PM Loan Yojana 2024: Benefits, Documents, Online Apply, Bank List and Last Date

PM Loan Yojana; Mantri Pradhan Shri Narendra Modi, our nation’s prime minister, launched the Mudra Loan Yojana. If any citizen wishes to launch his small enterprise, the PM Mudra Loan Yojana offers loans totaling ₹ 1000000 to the nation’s residents. By applying under the Mudra Yojana, you can easily acquire a loan of up to ₹ 1000000 if you have money or wish to expand your business. We will explain the application procedure for this scheme and the necessary paperwork in this article. You are asked to read this article through to the end in order to obtain all the information relating to the plan, including what it is, how to qualify for it, its benefits, and other details.

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Pradhan Mantri Mudra Yojana 2024

Let us inform you that loans totaling Rs 1.75 lakh crore have been disbursed thus far from the Rs 3 lakh crore budget that the Central Government established for the Mudra loan. Under Mudra Yojana 2024, borrowers will not be required to pay any processing fees to obtain a loan. This plan provides a five-year extension on the loan payback time. To apply for a Mudra Loan under the Prime Minister Mudra Loan Scheme, citizens of the nation are issued a Mudra Card.

The objective of PM Mudra Yojana

The primary goal of this program is to assist the numerous individuals in the nation who desire to launch their businesses but are unable to do so because of financial constraints. The Pradhan Mantri Mudra Loan Scheme was launched by the Central Government specifically for these individuals. Beneficiaries may take up a Mudra loan before 2024 to launch their own small business. And giving loans to people in a very simple way under this arrangement. By the Pradhanmantri Mudra Loan Scheme 2024, the nation’s citizens will have their goals fulfilled and will have the ability to fend for themselves.

Mudra Loan Scheme Brief Description

Name of Scheme	Pradhan Mantri Mudra Yojana
who started	Pradhan Mantri Mudra Yojana
start of plan	08 April 2015
beneficiary	small businessmen
Loan	50000 to 10 lakh
official website	https://www.mudra.org.in/

How much loan will be available under Pradhan Mantri Mudra Loan Yojana?

To facilitate your loan application, let us first explain that the PM Mudra Loan Scheme offers three different loan types: Shishu Kishore, Tarun, and Shiha. It is discussed below.

• If you apply for a Shishu Loan and wish to take out a loan, you can get up to ₹50,000.
• You can acquire a loan of between Rs. 50,000 and Rs. 5 lakh if you apply for a loan like Kishore Loan.
• You can apply for a loan under the Tarun Loan program and receive a loan of between Rs. 5 lakh and Rs. 10 lakh.

Banks covered under Mudra Yojana

• Allahabad Bank
• Bank of India
• Corporation Bank
• ICICI Bank
• j&k bank
• Punjab and Sindh 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 Yojana

• sole proprietor
• partnership
• service sector companies
• micro industry
• repair shops
• truck owners
• food-related business
• Seller
• micro manufacturing form

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Benefits of PM Mudra Loan Yojana

• The country’s citizens will receive loans under this scheme with no payback requirements to create their businesses.
• Any citizen of the nation may apply for a PMMY loan if they intend to launch their own small business. There aren’t any other processing fees related to the loan. Loan payback terms may be extended under the Mudra Yojana for a maximum of five years.
• The borrower obtains a Mudra card, which he can use to make purchases for his company.

Documents Needed

• Under the Pradhan Mantri Mudra Loan Scheme 2024, individuals who wish to start a small business or who already have one can also apply for a loan.
• The age of the person taking the loan should not be less than 18 years.
• Applicant should not be a defaulter in any bank
• Aadhar card
• PAN card
• Permanent address of application
• Proof of business address and establishment
• Balance Sheet of last three years
• Income Tax Returns and Self Tax Returns
• passport-size photo

How to apply online for the loan under PM Mudra Loan Yojana

If you would want to apply online for a loan under the PM Mudra Loan Scheme, you can do so by following the steps listed below:

• You must first visit the PM Mudra Loan official website to submit an online application.
• This website’s home page presents you with three options: Shishu, Tarun, and Kishor.
• You must select the loan type you wish to take out by clicking on that link.
• The application form link for each option will appear in front of you as soon as you click on it.
• You must now click the download button in order to obtain the PM Mudra Loan Scheme application form.
• You must print the application form after downloading it.
• This is followed by carefully reading and filling out the application form with all the requested information.
• You must attach all required documents to the application form once you have filled it out entirely.
• This application must now be completed and sent to the bank that is closest to you.
• Following this, you will receive the PM Mudra Loan Scheme advantage once the bank staff has approved your application.

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FAQs

Q. What is the PM’s new loan scheme in 2024?

Ans: What is the new loan plan for PM 2024? With loans up to ₹ 10 lakhs, the PM MUDRA Loan Yojana supports small enterprises, including small stores. The PM MUDRA Loan 2024 has a generous payback period. Three categories—Shishu, Kishor, and Tarun—each designed to meet distinct business requirements, comprise the plan.

Q. What happens if the Mudra loan is not paid?

Ans: Civil Court Proceedings: To collect the unpaid amount owed to them, lenders are permitted to launch civil cases against defaulters. Court cases and associated costs for both parties may result from this.

Q. What are the three categories of mudra loan?

Ans: Three types of MUDRA loans are offered. ‘Shishu’ category loans for small businesses offer up to 50,000/-, while ‘Kishor’ category loans offer up to 5 lakh. Additionally, loans beyond 5 lakh and up to 10 lakh are available under the Tarun category.

Q. What is the last date for the PM loan scheme in 2024?

Ans: The deadline for applying to the PMAY Scheme and receiving a home loan subsidy is December 31, 2024.

@MAN