Mudra Bank Loan Yojana (PMMY) Details Online Apply

 

The Pradhan Mantri Mudra Yojana (PMMY) was launched by the Government of India in 2015 to provide financial assistance to small and micro-enterprises. The scheme’s objective is to promote entrepreneurship and create job opportunities in the country. Mudra loans are provided to non-corporate, non-farm small and micro-enterprises to support their business and growth.

The scheme offers loans up to Rs. 10 lakhs, which are divided into three categories: Shishu, Kishor, and Tarun. Shishu loans are provided to new entrepreneurs who require capital up to Rs. 50,000. Kishor loans are offered to enterprises that have established a track record and require capital between Rs. 50,001 and Rs. 5 lakhs. Tarun loans are provided to enterprises that require capital between Rs. 5,00,001 to Rs. 10 lakhs.

The Mudra loan scheme aims to provide a range of financial services to small and micro-enterprises, including term loans and working capital loans. The loans are provided by public sector banks, regional rural banks, state cooperative banks, private sector banks, microfinance institutions, and non-banking financial companies (NBFCs) that are recognized by the government.

 

Mudra Bank Loan Yojana (PMMY) Details Online Apply

 

To apply for a Mudra loan, you can follow the steps mentioned below:

Visit the official website of Mudra Bank Loan Yojana.
Click on the “Apply Online” option and select the type of loan you require.
Fill in the application form with all the necessary details, such as personal information, business details, loan amount required, etc.
Upload the required documents, such as identity proof, address proof, business plan, etc.
Submit the application form and wait for the loan to be approved.

Alternatively, the applicant can visit a bank or financial institution that is authorized to provide Mudra loans and apply for a loan offline. The bank or financial institution will provide the necessary assistance to fill out the loan application form and submit the required documents.

The repayment of Mudra loans is flexible, and the tenure can vary from one to five years. The interest rates for Mudra loans are competitive and depend on the lending institution and the type of loan. The interest rates can range from 8% to 12%, depending on the lending institution and the borrower’s creditworthiness.

In conclusion

The  Pradhan Mantri Mudra Yojana is a great initiative by the Government of India to support small and micro-enterprises. With easy access to credit, entrepreneurs can realize their dreams of starting and growing their businesses, contributing to the overall growth of the economy. Mudra loans have played a significant role in promoting entrepreneurship and job creation in the country, and the scheme is expected to continue to provide financial assistance to small and micro-enterprises in the years to come.

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