What is Pradhan Mantri Mudra Yojana
The Pradhan Mantri Mudra Yojana (PMMY) was launched to provide financial support for the establishment of Micro Units Development and Refinance Agency (MUDRA) in the country. The initiative aims to encourage entrepreneurship among marginalized sections of society. Additionally, MUDRA Bank is also a part of the Skill India program by the government, emphasizing the creation of employment opportunities.
MUDRA Bank was established as a wholly-owned subsidiary of SIDBI Bank to financially support “unfunded” Micro, Small, and Medium Enterprises (MSMEs). It provides loans up to 10 lakh rupees to non-corporate, non-farm micro and small enterprises.
Micro Units Development and Refinance Agency Limited (MUDRA) is an NBFC that assists in the development of the micro-enterprise sector in the country. MUDRA extends financial assistance to banks/MFIs/NBFCs for providing refinancing support to micro-units requiring loans up to 10 lakh rupees.
Pradhan Mantri Mudra Yojana Loan
Under the PMMY (Pradhan Mantri Mudra Yojana), the Mudra scheme’s loans are categorized into three distinct segments. Each category is designed to provide specific financial assistance tailored to the needs of particular businesses. The PMMY scheme under the Mudra Yojana offers three types of loans
These categories, namely Shishu, Kishor, and Tarun, are crafted to facilitate and showcase the financial support interventions made by Mudra for the growth and development of micro-enterprises and entrepreneurs.
Shishu Mudra Loan:
This is an introductory-level loan that provides financial assistance up to Rs 50,000. This type of loan is accessible to almost any organization to fulfill its short-term financial needs. It serves as a quick source of financial support for addressing immediate financial requirements.
In line with the PMMY guidelines, Mudra has created products/schemes under the Shishu category. This category is named to signify the initial stages of growth and development for the beneficiary micro-unit/entrepreneur. It addresses the financial needs for the phases of growth and development and provides a reference point for the subsequent graduate/development stages.
Kishor Mudra Loan:
There is a more dynamic loan with an upper limit of Rs 5 lakhs. This loan can serve as the foundation for any small or micro-enterprise to enhance basic infrastructure or meet production requirements. It is designed to fulfill the immediate financial needs of small businesses.
Similarly, Mudra has interventions under the Kishor category, focusing on the adolescent stage of growth for the beneficiary. The interventions aim to support the financial requirements during this phase and act as a reference point for the next stage of graduation/development.
Tarun Mudra Loan:
Furthermore, it allows for a maximum credit amount of up to Rs 10 lakhs. In addition to that, this loan can effortlessly meet start-up funding requirements for small to medium-sized businesses. It acts as a convenient solution for the financial needs of startups in the small to medium business sector.
The Tarun category is designed for businesses in their youth or young adulthood stage of development. Mudra’s initiatives in this category aim to cater to the financial needs of businesses at this advanced stage and provide a reference point for the next phase of development.
Pradhan Mantri Mudra Yojana Online Apply
Now so many banks offer Mudra loan with different interest rate there you can apply online. following are some banks are listed for example:
- Oriental Bank of Commerce
- ICICI Bank
- Kotak Mahindra Bank
- Standard Chartered Bank
- Indian Bank
- State Bank of Patiala
- Bank of India
- Central Bank of India
- IDBI Bank
- Citibank
For example you can apply Mudra loan from Bank of Baroda click here
pradhan mantri mudra yojana application form
pradhan mantri mudra yojana application form online
What are the objectives of Mudra Yojana?
New Atal Pension Yojana Scheme Get up to Rs. 5000
E Shram Card get assured Rs. 3000 /- monthly pension
