Pradhan Mantri Mudra Loan Scheme up to Rs 10 lakh for business

Pradhan Mantri Mudra Yojana (PM Mudra Loan Yojana) is a scheme launched by the Government of India to provide financial assistance to micro enterprises in the country.

Through this article you will come to know that PM Mudra Loan Yojana 2024 How can you avail the Pradhan Mantri Mudra Loan Scheme up to Rs 10 lakh for business, complete details of which are given below.

Main objectives of Pradhan Mantri Mudra Loan Scheme: PMMY aims to provide financing to non-corporate, small business units engaged in income-generating activities such as manufacturing, trading and services.

PM Mudra Loan Yojana Apply Online

Pradhan Mantri Mudra Loan Scheme up to Rs 10 lakh for business

Prime Minister Mudra Loan Scheme (PMMY) is a scheme launched by the Government of India to provide financial assistance to micro enterprises in the country. Here are the complete details of PMMY:

PMMY aims to provide financing to non-corporate, small business units engaged in income-generating activities such as manufacturing, trading and services.

pm-mudra-loan-yojana
Beneficiaries: The scheme mainly covers the following:
  • micro enterprises
  • small businesses
  • Individuals who are involved in activities like manufacturing, trading and services

Who is eligible for Pradhan Mantri Mudra Loan Scheme

PMMY aims to provide financing to non-corporate, small business units engaged in income-generating activities such as manufacturing, trading and services.

What is the Pradhan Mantri Mudra Loan Yojana interest rate?

According to the Bajaj Finserv site, the interest rates on Pradhan Mantri Mudra Loan vary depending on the category – Shishu, Kishor, or Tarun. Generally, they range from 8% to 12%.

PM Mudra Loan Yojana 2024 How can you all avail the Prime Minister Mudra Loan Scheme for business up to Rs 10 lakh, the complete details of which are given below.

Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched by the Government of India to provide financial assistance to micro enterprises in the country. Here are the complete details of PMMY:

Objective: PMMY aims to provide financing to non-corporate, small business units engaged in income-generating activities such as manufacturing, trading and services.

Target Beneficiaries: The scheme mainly targets the following:

  • micro enterprises
  • small businesses
  • Individuals who are involved in activities like manufacturing, trading and services

Loan Offering: PMMY offers loans under three categories:

Shishu: Loan up to ₹50,000
Kishore: Loan from ₹50,001 to ₹5,00,000
Tarun: Loan from ₹5,00,001 to ₹10,00,000

Eligibility Criteria:

  • Individuals who are engaged in small businesses such as manufacturing, trading and services.
  • The business should fall under non-corporate and non-agriculture sectors.
  • The borrower should not be a defaulter of any bank or financial institution.
  • Interest Rates: Interest rates may vary depending on the lending institution. Generally, they are competitive and affordable.

Repayment period: The repayment period for Mudra loan can extend up to 5 years depending on the nature of the business and the loan amount.

Application Process:

  • Interested individuals can apply for Mudra loan through various banks, NBFCs (Non-Banking Financial Companies), MFIs (Micro Finance Institutions) and other lending institutions registered under PMMY.
  • Applicants have to fill the Mudra Loan Application Form and submit the required documents like identity proof, address proof, business plan etc.
  • If the applicant meets the eligibility criteria the lending institution evaluates the application and disburses the loan.

Required Documents:

  • Identity Proof (Aadhar Card, PAN Card, Voter ID Card, etc.)
  • Proof of Address (Aadhaar Card, Voter ID Card, Utility Bill, etc.)
  • business plan
  • Income Proof (Bank Statement, ITR, etc.)
  • Any other document required by the lending institution

benefits:

  • Easy access to finance for small businesses and entrepreneurs.
  • Competitive interest rates.
  • Flexible repayment options.
  • Promotes entrepreneurship and employment generation.

conclusion:

Pradhan Mantri Mudra Yojana is an important initiative of the Government of India to promote entrepreneurship and provide financial assistance to micro enterprises. Its objective is to facilitate the growth of small businesses and contribute to the economic development of the country.

Prime Minister Mudra Loan Scheme Application Process what are ?

  • Interested individuals can apply for Mudra loan through various banks, NBFCs (Non-Banking Financial Companies), MFIs (Micro Finance Institutions) and other lending institutions registered under PMMY.
  • Mudra Loan to Applicants Application form must be filled And required documents like identity proof, address proof, business plan etc. have to be submitted.
  • If the applicant meets the eligibility criteria the lending institution evaluates the application and disburses the loan.

Pradhan Mantri Mudra Loan Scheme FAQ's

Who is eligible for Pradhan Mantri Mudra Loan Scheme ?

PMMY aims to provide financing to non-corporate, small business units engaged in income-generating activities such as manufacturing, trading and services.

Who is eligible for Pradhan Mantri Mudra Loan Scheme ?

According to the Bajaj Finserv site, the interest rates on Pradhan Mantri Mudra Loan vary depending on the category – Shishu, Kishor, or Tarun. Generally, they range from 8% to 12%.

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