Pradhan Mantri MUDRA Yojana (PMMY) | Our Prime Minister, Shri Narendra Modi, inaugurated the Pradhan Mantri Mudra Loan Yojana in 2015. Loans of up to Rs. 10 lakhs (up to Rs. 10 lakhs will be issued to start small companies) are being made available to residents of the nation to establish their small businesses. Individuals who desire to develop their businesses may also apply for a loan under this plan. Dear friends, today we will provide you with all the information about the Pradhan Mantri Mudra Loan Yojana.
Read in Hindi: PM Mudra Loan Yojana 2021 पात्रता, ऑनलाइन आवेदन
What is Pradhan Mantri MUDRA Yojana (PMMY)?
Permit me to inform you that the Central Government has allocated Rs. 3 lakh crore for Mudra loans, of which Rs. 1.75 lakh crore has been distributed thus far| Those seeking loans will be required to pay no processing charges (No processing charges) for the loan. The repayment period has been extended under the scheme|
Around 28 crore people would benefit from the Pradhan Mantri Mudra Loan Yojana.
As you are all aware, Prime Minister Narendra Modi announced the Pradhan Mantri Mudra Loan Scheme on 8th April 2015 to foster entrepreneurship. The Finance Ministry says that since the program’s inception, banks and financial institutions have given loans totalling Rs 15.10 lakh crore to 28.81 crore beneficiaries. This information was supplied via a tweet by the Ministry of Finance’s Department of Financial Services. The ten lakhs are classified into three groups. There are three classifications: Shishu, Kishore, and Tarun.
The loan will be used to assist industrial, commercial, and service sector enterprises, as well as agricultural endeavours. As of the end of March 2020, the Pradhan Mantri Mudra Loan Yojana has 9.37 crore active loan accounts. Rs. 1.62 lakh crore
What is Mudra Card?
A Mudra card will be issued to the recipient of a Mudra loan. This mudra card functions similarly to a beneficiary debit card. The beneficiary will be able to withdraw money from ATMs using his mudra card as needed. With this currency card, you will be given a password to keep your information private, and you may utilize it to fulfil your business needs.
What are the objectives of the Pradhan Mantri Mudra Loan Yojana?
The major goal of the plan is to aid countless individuals who wish to establish their own business but are unable to do so due to a lack of financial resources. The Pradhan Mantri Mudra Loan Scheme 2021 satisfies the country’s inhabitants and empowers them.
What are the different categories of the Pradhan Mantri’s Mudra Yojana?
Mudra loans are offered under 3 unique categories through the programme.
- Shishu Loan: Recipients of this Mudra Scheme will be eligible for loans up to INR50,000.
- Kishore Loan: Under this Mudra Scheme, beneficiaries would receive loans ranging from INR50,000 to INR500,000.
- Tarun Loan: Under this mudra plan, beneficiaries would receive loans between 500000 and 1000000.
What are the benefits of PM Mudra Yojana?
• Anyone in the country who desires to start their own small company is eligible to apply for a loan via PMMY.
• Under the plan, unguaranteed loans will be provided to individuals to launch a business. Additionally, the loan is not subject to a processing charge. A mudra loan’s payback period may be prolonged by five years.
• The borrower is provided with a currency card to aid in the payment of business expenditures.
Who are the beneficiaries of the Pradhan Mantri Mudra Loan Yojana?
The following are the beneficiaries of the Pradhan Mantri Mudra Loan Yojana:
- Sole proprietor
- Service sector companies
- Micro Udyog
- Repair shops
- Truck Owners
- Food-related business owners
- Micromanufacturing firm
What is Pradhan Mantri Mudra Loan Yojana for Commercial Vehicle Purchase?
The government developed the Pradhan Mantri Mudra Loan Scheme to help citizens in launching businesses. Thus far, our work has benefitted several individuals. You must apply via a bank for the Pradhan Mantri Mudra Loan Scheme. The government offers loans of up to INR1,000,000. Additionally, the government provides financial assistance for the acquisition of commercial cars. Tractors, auto-rickshaws, taxis, trolleys, cargo transport vehicles, three-wheelers, and e-rickshaws are all eligible for loans.
The Pradhan Mantri Mudra Loan Yojana provides financing to farmers, traders, merchants, and service firms. Beneficiaries are issued Mudra cards with which they may deposit loan proceeds. Guaranteed in full and extendable for a further five years.
What are the documents required to be eligible for Mudra Loans?
Entrepreneurs and small business owners wishing to expand their operations may also apply for loans under this Pradhan Mantri Mudra Loan Scheme 2021
- The borrower must be at least 18 years old.
- The borrower cannot have a prior default with any bank.
- Aadhaar Card
- PAN Card
- Proof of business address and installation
- Three-year balance sheet
- Income Tax Returns
- Self-Tax Returns
- Passport size photo
What is the procedure for applying online for Mudra Yojana?
- To begin, navigate to the Mudra Yojana’s official website.
- The home page will then be shown.
- You’ll see the following sorts of mudra schemes on the home page.
- You will then be redirected to another page.
- The application form must be downloaded from this page.
- Following that, please print this application form.
- Now you must carefully complete all of the application form’s required fields.
