If you are an Indian citizen having a business plan for a non-farm income generating activity, you are eligible for a MUDRA loan. The manufacturing sector or the service sector needing loans up to Rs. 10 lakhs can get a MUDRA loan under Pradhan Mantri MUDRA Yojana(PMMY). The age limit for applying for a MUDRA loan is between 23 and 28 years. The applicant should not be more than 65 years of age, when the loan matures. There might be terms and conditions that your lender would want you to follow.
With a MUDRA loan, you will be able to get a maximum loan amount of up to Rs. 10 lakhs.
- Shishu scheme - Loan up to Rs. 50,000
- Kishore scheme - Loan from Rs. 50,000 to Rs. 5 lakhs
- Tarun scheme - Loan from Rs. 5 lakhs to Rs. 10 lakhs