Pradhan Mantri Mudra Yojana is an Indian scheme launched under Mudra Bank. It was launched by the current Prime Minister of India, Narendra Modi, in New Delhi on 8 April 2015. Complete Name of Mudra Yojana is Micro Unit Development & Refinance Agency.
Pradhan Mantri Mudra Yojana ?
Mudra Yojana is a government scheme to give loans to small businessmen (SMEs). There are many kind of Loans like Home Loan, Education Loan, Gold Loan, Business Loan. Depending on your Requirements you can take your loan.
Using Mudra Yojana entrepreneur can easily take Business Loan from the government. Under this Mudra Loan Scheme, financial assistance is given in the form of capital to small entrepreneurs and industries. This scheme has also been named as Pradhan Mantri Mudra Yojana (PMMY). There are other Companies who provide loans. Some of them are: Manappuram Gold Loan, Muthoot Finance Gold Loan.
Earlier small entrepreneurs or businessmen used to face problems in getting loan. It used to make them difficult to start a business or to expand their business. But even then it was not sure whether the entrepreneurs would get loan or not. To solve this problem, Prime Minister Mudra Loan Scheme has been started by Prime Minister Narendra Modi. This Yojana made easy for entrepreneur to get loan easily.
The objective of starting this scheme by the government is that more and more people. It will create employment and provide employment to other people.
Under Pradhan Mantri Mudra Yojana / Mudra Yojana, you can take a loan. You can start your new business / industry or to expand your old business / industry. Under Pradhan Mantri Mudra Loan Scheme, you can get a loan of up to 10 lakhs easily. You can take Mudra loan from any commercial bank.
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Under Pradhan Mantri Mudra Yojana / Mudra Yojana, you can avail services like term loan, overdraft facility or cash credit. This Mudra scheme will also boost employment in the country.
The motto of the government to start this scheme is that, through the Mudra Scheme, if an entrepreneur takes a loan to start his business / business they would provide employment to at least three-four more people. This will reduce the number of unemployed people in the country and GDP will Grow.
Do You Know : What is MSME Loan
Who can apply for loan under Pradhan Mantri Mudra Yojana ?
- Proprietorship firm
- Partnership firm
- Small manufacturing unit
- Service sector unit
- Fruit and vegetable seller
- Truck / car slick
- Hotel owner
- Repair shop
- Machine operator
- Small scale industries
- Food processing unit
- Other rural and urban industries
Also Read : Home Credit Loan
What should be the qualification for taking a Pradhan Mantri Mudra Loan / Mudra Loan ?
- Whoever wants to apply for the Prime Minister’s Mudra Loan, must be a citizen of India.
- The citizen can apply for taking a Prime Minister’s loan. Who wants to take loan for non-agricultural business.
- Mudra loan can be applied only by citizens who do not have any corporate body.
- If any entrepreneur wants to grow his business, he can apply for a loan through this scheme.
- The monthly income of those applying for Pradhan Mantri Mudra loan should be more than Rs 17,000 only then you will be able to take advantage of this scheme.
- To get a loan under this scheme, the annual turnover of the applicant should be Rs 15 lakh.
- If any person wants to start his own business, then to get a loan under this scheme, the applicant has worked for at least two years only then you will be eligible to take this loan.
- If an entrepreneur wants to take a loan under Pradhan Mantri Mudra Loan to increase his business, then it is necessary for him that he has been doing business for the last five years.
- At the time of applying for the Pradhan Mantri Mudra Loan, the applicant who took the Mudra loan has been living there for at least one year on the proof given for residence.
- But if the residence address of the applicant is less than one year, then the applicant must have at least one year old relationship with the bank
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Mudra Loan Interest Rate
The rate of loan taken under Mudra Yojana is not fixed. Different banks are charging different rates of interest on the loan given under this scheme. The interest rates on Pradhan Mantri Mudra Loans (PMMY) depend on the nature of the business and the risks involved. Actually, the minimum interest rates on Mudra Loans (PMMY) are 10-12 per cent per annum. While taking Mudra loan, you will have to take a loan at the same interest rate on whatever Mudra loan of the bank.
Suppose an entrepreneur has taken a Mudra loan (PMMY) of two lakh rupees from a bank at the rate of eight percent interest to increase his business. And after two months, the bank raised its interest rates to ten percent. So in this situation this interest rate will not be applicable on your Mudra Loan (PMMY). You have to repay the loan at the rate of eight percent interest only. Any change in interest rates by banks or financial institutions lending will not affect the loan already sanctioned.
Interest rates for loans above Rs 50,000 vary from bank to bank. Under Mudra Loan (PMMY), the interest rates are determined on the basis of loan amount and repayment period etc. The interest rate of Mudra Loan can be up to 12-18 percent according to the bank.
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What are the types of Pradhan Mantri Mudra Loans ?
Shishu Loan: Under Shishu Loan, any applicant can take loans up to Rs 50,000.
