1. Pradhan Mantri Mudra Yojna
Pradhan Mantri MUDRA Yojana (PMMY is the short form ) is a scheme launched by the Hon'ble Prime Minister on April 8, 2015 for providing loans upto 10 lakh to the non-corporate, non-farm small/micro enterprises
These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs.
Eligibility for mudra loan
Who is eligible for mudra loan?
Any Indian Citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is up to 10 lakh can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY
Mudra loan has been Classified in 3 categories
1. shishu loan : In this category of mudra loan, an amount of 50,000 is provided by the bank.
2. Kishore loan : In this category of mudra loan, an amount of 50,00 to 5 lakh is provided by the bank.
3. Tarun loan : In this category of mudra loan, an amount of 5, 00,00 to 10 lakh is provided
Documents Required
What are documents required to get the Mudra loan .
1.Valid photo identity proof.
2. Current address proof.
3.Proof of income - Latest ITR Financial 4.Docs of Income.
5.Last 6 months Bank statement.
6.Loan application form.
7.Ownership proof of residence/office.
8.Proof of continuity of business.
9.Trade references.
What is the process of PM Mudra loan?
Step 1: Visit a PMMY-authorised financial institution or NBFC.
Step 2: Make sure that you have a documented business plan.
Step 3: Fill out the Mudra loan application form with the necessary details.
Step 4: Submit the application form enclosed with the necessary documents and with passport size photographs.
Banks provide Mudra loan
The banks that are currently provide business loans under the Pradhan Mantri MUDRA Yojana have interest rates between 8.5% to 11%
Some of the more popular banks that are providing MUDRA loans are as under
1. Oriental Bank of Commerce
2. Kotak Mahindra Bank
3. Standard Chartered Bank
4. Indian Bank
5.State Bank of Patiala
6.Bank of India
7.Central Bank of India
8.IDBI Bank
9.Citibank
10.HDFC Bank
11.Indusind Bank
12.Dena Bank
13.State Bank of Bikaner and Jaipur
14.State Bank of Travancore
15.Canara Bank
16.Allahabad Bank
17.Vijaya Bank
18.Karur Vysya Bank
19.UCO Bank
20.Bank of Baroda
21. Union Bank of India
22. Tamilnad Mercantile Bank
23.Indian Overseas Bank
24.South Indian Bank
25. Bank of Mahrashtra
26. State Bank of Hyderabad
27. HDFC Bank
28. State Bank of India
Visit your nearest bank and meet with the branch head and get all the information of the loan and other details of the loan and start your business
FAQs
What is full form of MUDRA ?
Micro Units Development and Refinance Agency Bank (or MUDRA Bank)) is a public sector financial institution in India
