Mudra Yojana 2024: Objective, Benefits, Features, Eligibility, Apply Online, Interest Rates and Rules

Mudra Yojana: The nation’s entrepreneurs are receiving help from banks to launch their businesses at favourable interest rates through the Pradhan Mantri Mudra Yojana. On April 8, 2015, our nation’s prime minister, Shri Narendra Modi, launched the Pradhan Mantri Mudra Yojana. Under the Pradhan Mantri Mudra Yojana, any eligible beneficiary who wishes to launch his own business and obtain bank financing to expand it may apply. We will cover all the details of this plan today, including eligibility, documentation requirements, and registration process. In this post, we’ll share with you our applications, etc.

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Pradhan Mantri Mudra Yojana 2024

The Pradhan Mantri Mudra Yojana offers individuals who wish to launch and grow their own businesses a loan of up to Rs 10 lakh from the central government. To accept a Mudra loan and Mudra credit, no guarantee is needed. The loan’s repayment time has been extended by five years. The Pradhan Mantri Mudra Yojana is divided into three categories: Tarun Loan, Kishore Loan, and Shishu Loan. Up to March 2019, 18.87 crore people were enlisted in the scheme by the government, and Rs 9.27 lakh crore have been allotted thus far.

So far, almost 47 lakh small and novice entrepreneurs have received loans worth Rs 27.75 lakh rupees under the Pradhan Mantri Mudra Yojana. The government offers up to Rs 10 lakh in loans under this initiative, which can be used to launch a new venture or grow an existing one. The Central Government introduced the Pradhan Mantri Mudra Yojana in the 2015–16 fiscal year. Data from the government indicates that loans of Rs 1.32 lakh crore were disbursed during this fiscal year. This sum rose to Rs 1.75 lakh crore in the 2016–17 fiscal year. During the fiscal year 2022–2023 the government disbursed loans under this plan totaling Rs 4.50 lakh crore. During the fiscal year 2023–2024, the quantity of Pradhan

Information about Pradhan Mantri Mudra Yojana

Name  of Scheme	Pradhan Mantri Mudra Loan Yojana
Launched by	Shri Narendra Modi
The year 2015	Year 2015
nodal agency	Micro Units Development and Refinance Agency
Beneficiary	Small and Medium Entrepreneur Startups
Target	to empower
loan amount	Maximum Rs 10 lakh
application system	Online
The year 2015	Available now
Type of scheme	Central Govt. Scheme
Launched by	https://www.mudra.org.in

The objective of Pradhan Mantri Mudra Yojana

The Government of India is offering financial assistance to those citizens who wish to launch their own businesses but are unable to do so because of financial limitations. Through the Pradhan Mantri Mudra Yojana, the government is making the beneficiaries self-sufficient and empowering them. By providing the necessary funding through this programme, beneficiaries are to be encouraged to launch their own businesses.

Types of Mudra Loan

• Shishu Loan: The bank would provide a loan of up to Rs 50,000 under this scheme.
• Kishore Loan: The bank will provide loans under this programme that range from Rs 50,000 to Rs 5 lakh.
• Tarun Loan: The bank would provide loans under this scheme that range from Rs 5 lakh to Rs 10 lakh.

Beneficiary of PMMY 2024

Year	No of beneficiary	Amount
2015-16	3.48 crore	1. 37 lakh crore
2016-17	3.97 crore	1.80 lakh crore
2017-18	4.81 crore	2.53 lakh crore
2018-19	5.98 crore	3.21 lakh crore
2019-20	64.12 lakh	34602.7 crore
Total	18.87 crore	9.27 lakh crore

Benefits of Pradhan Mantri Mudra Yojana

• The nation’s business owners will profit from this initiative.
• It helps the nation’s entrepreneurs launch their own businesses by assisting them in obtaining bank loans at favourable interest rates.
• The bank is lending up to Rs 10 lakh on behalf of the Central Government under the Pradhan Mantri Mudra Yojana.
• There are no guarantees required in order to apply for a loan under this programme.
• People in the nation can use this programme to launch their own businesses by applying for government loans.

Features of Pradhan Mantri Mudra Yojana

• Our nation’s prime minister, Shri Narendra Modi, introduced the Pradhan Mantri Mudra Yojana on April 8, 2015.
• Loans up to ₹1000000 are given to small and micro firms that are not related to corporations or agriculture through this plan.
• Mudra Loan is the name of the loan offered under the Pradhan Mantri Mudra Yojana.
• Commercial banks, small financing banks, non-banking financial entities, etc. are the providers of these loans.
• Three different loan types are offered under this scheme: Shishu, Kishor, and Tarun loans.
• Shishu Loan offers up to ₹50,000 in loans.
• Loan amounts under Kishore Loan range from ₹50,000 to ₹500,000.
• Loan amounts under Tarun Loan range from ₹ 500000 to ₹ 1000000.

Credit providing activities

Pradhan Mantri Mudra Yojana provides Mudra loans to create jobs and revenue. The following uses for this loan are covered.

• Business loans for retailers, merchants, sellers, and other service industry businesses.
• Loan for Working Capital via Mudra Card.
• financing for microunits’ equipment.
• Transport vehicle loans are limited to commercial use.
• loans for non-agricultural, agriculturally linked businesses that generate income, such as fish and poultry farming, beekeeping, etc.
• The tractor was a loan for a two-wheeler used only for business, along with Taylor’s.

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Required Documents (Eligibility) of Pradhan Mantri Mudra Yojana

• The age of the applicant applying should not be less than 18 years.
• Aadhar card
• applicant’s identity card
• Driving License, PAN Card
• Voter ID Card
• previous year’s balance sheet
• Sales Tax Return, Income Tax Return
• Postal address
• mobile number
• bank account

How to apply for Pradhan Mantri Mudra Yojana 2024?

The procedures listed below must be followed if you wish to apply for a bank loan under the Pradhan Mantri Mudra Yojana to launch your own business.

• The application form must be obtained from the relevant bank and filled out to apply under this plan.
• After that, you must fill out the application form with all the requested information, including your name, address, phone number, and Aadhar card number. You must also attach all supporting documentation and send the form to the relevant bank.
• The loan money will then be sent into your bank account within a month after the bank official has verified your application and any supporting documentation.
• Your application will be finished in this manner, and you will be able to use the loan money to launch your own company.

Process to login to PMMY portal

• You must first visit the Pradhan Mantri Mudra Yojana’s official website.
• It will now publicly emerge in front of you at your house.
• You will next need to click on the PMMY Portal login page.

• Now the login form will open in front of you in you will have to log in by filling in the username, password and captcha code.
• In this way, you will be able to login to the PMMY portal.

Helpline Number

In this ID post, we have given you all the pertinent facts on the Pradhan Mantri Mudra Yojana. If you continue to experience issues, calling the toll-free hotline will help you resolve them. Alternatively, you may send an email. By following the instructions above, you may find the toll-free number. The email address is as follows.

• Email Id- help@mudra.org.in

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Faq’s for Pradhan Mantri Mudra 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.  How many days it will take to get a MUDRA loan?

Ans: For a mudra loan, you can receive online digital loan approval in less than an hour. Your selected lender should ideally release the loan within seven to eight business days. It’s the simplest and fastest way to get a loan without putting up any collateral.

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.

@MAN