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PRADHAN MANTRI MUDRA YOJANA was launched by the Government of India in the budget of FY 2016 by the Honourable Finance Minister. MUDRA (Micro Units Development and Refinance Agency) is a Government initiative in order to facilitate easy and prompt loan availability to the Micro, Small and Medium Enterprises (MSMEs) ,i.e., to the non-corporate and non-farm sector. Under this scheme, loans can be provided easily to the eligible applicants without the need of any collateral or security. The range of the loans provided under the PRADHAN MANTRI MUDRA YOJANA is a minimum of Rs. 50,000 to a maximum of Rs. 10,00,000 in case of MSMEs.
About pradhan mantri mudra yojana
The main criterion for the eligibility under the PMMY is that all the small and micro enterprises (SMEs) should be from the Non-Corporate and Non-Farm Sector.
A few other criteria to be met for eligibility are,
MUDRA loans Under PMMY can be availed by any of the following entities,
The documents required for the MUDRA Loans are basic KYC documentation like any other loan requirement.
Passport, PAN Card, AADHAR Card, Voter’s ID Card, Driving License, Central and State Government issued Photo ID Proof, etc. (proof of being from a special category like SC/ ST/ OBC, Minority ,if applicable, also to be provided)
AADHAR Card, Ration Card, Bank Account Statement, Telephone Bill, Electricity Bill, Water Bill (Not more than 3 months old), etc.
Salary Slips (not more than 3 months old), ITR, Form-16, etc.
If the entity requires loan for working capital, or if loan is applied under KISHOR or TARUN categories, the additional documents required are,
Banking /Credit Facilities Existing and Proposed
Term Loan Required for any Asset/Equipment
The loans provided under PMMY are divided in three categories based on the stage of business development that the organization seeking the loan is. The details of the loans are mentioned below.
RANGE OF LOAN AMOUNT
MAXIMUM REPAYMENT PERIOD
STAGE OF BUSINESS
UPTO Rs. 50,000
START A BUSINESS OR EARLY STAGE OF BUSINESS
Rs. 50,001 – Rs. 5,00,000
5 YEARS (BANK DISCRETION)
SUSTAIN A BUSINESS
Rs. 5,00,001 – Rs. 10,00,000
5 YEARS (BANK DISCERTION)
BUSINESS EXPANSION, PURCHASE OF HEAVY/EXPENSIVE MACHINERY, SET UP A LARGE BUSINESS
Rate of Interest
The interest rates across all the categories of the MUDRA Loans depend upon various factors. These factors are mentioned below.
The interest rates are communicated by the bank to its customers after the completion of the loan submission and verification process.
The PMMY loans are targeted for the growth and progress of the MSME sector and to provide them with the benefit of easy access to financing options. The PPMY launched with this aim has several benefits in store for the MSME sector. Some of these benefits are discussed below.
One of the main benefits of this scheme is the availability of funds without any need for collateral or security. The lenders provide finance to the eligible borrowers up to Rs. 10,00,000 without any collateral requirements.
Many lenders provide loans under PMMY without any processing charges. In other cases, the processing charges charged by the lenders are at very nominal rates.
The loans provided to the eligible units can be in any of the following form,
This enables the lenders to cater to a huge range of MSME requirements.
There is no minimum amount of loan prescribed under PMMY unlike many other traditional banking loan options.
The borrowers also get a MUDRA card upon receiving the loan sanction. This card can be utilized for withdrawal purposes from the MUDRA Account up to the permissible withdrawal limits.
1. How can a person apply for loans under PMMY?
Applicants can apply for loans under PMMY from the website of MUDRA at the following link, Persons can also apply for these loans through the website of the partner banks or financial institutions. Another way to apply for these loans is by going to the nearest branch or office of the bank or financial institution and directly applying for the loans there.
2. What are the eligible lenders under PMMY?
The eligible lenders under PMMY are the following entities,
3. What is usually the processing time or turnaround time for MUDRA loans under PMMY?
Loans under PMMY are processed quicker (within 24 hours) as compared to traditional loans or loans under other schemes of the Government as a measure to boost the MSME Sector.
4. What are the main motives for MUDRA Loans under PMMY?
The loans under PMMY can be provided for any of the following purposes,
5. What is the amount of loan that can be availed under PMMY?
Borrowers can avail a minimum of Rs. 50,000 and up to a maximum of Rs. 10,00,000 as loans under PMMY.
6. What is a MUDRA Card that is provided to the borrowers?
Borrowers under PMMY also receive a MUDRA card, essentially a RuPay Card, which can be utilized for various purposes by the business owners like,
Atal Innovation Mission
Bank Credit Facilitation Scheme
Coir Udyami Yojana
Khadi And Village Industries Commission
Mahila Samriddhi Yojana
National Skill Development Corporation
National Small Industries Corporation
Pradhan Mantri Kaushal Vikas Yojana
Pradhan Mantri Rojgar Yojana
Prime Minister Employment Generation Programme
Small Industries Development Bank Of India
Stand Up India Scheme
Unemployed Youth Employment Generation Programme
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