Pradhan Mantri Mudra Yojana
Pradhan Mantri Mudra Yojana
MUDRA, which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution being set up by Government of India for development and refinancing micro unit’s enterprises. It was announced by the Hon’ble Finance Minister while presenting the union budget for FY 2016. Pradhan Mantri Mudra Yojana (PMMY) is a scheme set up by the Government of India (GoI) for providing Mudra Loans up to INR 10 lakh to non-corporate, non-farming small & micro enterprises.
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Easy collateral free loan up to INR 10 lakh to income generating Micro Enterprises
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The Mudra Loans are extended under the following three categories:
Loan up to INR 50,000 (Shishu)
Loan from INR 50,001 to INR 5 lakh (Kishore)
Loan from INR 5.01 lakh to INR 10 lakh (Tarun) -
No third-party guarantors required
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MUDRA loan is not for consumption or personal needs
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No margin for loan up to INR 50,000
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Bank funding available for Commercial Transport Vehicle, Community, Social & Personal Services Activities, Food Products sector, Textile Products Sector, Business loan for Traders & Shopkeepers, Equipment Finance, Agriculture Allied Activities
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Individuals above 18 years of age
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Proprietary concern/Partnership Firm/Pvt Ltd company/Public company/Any other legal forms
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Should not be defaulter of any bank or financial institution
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Should have satisfactory credit track record
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Individual borrowers should possess the necessary skills, experience and knowledge of the activity
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Other terms and conditions as per scheme guidelines
- Online application through the designated portal or offline application directly to the nearest branch
- KYC of the applicant
- Existing financial reports, if applicable
- Statutory Permission/License/ Udyam Registration Certificate etc.,
- Original quotations for the machinery/equipment/vehicle propose to be purchase
- Statement of bank account for 1 year in case of existing unit
- Any other document as per bank assessment practices
For more details: https://www.mudra.org.in