Kishore Loan: Under Kishore Loan, any applicant can take a loan ranging from Rs 50,000 to Rs 5 Lakh.
Tarun loan: Under Tarun loan, any applicant can take a loan between 5 lakh to 10 lakh rupees.
Some important documents for taking a Pradhan Mantri Mudra Loan
- Identity proof of applicant
- Residence proof of applicant
- Two passport size photographs of the applicant
- Applicant Business Certificate
- Proof of Applicant’s Business which has the business Address in it and Business Enterprise Copy
- Applicant should not be defaulter in any bank while applying for Mudra loan.
- Applicant’s last 6 months bank account statement
- Applicant’s last 2-year balance sheet In Case of Rs.2 Lacs and above
- Applicant must have his certificate
Also Read : What is Education Loan
How to apply for loan through Pradhan Mantri Mudra Yojana / Mudra Yojana ?
To take a loan under Pradhan Mantri Mudra Yojana / Mudra Yojana (PMMY), you have to apply to a branch of a government bank or to a lending financial company.
If you want to start your own business by taking a loan from the Mudra Loan Scheme, then you will have to provide the ownership or rental documents, work related information, Aadhaar, PAN number and many other documents.
On the website of Mudra Yojana, you will get the details of all those banks through which Mudra loans are being given. You can also download the online form from the official website of Pradhan Mantri Mudra Yojana.
To apply for Pradhan Mantri Mudra Yojana, apply through the official website of Mudra Loan https://www.mudra.org.in/ or other website https://www.psbloansin59minutes.com. By applying through this website in just 10 minutes, you will know whether you will get a loan or not.
Here we will know how to apply for taking a Mudra loan from https://www.psbloansin59minutes.com
First of all, you have to open the link by clicking on the link of website https://www.psbloansin59minutes.com.
On the homepage of the website, click on the option of register made on the right side.
Here, you have to fill the applicant’s name, email ID, mobile number. An OTP will come on whatever mobile number you fill here, you have to fill that OTP in the box containing the OTP, click the proceeding option below by putting a check sign in the box in front of I Agree.
Now a new page will open in front of you, to protect your account. You have to create a password of number eight and then click on the option of proceeding.
Now a new page will open again. Here you have to tell us what work you are taking your loan for personal loan, home loan, auto loan, or business loan. Here we are applying for a business loan, so we have to click on the option of business loan.
Now a new page will open in front of you. Here you will have to fill the step by step correct instruction according to yourself.
- If you have GST number or not,
- whether you fill IT-R file or not,
- you have bank statement for the last six months etc.
Now, you have to read all the terms and conditions. Once you have read everything click on the option of Agree by ticking it in the box below.
Here, a new page of the form will open in front of you. If you do not have a GST number, then you have to go to scroll the page and fill the form.
Here you have to tell by what name your business is registered. Information like:
- what is the PAN card number?
- when the business has been started?
- information about the city or state.
then after coming down a little, you get your business monthly voice in Please provide information.
After filling all this information, you have to click on the submit button.
Now again a new page will be open in front of you. Here you have to fill the last three years of IT-R-Tail.
If you have the detail of ITR, then click on choose file upload and in turn it will be uploaded for all years and click on submit.
But, if you do not have the file of ITR, then you can proceed directly by clicking on the option shown below and click here.
Now again a new page will open in front of you, here you will have to tell about the complete address of your business, after that when you scroll down and come down.
Here you have to fill the financial details of your business, after filling all these information Click on submit button
On this page, you have to fill the complete details of your bank statement, then click on the proceeding option given below.
Now again a new page will open in front of you. Here you will have to tell what kind of business you are.
Have you ever taken a loan under any scheme, after filling all these information. You have to scroll down and here you have to fill all the information about yourself.
If you have a business partner and then scroll down and submit the options given below. Click on it.
Now a new page will open in front of you. Here you have to give step by step information about the industry of your business, sector, how much loan you have, etc. and then scroll down and come down and click on submit option.
Here a pop-up will open in front of you, after filling it, you have to click on submit option.
Here, you have to fill a registered email id and the OTP on it. It should be filled in the box of the OTP below. And click on the option of way refining.
Here you have to choose the bank branch based on your address.
After that, the names of those banks will be visible in front of you. Through which banks you can get a loan. click on the proceeding option in front of any bank you want to take a loan.
Now an approval certificate will appear in front of you. Here you can see all the information of the bank where your loan has been refined, now click on the option of process given below.
Here you can see the status of your loan. As soon as the bank approves your loan, it will be green here.
After that you can go to the bank and get your loan transferred to your bank account.
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In this article, we have given you complete information about the Pradhan Mantri Mudra Yojana,
- what is the purpose of the government behind this scheme
- who can avail the benefit of this scheme
- who should you take advantage of this scheme
- documents will be required
and we have explained step by step in this article about how you can apply to take advantage of this plan. Even now if you have any kind of confusion about this then you can ask by commenting. If you like this article, then share it with others so that they too can get complete information about this scheme.
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