PM Mudra Yojana: Mantri Pradhan Shri Narendra Modi, our nation’s prime minister, launched the Mudra Loan Yojana. If any citizen wishes to launch his small enterprise, the PM Mudra Loan Yojana offers loans totalling ₹ 1000000 to the nation’s residents. By applying under the Mudra Yojana, you can easily acquire a loan of up to ₹ 1000000 if you have money or wish to expand your business. We will explain the application procedure for this scheme and the necessary paperwork in this article. You are asked to read this article through to the end to obtain all the information relating to the plan, including what it is, how to qualify for it, its benefits, and other details.
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Contents
Pradhan Mantri Mudra Yojana 2024
There’s excellent news for jobless inhabitants of the nation who wish to expand their businesses but haven’t been able to establish any yet because of financial constraints. Under the PM Mudra Loan Scheme, the government would now lend them up to Rs 10 lakh. There will be a loan. which will be sent straight to the recipient’s bank account. However, they must apply for the PM Mudra Loan Scheme to do this.
The loan obtained under the PM Mudra Loan Yojana can be used to launch a new venture or to grow an existing one. The residents of the nation who are still without a job as a result of their inability to get one will find great benefits from this programme. They can use this programme to get a loan so they can launch their firm. We will provide you with more details about it later on.
The amount provided so far under Pradhan Mantri Mudra Loan Scheme
| Financial year | PMMY loans sanctioned (in million) | Amount sanctioned (in Rs crore) | Amount disbursed (in Rs crore) |
| 2021-22 | 53.7 | 3,39,110 | 3,31,402 |
| 2020-21 | 50.7 | 3,21,759 | 3,11,754 |
| 2019-20 | 62.2 | 3,37,495 | 3,29,715 |
| 2018-19 | 59.8 | 3,21,723 | 3,11,811 |
| 2017-18 | 48.1 | 2,53,677 | 2,46,437 |
Details Of PM Mudra Yojana
| Name of Scheme | Prime Minister Mudra Loan Scheme |
| started by | By Prime Minister Narendra Modi |
| Beneficiary | people of the country |
| Objective | provide loan |
| Official Website | https://www.mudra.org.in/ |
The objective of PM Mudra Yojana
The primary goal of this programme is to assist the numerous individuals in the nation who desire to launch their own businesses but are unable to do so because of financial constraints. The Pradhan Mantri Mudra Loan Scheme was launched by the Central Government specifically for these individuals. Beneficiaries may take up a Mudra loan before 2024 to launch their own small business. And giving loans to people in a very simple way under this arrangement. By the Pradhanmantri Mudra Loan Scheme 2024, the nation’s citizens will have their goals fulfilled and will have the ability to fend for themselves.
Types of Pradhan Mantri Mudra Yojana
This programme offers three different kinds of loans.
- Shishu Loan: Loans up to ₹ 50,000 will be given to recipients of this kind of Mudra scheme.
- Kishore Loan: Benefactors will receive loans totalling between ₹50,000 and ₹500,000 under this kind of Mudra scheme.
- Loan amount: ₹ 500000 to ₹ 1000000 in loans would be given to the recipients of this kind of Mudra scheme.
Banks covered under the Mudra Scheme
- Allahabad Bank
- Bank of India
- Corporation Bank
- ICICI Bank
- j&k bank
- Punjab and Sindh Bank
- Syndicate Bank
- Union Bank of India
- Andhra Bank
- Bank of Maharashtra
- Dena bank
- IDBI Bank
- Karnataka Bank
- Punjab National Bank
- Tamil Nadu Mercantile Bank
- Axis Bank
- Canara Bank
- Federal Bank
- Indian Bank
- Kotak Mahindra Bank
- Saraswat Bank
- UCO Bank
- Bank of Baroda
- Central Bank of India
- HDFC bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- State Bank of India
- Union Bank of India
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Benefits of PM Mudra Loan Yojana
- Anyone in the nation who wants to launch a small business can apply for a PMMY loan.
- This programme will provide loans to the nation’s citizens without any security so they can launch their own businesses. Other than this, there are no fees associated with loan processing. Mudra Yojana allows for a maximum five-year loan payback extension.
- A Mudra card is given to the borrower, who can use it to make purchases for his business.
Documents Needed
- People starting small businesses and those who want to expand their small businesses can also apply for loans under this Pradhanmantri Mudra Loan Scheme 2024.
- The age of the person taking the loan should not be less than 18 years.
- Applicant should not be a defaulter in any bank
- Aadhar card
- PAN card
- Permanent address of application
- Proof of business address and establishment
- Balance Sheet of last three years
- Income Tax Returns and Self Tax Returns
- passport-size photo
The process to apply online under Pradhan Mantri Mudra Yojana
- To begin with, you must visit the Mudra Loan Yojana’s official webpage.
The process to login to Mudra Portal
- Your first step should be to go to Mudra Yojana’s official website.
- You may now be able to view the primary page.
- You want to choose the login button from the home page.
- You’ll now be prompted to enter your login, password, and captcha code on a new page.
- Clicking the login button is now required.
- Your login to the Mudra site will be possible in this manner.
How to apply for the Pradhan Mantri Mudra Loan Scheme Yojana?
- To apply for a loan under this plan, prospective beneficiaries should visit the closest government, private, rural, or commercial bank, among others, and apply together with all required paperwork.
- After that, fill out the loan application at the bank you wish to borrow money from.
- Once completed, send the form to the bank representative along with all of your supporting documentation.
- The bank will then grant you the loan within a month after reviewing all of your documentation.
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Faq’s for Pradhan Mantri Mudra Loan Scheme Yojana
Q: What is the maximum limit of Mudra Yojana?
Ans: Mantri Pradhan Under the Government of India’s Mudra Yojana initiative, small borrowers can obtain loans up to Rs. 10 lakh for non-farm revenue-generating enterprises from banks, MFIs, and NBFCs. Banks under the Micro Small Enterprises programme often offer loans up to ~ 10 lakh without the need for collateral.
Q: What is the PM loan scheme 2024?
Ans: There are three categories under the PMMY loan scheme: Tarun, Kishor, and Shishu. Loan amount: PM MUDRA 50000 rs (2024) (Shishu category) This indicates that you can obtain a loan of this kind for as little as ₹50,000. This loan is intended for those who own small enterprises or are considering launching a new venture.
Q: How many types of MUDRA Yojana are there?
Ans: Depending on the loan amount, Mudra loans come in three different forms: Shishu: Up to Rs. 50,000 in loans approved under the PMMY programme. Kishore: Loans up to Rs. 5 lakhs that are approved under the PMMY programme. Tarun: Up to Rs. 10 lakh in loans approved under the PMMY scheme.
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