The PMMY (Pradhan Mantri MUDRA Yojana) was launched in April 2015 by the Honorable Prime Minister of India. The aim of the MUDRA loans is to help micro, small and medium enterprises access formal loans quickly and easily. Eligible business owners and self-employed individuals can avail loans up to Rs. 10 lakhs under the PMMY.
MUDRA loans are available to both new entrepreneurs and existing business owners. Let’s check out the eligibility criteria for these loans:
Age of the Applicant
Minimum age - 18 years
Maximum age - 65 years
Who can apply?
MUDRA loans are available to all non-corporates. It includes:
Fruit and vegetable dealers
Individuals engaged in agriculture-allied activities like sericulture, pisciculture, poultry, livestock, etc.
The applicant must not have any irregular repayment history or loan defaults. Note that MUDRA loans are sanctioned only to Indian citizens without any criminal background. MUDRA loans are offered at public sector banks, private sector banks, cooperative banks, regional rural banks and MFIs (Micro Finance Institutions).
Check your eligibility criteria and apply for a MUDRA loan to make your entrepreneurial dreams come true.