- Advertisement -
Home Personal Finance MUDRA Loan: 10 Lakh Loan Will Be Available From Prime Minister Mudra...

MUDRA Loan: 10 Lakh Loan Will Be Available From Prime Minister Mudra Yojana, You Will Have To Apply Like This

0

Micro Unit Development & Refinance Agency which is a lending institution. It comes under the Pradhan Mantri MUDRA Yojana of the Government of India.



The speed with which migration and unemployment has increased during the Corona crisis, hardly ever happened in the past. People lost their jobs due to the lockdown. Due to the closure of industries, people have had to leave them and return to their homes. In this opposite situation, if you want to start your own business, then the Pradhan Mantri MUDRA Yojana of the Modi government can prove to be a boon for you.

What is MUDRA Loan

MUDRA means Micro Unit Development & Refinance Agency which is a lending institution. It comes under the Pradhan Mantri MUDRA Yojana of the Government of India. Which was started in April 2015 to help the Ministry of Micro, Small and Medium Enterprises and help them grow their business. The main objective of this government scheme is ‘Fund the Unfunded’. The scheme provides loans up to Rs 10 lakh to non-corporate, non-farm sectors and micro or small enterprises.

Benefits of PMMY

Loan is given without guarantee under Pradhan Mantri MUDRA Yojana. Which has no processing charge. The loan repayment period in PMMY can be extended up to 5 years. After the loan is cleared, the concerned bank issues a Mudra card, with the help of which money can be withdrawn as per the requirement.

Get this loan from PMMY

The loans given under Pradhan Mantri MUDRA Yojana are divided into three categories.

  1. Shishu Loan – In this category you are given a loan of up to 50 thousand rupees to start your business.
  2.  Kishore Mudra Loan – In this category, a loan of up to Rs 5 lakh is given to increase the business already started.
  3.  Tarun Mudra Loan – The highest loan is available in this category. In this loan up to Rs 10 lakh is given to start and grow the business.

Interest Rate on PMMY

Under the Pradhan Mantri MUDRA Yojana, the loan interest rate has been fixed differently in each category. Also, it also depends on the time frame of the loan and the type of business of the borrower. By the way , the minimum interest rate in PMMY is 12 percent. Yes, if one takes a Tarun Mudra loan, then he will have to pay interest up to 16 percent.

Who will get MUDRA Loan

According to MUDRA, this scheme is for setting up and promoting non-corporate, non-farm sectors and micro or small enterprises. Under which proprietorship firms, service sector units, small manufacturing units, partnership firms, repair shops, fruit-vegetable vendors, machine operators, small industries, hotel owners, industries in rural and urban areas and food processing units etc. can take advantage.

Conditions for getting MUDRA Loan

1. The monthly income of the applicant for the loan should be more than Rs.17 thousand.
2. If the applicant does business, then his business should be at least 5 years old.
3. If the applicant wants to take a loan to start a business, then 2 years experience in the job is mandatory.
4. If the applicant enterprise wants to take Mudra loan, then it is mandatory for his business to have an annual income of Rs 15 lakh.

Documents Required for PMMY Loan

  • ID Proof like Identity Proof like PAN Card, Voter ID, Driving License, Passport etc.
  • Address proof such as ownership or rental documents, domicile certificate, other government approved ID
  • Information about machinery etc. for related business.
  • Business certificate and business address proof.
  • 2 years job experience certificate.
  • Caste certificate to the applicants falling under OBC, SC/ST categories.
  • Passport size photograph of the applicant.
  • Enclosed and signed application form with complete documents.

Note – Applicants should note that the documents and other formalities may vary as per the internal guidelines of the Bank. The above list only includes some of the required documents.

How to apply for MUDRA Loan

1. To take MUDRA Loan, first of all go to the official website of PMMY https://www.mudra.org.in/.

2. Click on Shishu, Kishor and Tarun according to MUDRA Loans.

3. After this you will get the option to download the MUDRA Loan form in PDF format.

4. After downloading the MUDRA Loan form, print it and fill it carefully.

5. After filling the MUDRA Loan form, submit it to the concerned bank.


7. The Field Officer of the concerned bank will share the necessary information with the applicant.

8. After the loan is passed, the bank will send you the MUDRA card.

9. After getting MUDRA card, you can withdraw money to start business.

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com

Exit mobile version