Tuesday, May 21, 2024
HomePersonal FinancePM Mudra Loan: Loan of Rs 10 lakh will be available without...

PM Mudra Loan: Loan of Rs 10 lakh will be available without guarantee, know how to apply

Loan is available under three categories in PM Mudra Yojana. Children, teenagers and young adults. These categories are decided based on the growth/development and funding needs of the beneficiary micro unit or enterprise.

PM Mudra Yojana: If you want to start your own business, but are short of money, then you can take advantage of the Central Government’s PM Mudra Yojana. Under Pradhan Mantri Mudra Yojana (PMMY), loans up to Rs 10 lakh are given to non-corporate, non-agricultural small or micro enterprises. These loans are called Mudra Loans. These loans are distributed by commercial banks, RRBs, small finance banks, MFIs and NBFCs. Customers can also apply for Mudra Loan online by visiting www.udyamimitra.in portal.

There are 3 categories in PM Mudra Yojana

Loans are available under three categories under PM Mudra Yojana. Children, teenagers and young adults. These categories are decided based on the growth/development and funding needs of the beneficiary micro unit or enterprise. Shishu Loan covers loans up to Rs 50,000. This category includes those entrepreneurs who are either in the initial stage or who still need less funds to start their business. Loans up to Rs 5 lakh are available in Kishore category. This category includes those entrepreneurs who have already started their business and want more money to expand their business. The third category is of Tarun Loan. It covers loans up to Rs 10 lakh. This is the highest amount given in Mudra loan.

How is business?

For Mudra Loan, your business should be one of the following:

Small Manufacturing Enterprise

Shopkeeper

Fruit and Vegetable Vendor

Craftsman/artisan

Farming related activities like fish farming, beekeeping, poultry farming, dairy, pisciculture, agricultural clinics and agribusiness centres, food and agro processing, etc.

How to apply for Mudra Loan

You can apply for Mudra loan by visiting the bank branch. Apart from this, you can also apply online by visiting Udyam Mitra portal www.udyamimitra.in. Here you have to register. After applying, your application will be visible to many lending institutions. To apply for Mudra Loan, important documents like address proof, ID proof will be required. The bank will give you a loan considering the assessment of your business, risk factors and your financial capacity.

Here are step-by-step guidelines to apply for PM Mudra loan online –

Step 1: Go to the PM MUDRA official website (https://www.mudra.org.in/) and then pick the Udyamimitra portal.

Step 2: Click on the Mudra Loan “Apply Now”.

Step 3: Choose one of these options: New entrepreneur, established entrepreneur, or self-employed professional, then provide the applicant’s name, email, and mobile number to create an OTP.

Step 4: Once enrolled, fill in the applicant’s personal and professional information.

Step 5: Choose hand-holding agencies if assistance is necessary with project ideas, etc.; otherwise, click “Loan Application Centre” and apply.

Step 6: Choose the type of loan you require: Mudra Shishu, Mudra Kishore, or Mudra Tarun.

Step 7: The applicant must next provide their firm details and the type of industry their business belongs to.

Step 8: Enter other information such as owner data, current banking/credit facilities, planned credit facilities, future estimates, and preferred lenders.

Step 9: Attach all of the needed papers, as mentioned above.

Step 10: Once the application is submitted, your application number will be created and you should keep it safe for future reference.

Apart from banks, Mudra loan will be available through these lending institutions:

  • State-run co-operative bank
  • Regional Sector Gramin Bank
  • Institutions offering micro finance
  • Financial companies other than banks
Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments