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How to apply for PM Mudra Yojana

PMMY: Under the Pradhan Mantri Mudra Yojana, you can take a loan of up to 10 lakh rupees to start a small, small and micro business.

Pradhan Mandtri MUDRA Yojana: The scheme Pradhan Mantri Mudra Yojana (PMMY), launched to promote entrepreneurship and businesses in the country, has completed 6 years today. Since April 8, 2015, 28.68 crore loans amounting to Rs 14.96 lakh crore have been sanctioned through the scheme till date. At the same time, 4.20 crore loans have been approved in the year 2020-21, whose total value is 2.66 lakh crore rupees. According to the data of the Finance Ministry, loans have been taken on an average of Rs 52,000.

For which business will you get a loan of up to 10 lakhs?

If you want to set up a small manufacturing unit, food service, repair shop, food processing business, artisan or you are only a shopkeeper or selling vegetables and fruits, you can take advantage of Pradhan Mantri Mudra Yojana. This scheme is valid for both city and village places. You can take advantage of this scheme even if you want to expand your business.

PMMY: Under the Pradhan Mantri Mudra Yojana, you can take a loan of up to 10 lakh rupees to start your business. You can apply for loans for non-corporate and non-agricultural businesses of small, small and micro category. This loan is given for manufacturing, trading, service sector or any other business related to agriculture.

You can get loans from commercial banks, rural banks, small finance banks, micro finance companies, and NBFCs. The bank or NBFC cannot mortgage any goods or property as collateral for lending.

PMMY: Loans are available under three categories

The loan will be given according to the needs of your business. Under the scheme, if you take a loan of up to 50 thousand rupees, then it is considered to be in the infant category. Loans ranging from Rs 50 thousand to Rs 5 lakh fall in the Kishore category and loans ranging from Rs 5 to 10 lakh are counted in the Tarun category. In this, the government’s main focus is on the loan of the infant category.

How to apply?

PMMY: You can apply for these loans directly with the bank or NBFC. For the loan of Shishu category, only a one-page form has to be filled in which information such as your name, address, voter card or Aadhaar number, identity card, address of your home and business, etc. will have to be given. Your loan is processed within 7-10 days of this.

PMMY: New employment opportunities open

According to the survey conducted by the Ministry of Labor and Employment, 1.12 crore people have got employment opportunities between 2015 and 2018 through the Pradhan Mantri Mudra Yojana (PMMY). Out of 1.12 crore, 69 lakh jobs have been given to women, which is 62 percent of the total cases.

According to the data, 24 percent of these loans have been given to new entrepreneurs. At the same time, 68 percent loans have been given to women entrepreneurs. About 51 percent of the loans have been given to scheduled castes, scheduled tribes and other backward classes. About 11 percent of the loans have been given to individuals belonging to minority communities.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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