- Following that, you must submit all supporting papers.
- You must now send this application form to the bank of your choice.
- Following verification of your application, you will be given a loan within one month.
How can I log into the Mudra portal?
- To begin, you must visit the official website of the mudra yojana.
- At this moment, you will see the home page.
- To begin, click the login link on the home page.
- A new page will now display, requesting your username, password, and captcha code.
- You must now click the login button.
- This will get you access to the mudra portal.
What is the Pradhan Mantri Mudra Loan Yojana 2021 application process?
- Interested beneficiaries may apply in person for loans through this programme through their local public sector banks, private banks, Grameen banks, and commercial banks, among others.
- Next, proceed to the bank where you intend to acquire a loan and complete the Application Form.
- Before sending the form to the bank’s official, complete it and attach it to all of your supporting documents.
- The bank will then give you a loan within one month after confirming all of your documents.
Which banks provide Mudra loans?
The following is the list of banks that provides the facility of Mudra Loan Yojana:
- Allahabad Bank
- Bank of India
- Corporation Bank
- ICICI Bank
- J&K Bank
- Punjab end Sind Bank
- Syndicate Bank
- Union Bank of India
- Andhra Bank
- Bank of Maharashtra
- Dena bank
- IDBI Bank
- Karnataka Bank
- Punjab National Bank
- Tamil Nadu Marseille Bank
- Axis Bank
- Canara Bank
- Federal Bank
- Indian Bank
- Kotak Mahindra Bank
- Saraswat bank
- UCO Bank
- Bank of Baroda
- Central Bank of India
- HDFC Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- State Bank of India
- Union Bank of India
Helpline Numbers – State wise
|Andaman and Nicobar||18003454545|
|Dadra Nagar Haveli||18002338944|
|Daman and Diu||18002338944|
|Jammu & Kashmir||18001807087|
Latest News about Pradhan Mantri Mudra Loan Yojana
2% interest subsidy for Shishu category borrowers
The shutdown was implemented last year in response to an outbreak of the coronavirus. The government started the Self-Reliant India Campaign to rehabilitate the economy. A 2% interest subsidy was agreed upon as part of this campaign for Shishu category borrowers covered by the Pradhan Mantri Mudra Loan Scheme. All debtors with outstanding debts as of May 31, 2020, who are not in the NPA category (those receiving payments regularly) would be eligible for the interest subsidy plan. As expected, the reserve bank halted loan repayment last year owing to coronavirus infection. After the stay term expires, the interest subvention scheme will be open to all plan participants. This benefit is available for 12 months.
PM Mudra Yojana Celebrates Six Years
The Pradhan Mantri Mudra Yojana provides unsecured business loans. The scheme offers three different types of loans: Shishu Mudra Loans, Kishore Mudra Loans, and Tarun Mudra Loans. Shishu Mudra loans are limited to a maximum of INR 50000. Tarun Mudra Loans go from 500000 to 1000000, whereas Kishore Mudra Loans range from 50000 to 500000. The strategy was launched on April 8, 2015. This plan does not provide a set rate of interest. On Pradhan Mantri mudra loans, different banks charge different interest rates.
- During the previous six years, the Pradhan Mantri Mudra Loan Yojana has disbursed Rs. 14.96 lakh billion to 28.68 beneficiaries. This programme resulted in the addition of 1.12 crore employment between 2015 and 2018.
- This programme has benefited small businesses. In 2020-21, the government loaned 4.20 crore persons. For the fiscal year 2020-21, recipients will get 2.66 lakh crores until March 19, 2021.
- The PM Mudra Scheme accounted for about 88 per cent of child loans. Loans were received by 24% of new businesses. Women received 68% of loans, while members of the SC, ST and BACKWARD CLASSES received 51%. Approximately 11% of loans went to members of minority groups.
91% of Mudra Loans Have Been Disbursed Then,
during the first three quarters of 2020-21, 91 per cent of participants obtained loans. The Pradhan Mantri Mudra Loan Yojana would offer Rs. 1,62195.99 crore to 2.68 crore beneficiaries. Until January 8, 2021, 1,48,388.08 individuals received Rs from this sum. Between 2020 and 2019, banks, non-bank financial businesses, and microfinance organizations disbursed 97.6 per cent of loans. The receivers’ accounts have been credited with Rs 329684.63 and Rs 311811.38.
- Until November 2020, the Pradhan Mantri Mudra Loan Scheme has sanctioned a total of 1.54 loans worth Rs. 98,916.65 crore. On November 13, 2020, the recipients’ accounts were credited with Rs. 91936.62 crore.
- Mudra offers loans ranging from INR50,000 to INR1 million. Infant cover provides up to Rs.50,000 in loan. Juvenile Cover offers loans up to 500000, whereas Tarun’s category offers loans up to 1000000.
- As of January 31, 2020, the initiative has lent to about 22.53 crore individuals, 15.75 crores of whom were women. This represents 70% of all recipients. The government would offer Rs. 80 lakh in loans to assist MSMEs in surviving the COrona call. 2.05 billion Under the emergency credit line guarantee plan, a loan of Rs. 1.58 lakh billion has been extended till December 2020.