Pradhan Mantri MUDRA Yojana Benefits | Pradhan Mantri MUDRA Yojana Eligibility | Pradhan Mantri MUDRA Yojana Documents Required | How To Apply For Pradhan Mantri MUDRA Yojana Online | Pradhan Mantri MUDRA Yojana Online Registration: Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Indian government to provide financial assistance to small and micro-enterprises in the country. The scheme aims to provide loans to small business owners and entrepreneurs, with the goal of promoting entrepreneurship and job creation in the country. The scheme was launched in April 2015 by the Prime Minister of India, and is being implemented by the Micro Units Development and Refinance Agency (MUDRA).
The scheme is divided into three categories:
- Shishu: Loans up to Rs 50,000 are provided under this category.
- Kishor: Loans ranging between Rs 50,000 and Rs 5 lakhs are provided under this category
- Tarun: Loans above Rs 5 lakhs and up to Rs 10 lakhs are provided under this category.
The loans provided under PMMY are collateral-free and can be used for various purposes such as working capital, purchase of equipment, and expansion of existing business. The scheme is intended to help small and micro-enterprises that may not have access to traditional forms of financing and is available through various banks and other financial institutions in India.
Pradhan Mantri MUDRA Yojana Objective:
The main objective of the Pradhan Mantri MUDRA Yojana (PMMY) is to provide financial assistance to small and micro-enterprises in India. The scheme aims to promote entrepreneurship and job creation in the country by providing loans to small business owners and entrepreneurs, who may not have access to traditional forms of financing. The scheme aims to provide access to finance for small businesses and to help them grow and create new jobs. Additionally, the scheme also aims to increase the flow of credit to micro and small enterprises and to increase their share in the country’s GDP.
The scheme also aims to provide financial inclusion to micro entrepreneurs and low-income groups by providing easy and affordable credit to them. The scheme is intended to help small and micro-enterprises that may not have access to traditional forms of financing and is available through various banks and other financial institutions in India.
Pradhan Mantri MUDRA Yojana Main key Features:
The main key features of the Pradhan Mantri MUDRA Yojana (PMMY) include:
- Loans for Small and Micro Enterprises: The scheme provides financial assistance in the form of loans to small and micro-enterprises in India, with the goal of promoting entrepreneurship and job creation in the country.
- Three Categories of Loans: The scheme is divided into three categories – Shishu, Kishor and Tarun, which provides loans up to Rs 50,000, between Rs 50,000 and Rs 5 lakhs, and above Rs 5 lakhs and up to Rs 10 lakhs respectively.
- Collateral-Free Loans: The loans provided under PMMY are collateral-free, which means that small and micro-enterprises do not have to provide collateral for obtaining the loan.
- Multi-Purpose Loans: The loans can be used for various purposes such as working capital, purchase of equipment, and expansion of existing business.
- Easy and Affordable Credit: The scheme aims to provide easy and affordable credit to micro entrepreneurs and low-income groups by providing access to finance for small businesses and to help them grow and create new jobs.
- Implementation: The scheme is being implemented by the Micro Units Development and Refinance Agency (MUDRA) and is available through various banks and other financial institutions in India.
- Eligibility: Eligibility is based on the type of business, credit score, and income of the borrower and the specific criteria may vary across institutions.
Benefits of Pradhan Mantri MUDRA Yojana:
The benefits of the Pradhan Mantri MUDRA Yojana (PMMY) include:
- Access to finance: The scheme provides financial assistance in the form of loans to small and micro-enterprises in India, which can help to promote entrepreneurship and job creation in the country.
- Collateral-free loans: The loans provided under PMMY are collateral-free, which means that small and micro-enterprises do not have to provide collateral for obtaining the loan, making it easier for them to access credit.
- Multi-purpose loans: The loans can be used for various purposes such as working capital, purchase of equipment, and expansion of existing business, which can help small and micro-enterprises to grow and create new jobs.
- Easy and Affordable credit: The scheme aims to provide easy and affordable credit to micro entrepreneurs and low-income groups by providing access to finance for small businesses and to help them grow and create new jobs.
- Increased flow of credit: The scheme aims to increase the flow of credit to micro and small enterprises and to increase their share in the country’s GDP, which can help to boost the overall economy.
- Financial inclusion: The scheme aims to provide financial inclusion to micro entrepreneurs and low-income groups by providing access to finance for small businesses, which can help to reduce poverty and improve the overall well-being of the population.
- Three Categories: The scheme is divided into three categories – Shishu, Kishor, and Tarun, which provides loans up to Rs 50,000, between Rs 50,000 and Rs 5 lakhs, and above Rs 5 lakhs and up to Rs 10 lakhs respectively, that cater to the different needs of micro and small enterprises.
Pradhan Mantri MUDRA Yojana Criteria and Eligibility:
The criteria and eligibility for the Pradhan Mantri MUDRA Yojana (PMMY) may vary depending on the bank or financial institution that you apply to, but generally, the following criteria are considered:
- The scheme is open to small and micro-enterprises engaged in non-agricultural activities such as manufacturing, trading, and service sectors.
- The scheme is also open to individual entrepreneurs, Proprietorship, partnership firms, and small companies.
- The scheme is intended for businesses that have a turnover of up to Rs. 10 crores.
- The business should be in operation for at least 3 years.
- The borrower should have a good credit score and a stable income.
- The borrower should have a viable business plan and should be able to provide details of the business, including income and expenditure, and projected income and expenditure.
- The scheme is also open to individuals who are looking to start a new business.
It’s important to note that the specific criteria and eligibility for the scheme may vary across banks and financial institutions, so it’s best to check with the institution directly for more information. Additionally, there may be other additional criteria like GST registration, PAN card, and other documentations required by the lending institution.
How to apply for Pradhan Mantri MUDRA Yojana Online Registration:
The process for online registration for the Pradhan Mantri MUDRA Yojana (PMMY) may vary depending on the bank or financial institution that you apply to. However, generally, the process is as follows:
- Go to the official website of the Micro Units Development and Refinance Agency (MUDRA) or the corresponding bank or financial institution.
- Look for the online registration link for the Pradhan Mantri MUDRA Yojana.
- Fill out the online application form with all required personal and business-related information, and attach the necessary documents such as a valid ID proof, PAN card, GST registration, and Income proof.
- Submit the completed application form and wait for a confirmation of receipt.
- After the application is reviewed and approved, the applicant will be notified of the next steps to receive the loan.
It’s important to note that the process may be different for different banks and financial institutions, so it’s best to check with the institution directly for specific instructions on how to apply for the scheme. Additionally, it is recommended to check the interest rate and other terms and conditions before applying.