Hurry! Apply now and get 10 Lakh rupees easy loan! PM Mudra Loan Yojana

PM Mudra Loan Yojana: If you are a businessman or you want to establish your business set-up but you are struggling because of lack of money, then don’t worry it is the perfect time for you to complete your dreams in real life. Take 5 minutes from your daily busy life schedule and read this article carefully, because this article is specially for you. Our Honourable Prime Minister launched “PM Mudra Loan Yojana. As per the PM Mudra Loan Yojana, any person who wants to establish a new business can apply for a loan of 50 thousand to up to 10 lakh rupees at a very low interest rate.

To provide a sustainable livelihood to every citizen of India, the government is trying to focus on self-employment schemes. Rather than living your whole life in a job government is motivating people towards self-businesses so that they can establish their business model and provide jobs to other 

PM Mudra Loan Yojana
PM Mudra Loan Yojana

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PM Mudra loan Yojana objectives

By launching the PM Mudra loan Yojana, the government aims to provide business education and training to the young minds of India. The government aims to motivate people (especially the young generation) to establish their businesses. Despite this, the PM Mudra loan Yojana aims to provide best the resources to young minds. Providing loans with very low interest is a big part of this PM Mudra Loan scheme. According to the PM Mudra loan Yojana, people will get a good subsidy in the loan facility

From where to get the PM Mudra Loan Yojana

Any person in India can get a loan under the PM Mudra Loan Yojana from any government bank in India, even people can get loans from ICICI Bank, Axis Bank, HDFC Bank, Citi Union Bank, DCB Bank, Federal Bank, Indus Bank, Jammu and Kashmir Bank, Kashmir bank, Karnataka bank, KarunVeshya bank, Kotak Mahindra, Nenital bank, south Indian bank, IDFC bank, and yes bank. Even people can get loans from the Gramin Bank, Shekari Bank, non-banking financial companies, and microfinance companies. As per the PM Mudra Loan Yojana a person can easily get a loan for small to big works

The PMMY scheme is divided into 3 categories

  1. Shishu mudra loan
  2. Kishor mudra loan
  3. Tarun mudra loan

PMMY Shishu MudraLoan

Under the PMMY Shishu loan scheme, any person can get a loan of 50,000 rupees for the establishment of a small-scale business

PMMY Kishor Mudra Loan

Under this scheme a person can get a loan beyond 50000 to 5 lakh rupees, PMMY Kishor Mudra loan aim is to provide funds to middle-scale business

PMMY Tarun Mudra Loan

As per the PMMY Tarun Mudra loan, any person can get a loan beyond 50000 to 10,0000 rupees 

Covered activities under PM Mudra loan yojana

There are many activities which are covered under the PM Mudra loan Yojana

  1. Food production facilities and resources related to the food sector
  2. Transport facilities for either used goods or people
  3. Community-related, social, and personal-related activities
  4. Providing loans to the businessman and the shopkeeper
  5. Activities related to the textile production sector
  6. Activities related to agriculture
  7. Finance scheme for equipment

PM Mudra Loan Yojana eligibility

Any person in India having their business model and plan for service, agriculture, and manufacturing can apply for a loan. He can get a loan of up to 10 lakh rupees. To get a loan he can contact any government, public sector bank, rural regional rural bank (RRB), small finance bank (SFB), and microfinance institute

As per the rule and regulation of Mudra loan, the eligibility criteria for a person is given below

Minimum age:18 years  
Maximum age:65 years
Who can geta PMMY loan:The loan can be easily availed by new and old existing units
Security or collateralNo third-party security and no collateral are required
Required documentsIdentity proof, residence proof, application form, and passport-size photo

The benefits of the PM Mudra Loan Yojana

  1. Financial and banking services and support will be availed in the urban and rural areas both
  2. Even micro-small business start-ups can get financial backing
  3. A rural person can also take a small amount of loan for a small-scale business
  4. Financial aid and services will be provided to the remote areas of the nation
  5. The person can repay the loan in a long span of 7 years.

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All required documents for the PM Mudra Loan Yojana

Application formComplete the filled application form based on loan type
Identity proofPassport, Aadhar card, driving licence, voter ID card
Address proofElectricity bill, telephone bill, voter’s ID card and Aadhar card
Passport size photograph2 passport-size recent photo of the applicant
Caste certificateRequired only if applicable
Other documentsBusiness plan documents, quotation of the equipment, and commodity

PMMY Mudra card

After successfully applying for the PM Mudra Loan Yojana, the applicant will get a new account where all the loan money will be credited. With the account, the applicant will get a debit card type Mudra card. He can use it for buying commodities and the other required equipment

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