Indian citizens having a business plan for a non-farm income generating activity is eligible for a MUDRA loan. Businesses from the manufacturing sector or the service sector with loan need up to Rs. 10 lakhs can approach their respective lenders for availing a MUDRA loan under the Pradhan Mantri MUDRA Yojana(PMMY). While the age limit set for applying for a MUDRA loan is between 23 and 28 years, the person should not be more than 65 years of age when the loan matures. The terms and conditions of your lender would have to be followed for availing a loan under PMMY.
If you are planning to take a loan for your startup under the Shishu scheme, you will be able to get a maximum loan amount of up to Rs. 50,000. Businesses that are trying to establish themselves can take up the Kishore scheme, which provides loan amounts between Rs. 50,000 and Rs. 5 lakhs. Well established businesses looking to expand, can take a loan under the Tarun category for an amount between Rs. 5 lakhs and Rs. 10 lakhs.