Pradhan Mantri Mudra Yojana

Pradhan Mantri Mudra Yojana (PMMY) | Document Required | Int. Rate

The central government launched the Pradhan Mantri Mudra Yojana (PMMY) to start small enterprises. Under this, people are given small loan for starting their venture. This scheme started in April 2015.

If you want to start your business and are struggling with capital problems, then you can take a loan under Pradhan Mantri Mudra Yojana (PMMY). The condition for this is that you will get a loan of up to Rs 10 lakh only. Small business loans are given under Mudra Yojana (PMMY).

Even if you want to increase the current business, you can apply for a loan of up to 10 lakh rupees under the Pradhan Mantri Mudra Yojana (PMMY). Here in this article we are going to give you all important information related to PMMY.

What is the purpose of Pradhan Mantri Mudra Yojana(PMMY)?

Pradhan Mantri Mudra Yojana (PMMY) has two objectives.

  1.  Easy lending for self-employment.
  2. Creating employment through small enterprises.

If you  are facing the problem of money to start your business, then you can make your dream come true with the PMMY of the Central Government.

The government’s thinking is that people will be motivated for self-employment on a large scale if they get easy loans. Due to this a large number of employment opportunities will also be created.

Till the Mudra Yojana (PMMY), small enterprises had to complete a lot of formalities for taking loans from the bank. Guarantees had to be given to take a loan. Because of this, many people wanted to start an enterprise, but were reluctant to take loans from the bank.

Focus on women

The full name of the Pradhan Mantri Mudra Yojana (PMMY) is Micro Unit Development Refinance Agency. The special thing about Mudra Yojana (PMMY) is that three out of four people who take loans under it are women.

According to the website made for PMMY, loans worth Rs 228144 crore have been sanctioned under the Mudra Yojana till 23 March 2018. The government has disbursed loans of Rs 220596 crore under the Mudra scheme till 23 March this year.

What are the benefits of Pradhan Mantri Mudra Yojana (PMMY)?

Loans are provided without any guarantee under the Mudra Yojana (PMMY). Apart from this, no processing charge is also charged for the loan. In the Mudra Yojana (PMMY), the loan repayment period can be extended up to 5 years.

The borrower gets a Mudra card, with the help of which can be spent on business needs.

Three types of loans in Mudra (PMMY)

  1. Shishu Loans: under this Loans you can take up to Rs 50,000 rupees
  2. Kishore Loans: under Kishore Loan, Loans ranging from Rs. 50,000 to 5 lakh rupees
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  4. Tarun Loans: under Tarun loan, Loans ranging from 5 lakh to 10 lakh rupees .

What is the interest rates on Mudra Loans (PMMY)?

The rate of interest on loans taken under Pradhan Mantri Mudra Yojana (PMMY) is not fixed. Different banks may charge interest at different rates on the loan given under Mudra Loan (PMMY) scheme.

In fact, the interest rates on Mudra Loans (PMMY) depend on the nature of the business and the risk associated with it. Generally, the minimum interest rate on Mudra loan (PMMY) is 10-12 per cent per annum.

Whatever the interest rate of that bank will be at the time of taking the loan, you will get a loan according to that.

Suppose you have taken a Mudra Loan (PMMY) of two lakh rupees for your business from a bank at an interest of 10% per annum. Two months later, the bank raised the interest rates to 12 percent. This interest rate will not be applicable on your Mudra Loan (PMMY). You will have to repay the loan at the rate of 10% interest.

Any change in the interest rate by the bank or financial institution will not affect the loan already approved.

Normally, the interest rate on Shishu Mudra Loans (PMMY) up to 50 thousand rupees by the bank or financial institution is 10-12%.

The interest rate for loans above Rs 50,000 varies 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.

View bank name, interest rate and currency loan withdrawal period

Pradhan Mantri Mudra Yojana

Who can avail loans under Pradhan Mantri Mudra Yojana (PMMY)?

Any person who wants to start his business can take a loan under PMMY. If you want to carry on the current business and need money for that, then you can apply for a loan of up to 10 lakh rupees under the Pradhan Mantri Mudra Yojana (PMMY).

How can you take a PMMY loan?

For PMMY Loan , you have to apply to the government or bank branch.

If you want to start your  business,  you need to provide

  1.  The ownership or rental documents,
  2. Work related information,
  3.  Aadhaar,
  4.  PAN number and many other documents.

lets see process flow diagram :-

Pradhan Mantri Mudra Yojana


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1 thought on “Pradhan Mantri Mudra Yojana (PMMY) | Document Required | Int. Rate”

  1. Sanjeev kumar Jaiswal

    कृपया एक बार बैंक संपर्क कर के वस्तुस्थिति जान ले।

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