Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Honorable Prime Minister on April 8, 2015 for providing credit up to Rs 10 lakh to the non-corporate, non-farm, small/micro enterprises. Medium and small businesses are often incapable of availing of loans from banks due to a lack of security and insufficient funds for paying off the interest. Helping these businesses develop would ultimately lead to the advancement of the economy.
Apply for loanLoans up to Rs 50,000/-
Shishu loans are the main focus of the loan aspect of the scheme. The loan can be used for a variety of purposes such as for working capital, modernization, expansion, equipment purchases or renovation to name a few.
Loans between Rs 50,000 and Rs 5 lakh
Kishore Loans are offered to small enterprises that are in their growth stage and require an adequate sized loan. The amount offered by the MUDRA Kishore loan can be anywhere ranging from Rs. 50,000 to Rs 5 Lakhs.
Loans between Rs 5 lakh and Rs 10 lakh
Tarun Mudra loans are at the higher end of the range of loan amounts under this scheme. It provides sums of Rs. 5 lakhs to Rs. 10 lakhs with term periods ranging between 3-5 years, similar to other categories of Mudra Loans. These amounts may either be suited towards established small enterprises that are looking to expand and scale upwards, or newer enterprises that require a high amount of start-up or working capital.x
The introduction of Mudra Yojana was done keeping in mind several objectives to be fulfilled during the implementation of this project. Let's have a look at the same.
Loans would be provided to all the non-farm income-generating businesses in trading, manufacturing and services whose loan requirements are below Rs.10 lakhs.
Basically, all those who want to avail of loans below Rs.10 lakhs for micro-enterprises are eligible for such loans.
Micro Units Development and Refinance Agency were established by the Central Government to provide financial support to the micro-units enabling them to grow and develop.
The rate of interest is nominal keeping in mind that the borrowers are able to repay their debts easily.
Anyone who runs a small business enterprise is eligible to apply for a MUDRA loan. These loans are given under three different categories.
To apply for your required loan scheme, provide the necessary details in the application form below.
