Mudra Loan Yojana: The Pradhan Mantri Our nation’s prime minister, Shri Narendra Modi, launched the Mudra Loan Yojana. Loans of ₹1000000 are being given to the nation’s inhabitants as part of the PM Mudra Loan Yojana. By applying under the Mudra Yojana, any person who wishes to launch or grow a small business can easily obtain a loan of up to ₹ 1000000. We will explain the application procedure for this plan, the required paperwork, the eligibility requirements, the perks, and other details in this post. You are kindly asked to read this article through to the finish in order to obtain all relevant information about the project.
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Contents
Pradhan Mantri Mudra Yojana 2024
Let us inform you that the central government prepared a budget of Rs 3 lakh crore for Mudra loans, of which Rs 1.75 lakh crore have been disbursed thus far. Those who wish to apply for a loan will not be required to pay any processing fees as long as Mudra Yojana 2024 is implemented. The loan repayment period has been extended by five years under this arrangement. The nation’s citizens are granted a Mudra card under the Pradhan Mantri Mudra Loan Yojana, enabling them to apply for Mudra loans.
The BJP government unveiled its manifesto and made several significant announcements prior to the Lok Sabha elections, one of which was for aspiring young entrepreneurs. The BJP declared in its manifesto that it has complete faith in the entrepreneurial spirit of our young people. We will expand loan programmes like Mudra to give young people the money they need to launch a business. The loan cap under the Mudra plan would rise to Rs 20 lakh the next time, from Rs 10 lakh. In addition, it is stipulated that only borrowers who fulfil their obligations under the terms of the Tarun loan will be eligible for subsequent loans totalling up to Rs 20 lakh.
Details Of PM Mudra Loan Yojana
| Name of Scheme | Prime Minister’s Mudra Loan Scheme |
| Started by | By Prime Minister Narendra Modi |
| Beneficiaries | Country People |
| Objective | Providing loans |
| official website | https://www.mudra.org.in/ |
Purpose of PM Mudra Yojana
This scheme’s primary goal is to help the many people in the nation who wish to launch their own businesses but are unable to do so because of a lack of funding. The central government launched this programme specifically for them. Beneficiaries of the Pradhan Mantri Mudra Loan Scheme 2024 may use a Mudra loan to launch their own small business. Furthermore, this scheme simplifies the process of lending money to individuals. The Pradhanmantri Mudra Loan Scheme 2024, to enable the nation’s citizens to realise their dreams and become independent and self-sufficient.
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Types of Pradhan Mantri Mudra Yojana
This programme offers three different kinds of loans.
- Shishu Loan: The recipients of this kind of Mudra scheme would receive loans up to ₹50000.
- Kishor Loan: The recipients of this kind of Mudra plan will receive loans in the amount of ₹50000 to ₹500000.
- Tarun Loan: The recipients of this kind of Mudra plan will receive loans in the range of ₹500000 to ₹1000000.
Banks covered under the Mudra Scheme
- Allahabad Bank
- Bank of India
- Corporation Bank
- ICICI Bank
- J&K Bank
- Punjab & Sind 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
Beneficiaries of PM Mudra Loan Yoajana
- Sole Proprietor
- Partnership
- Service Sector Companies
- Micro Industries
- Repair Shops
- Truck Owners
- Food Related Business
- Vendors
- Micro Manufacturing Forms
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Benefits of PM Mudra Loan Yojana
- Any citizen of the state can also follow for a PMMY mortgage in the event that they desire to launch their own small commercial enterprise.
- The United States’s citizens will receive loans beneath this programme without compensation phrases to be able to release their very own corporations. similarly, there are no further costs associated with the borrowing. beneath the mudra plan, the loan payback length may be prolonged for a maximum of five years.
- The borrower gets a Mudra card, which they are able to use to pay for agency expenses
Eligibility for PM Mudra Loan Yojana
The requirements listed below should help you decide if you wish to apply for a loan under the Pradhan Mantri Mudra Loan Scheme. Citizens who meet these requirements are eligible to apply for PM Mudra Loans.
- Natives of India are eligible to apply for PM Mudra Loan.
- This loan is made available to citizens wishing to set up self-employment.
- For this, the applicant’s previous transaction record should be good and the CIBIL score should be more than 650.
- If the applicant is 18 years of age or above, then he can take a PM Mudra Loan.
Documents required for PM Mudra Loan Yojana
Whether you wish to start your own company or grow an existing one, you must secure funding. To do this, you can apply for a PM Mudra Loan, but in order to be approved, you must have the necessary paperwork:
- KYC Documents: Voter ID Card, Aadhar Card, Driving License, Passport, PAN Card, Utility Bill (Water/Electricity Bill) etc.
- Caste Certificate
- Last 6 Month Bank Statement etc.
How to apply online under PM Mudra Loan Yojana
The PM Mudra Loan Scheme is open to interested individuals of the nation who wish to apply online for a loan to launch their own business. You can find detailed instructions on how to apply for this loan below.
- You must first visit PM Mudra Loan’s official website in order to submit an online application.
- You must select “Shishu Loan,” “Tarun Loan,” or “Kishore Loan” from the list of possibilities after accessing the official website, depending on your needs.
- After that, the PM Mudra Loan Yojana application will appear on your smartphone.
- This application form needs to be downloaded to your device now.
- Following the download, you must print this form.
- It is now your responsibility to thoroughly fill out this application form with all the requested information.
- Once you’ve completed this, you need to submit the form to the closest bank by attaching the required paperwork.
- The bank will then confirm whether or not your application is accurate.
- After verification, you will receive the benefits of the PM Mudra Loan in a matter of seven to ten days if all the information and documentation are deemed to be accurate.
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FAQs
Q. When did Mudra Loan start to operate?
Ans: The Hon’ble Prime Minister introduced the Pradhan Mantri Mudra Yojana (PMMY) on April 8, 2015, with the goal of lending up to ₹ 10 lakh to small and micro companies that are not related to corporations or agriculture. Under PMMY, these loans are categorised as Mudra loans.
Q. Can someone without a job apply for a loan?
Ans: If I work for myself, can I still obtain a personal loan? Yes, you can obtain a personal loan with ease if you work for yourself. If you can offer a bank statement and confirmation of your monthly income, you can get a personal loan for self-employment.v
Q. Which bank is providing loans for Mudra?
Ans: We would like to inform you that the Canara Bank Mudra loan has an interest rate as low as 9.85% and a maximum loan amount of Rs. 10 lahks.
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