Pradhan Mantri Mudra Loan Yojana: In this article, we will talk about an effective scheme of the central government named Pradhan Mantri Mudra Yojana (PMMY). There is a lot of information related to Mudra Yojana that the interested people should know. This article has tried to understand every aspect related to Pradhan Mantri Mudra Yojana in detail. I will tell you what is the Mudra loan scheme, eligibility for Pradhan Mantri Mudra Loan Yojana, how much loan will be available under this yojana, what are the documents required to apply for Pradhan Mantri Mudra Loan Yojana, etc.
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Pradhan Mantri Mudra Loan Yojana
In this Pradhan Mantri Mudra Loan Yojana, the government is providing loans for everyone who is willing to start a business. With this Mudra Yojana, anyone can easily take a loan up to Rs. 10,00000 (Ten Lakh) and can expand one's business. Our Prime Minister Shri Narendra Modi wants everyone should be helped in increasing employment and poverty should be removed from India.
Benefits of Pradhan Mantri Mudra Loan Yojana
- With a Mudra loan, anyone will be able to take a loan easily.
- Loan up to 10 lakhs can be taken easily from Mudra loan.
- No guarantee will be needed in Mudra Loan Scheme.
- Small shopkeepers will also get benefit from Mudra loans who want to take their business forward.
- The bank will provide new technology to the lending institutions, which will make it easier to take and give loans
Establishment of Prime Minister Mudra Bank Scheme
Let me tell you that the Mudra Bank Scheme was started on 8 April 2015, this scheme was started by Prime Minister Narendra Modi. The main objective of this scheme was to provide employment to the educated youth.
Every person whose name is registered in an industry, that person will be eligible to take a loan under the Mudra Bank scheme. Every person can take a loan under the bank scheme.
Documents required to take a loan under Pradhan Mantri Mudra Loan Yojana Scheme
Those who are willing to get a loan under Pradhan Mantri Mudra Yojana must know that what documents are required to get this loan. Let me tell you what are the necessary documents you will have to provide to get the Prime Minister's Mudra Loan.
- First of all, let us tell you that to get Prime Minister's Mudra loan, you have to give Aadhaar card for identification – Aadhaar Card
- Whatever business you are planning to start, you have to submit its proposal – Business Proposal
- The applicant has to give his permanent residence proof eligible – Residence Proof
- An applicant has to provide his/her recent passport size photograph – Passport Size Photo
- The applicant has to provide the quotation of whatever equipment or machines he wants related to his business – Quotation of Business & Other Machinery to be purchased
- Name of the Supplier or Price of the machinery
- Identity or Address proof of business – Proof of Identity/Address of business
- Caste Certificate – Caste Certificate (For SC, ST, OBC) Applicants
Let me tell you that under the Mudra Bank scheme, this loan has been divided into three parts. All of you should know that what are these three parts.
| Divisions | Name |
|---|---|
| 1st Part | Sishu Loan |
| 2nd Part | Kishore Loan |
| 3rd Part | Tarun Loan |
Types of Mudra Loan
- Sishu Loan: Loans up to 50 thousand can be given under Shishu Loan.
- Kishore Loan: Loans above 50 thousand and up to Rs 5 lakh can also be given under Kishore Loan.
- Tarun Loan: Loans above Rs 5 lakh and up to Rs 10 lakh can be given under Tarun Loan.
Eligibility to get Pradhan Mantri Mudra Loan Yojana
All the business units who are benefiting under the Mudra Bank Scheme are professionals. They have all been included. These include small shopkeepers selling fruits, vegetables, beauty parlors, transport operators doing business of bicycles, small and cottage industries. All these people can be given loans under Mudra loan so that all these people can increase their business further. By doing this the poverty of the country will be removed and our India will progress further.
How to avail Pradhan Mantri Mudra Loan Yojana
To apply for a loan under the Mudra Bank scheme:
- First of all, the applicant has to see the nearby bank.
- All interest rate information related to it will have to be taken and an application form will also have to be filled.
- Fill the application form and submit the required documents and the business you are going to start.
- After that, all the formalities prescribed by the bank will have to be completed.
- When all the formalities are completed only then your loan will be approved from Mudra Bank Scheme.
Interest Rate for Pradhan Mantri Mudra Loan Yojana
Let me tell you that no interest rate has been fixed under the Mudra loan. But generally, the interest rate of Mudra loans is around 12% per annum.
Where can you get a loan under Pradhan Mantri Mudra Loan Yojana
All banks are providing this facility. For more information about the Mudra loan, you can contact your nearest bank. Let me tell you that here SBI Bank is also providing this facility.
Along with other banks, Punjab National Bank, HDFC Bank is also giving this facility. Now all of us can say that this is an opportunity for the youth of the country, backward classes, scheduled castes, scheduled tribes, under the Mudra Bank scheme.
One can prove his worth by taking a Mudra bank loan. This will remove the poverty of the country, as well as the talk made by Prime Minister Narendra Modi will also prove to be true that now there will be no poverty in the country, everyone can get a loan from Mudra Bank and can take the country forward.
Pradhan Mantri Mudra Loan Card
Mudra cards will be given to all the people taking Mudra loans. This Mudra card will be exactly like a debit card. With this card, the person taking the Mudra loan card will be able to spend up to 10% for the purpose to make transactions to pay all merchants to meet their needs.
With the help of the Mudra card, all merchants can fulfill their daily needs. This will not cause any problem for them, they can use this card wherever they go away from business work.
It is very easy to use a Mudra card. You can use it in any ATM when you will be given this Mudra card. Then you will be given a password along with it. Which will be of some digits and you have to keep that password or PIN confidential. This way you can use the Mudra card anywhere in a very convenient complementary way.
Important Links for Pradhan Mantri Mudra Loan Yojana
| Name | Links |
|---|---|
| Mudra Loan Yojana Application Form 2021 | Click Here |
| Mudra Loan Yojana Helpline number | Click Here |
| Official Website | Click Here |
FAQ's
What is the goal of Mudra Yojana?
Under the Mudra Yojana, loans are given to people to do their business or to increase it. This loan is given with attractive interest rates. Through this scheme, the government is trying to make people self-reliant and this is also the goal of this scheme.
Can a loan of more than ten lakhs also be taken under the Pradhan Mantri Mudra Loan Scheme?
No . Till now there is no provision to give loan more than ten lakhs in this scheme.
What are the things to keep in mind before taking a Mudra loan?
First of all, prepare the information about the business model well.
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