Pradhan Mantri Mudra Yojana or the PM Mudra Yojana is a government scheme that was released by the Hon’ble Prime Minister of India on April 08, 2015, for offering loans up to Rs 10 lakhs to nonfarm, non-corporate small, or micro-entities.
PM Mudra Yojana: An Overview
Under the PM Mudra Yojana, loans are offered by the commercial banks, Small Finance Banks, RRBs, MFIs, and NBFCs. But among them PM Mudra loan SBI is the most popular. The person willing to borrow money can approach any of the lending entities that have been mentioned above or can also apply online from their official website www.udyamimitra.in.
Under the aegis of PMMY, Mudra has formed three categories of products which are ‘Shishu’, ‘Kishore’ and ‘Tarun’ to mark the stages of development or growth and the funding requirements of the beneficiary micro unit or entrepreneur and also offer a point of reference for the later phase of growth or graduation.
Aim Of PM Mudra Yojana
To make sure that all people in the nation get work, the central government of India is emphasizing more on self-employment than offering jobs. Instead of spending a complete life on a job, the central government offers many schemes for people to start their own businesses and can also offer employment to others in the country. Their purpose is to offer employment that is related to training, encouragement, offer market and offer financial aid to formulate employment.
In PM Mudra Yojana loans are offered for small to big businesses. As per the statistics, under this scheme loans up to Rs.1,23,425.40 crore have been offered so far in the financial year of 2021-22. PM Loan Scheme online apply from their website and if you want to apply offline then you can visit any of the above mentioned banks.
Now let us come to the Mudra loan eligibility. Under the Shishu Mudra Scheme, arrangements have been made to offer a loan of up to Rs 50,000 to an individual for small work life like opening a shop, operating a business on street vendors. Under this scheme, small artisans, manufacturers, shop keepers, vegetable and fruits sellers, people who are connected to agricultural activities can apply for this loan.
Mudra loan is offered for one year and if the borrower keeps repaying this loan at the proper time, then the rate of interest levied on it is also waived. You will get the Pradhan Mantri Mudra Yojana application form online on their website. Mudra loan documents will be mentioned on their official website.
Steps To Apply For PM Mudra Yojana
Let us quickly have a look on hope you can apply for this loan in a few easy steps.
Step 1: Download the application for loan form from the official website of the bank.
Step 2: Fill in the application form with the needed details
Step 3: Submit the form of the application along with all the necessary documents
Step 4: A representative from the bank will connect with you to move forward with the loan formalities
Step 5: Once the application for the loan form and attached documents are taken forward and verified, your loan shall be approved and then disbursed by the financial institution.
No guarantor is needed to apply for the loan under the PM Shishu Mudra Loan Scheme. Nor are there any filing fees to be paid. Yes, there is one thing that must be kept in mind while applying for this loan and that its interest rates may be varied in varied banks. It varies on the banks.
Nonetheless, there is an interest rate of 9% to 12% every annum under this PM Mudra Yojana scheme. So if you meet the eligibility criteria then Pradhan Mantri Loan Yojana 2021 apply online now.