Mudra loan. Download this file to know number for your state.
Or you can mail on email@example.com or visit mudra.org.in
27109157 loans are sanctioned under pradhan mantri mudra yojana.
104122.77 crores are sanctioned under scheme.
100060.76 Crores are disbursed to needed persons.
I think this is huge success of PMMY. If you are also thinking to get mudra loan, contact nearest bank and grow your business. Don’t forget to share this post on social media to spread awareness about this useful scheme of government.