Mudra.org.in – The special thing about the loan available under PM Mudra Yojana is that three out of four people taking loans under this are women.
The Central Government has launched Pradhan Mantri Mudra Yojana (PMMY) to start small enterprises. Under this, people are given a small amount of loan to start their enterprise (business). This scheme was started in April 2015.
What is the purpose of Mudra Yojana (PMMY)?
The Central Government’s Mudra Yojana (PMMY) has two objectives. First, easy loan for self-employment. Second, to create employment through small enterprises.
If you are also facing the problem of capital to start your business, then you can make your dream come true with the PMMY of the Central Government.
The thinking of the government is that on getting easy loans, people will be motivated for self-employment on a large scale. This will also create a large number of employment opportunities.
Before the Mudra Yojana (PMMY), a lot of formalities had to be completed for small enterprises to take a loan from the bank. A guarantee had to be given to take the loan. Because of this many people wanted to start an enterprise, but were hesitant to take a loan from the bank.
Focus on Women
Pradhan Mantri Mudra Yojana (full name of PMMY is Micro Units Development Refinance Agency).
According to the website created for PMMY, loans worth Rs 228144 crore have been sanctioned under Mudra Yojana till 23 March 2018. The government has disbursed loans worth Rs 220596 crore till March 23 this year under the Mudra scheme.
What are the benefits of Pradhan Mantri Mudra Yojana (PMMY)?
Loans are available without guarantee under Mudra Yojana (PMMY). Apart from this, no processing charge is also charged for the loan. The loan repayment period under Mudra Yojana (PMMY) can be extended up to 5 years.
The borrower gets a Mudra card, with the help of which the expenditure on business needs can be done.
Who can take loan under Mudra Yojana (PMMY)?
Any person who wants to start his own business can take loan under PMMY. If you want to carry forward the existing business and need money for it, then you can apply for a loan of up to Rs 10 lakh under the Pradhan Mantri Mudra Yojana.
- Shishu Loan: Loans up to Rs 50,000 are given under Shishu Loan.
- Kishor Loan: Loans ranging from Rs 50,000 to Rs 5 lakh are given under Kishore Loan.
- Tarun Loan: Loans ranging from Rs 5 lakh to Rs 10 lakh are given under Tarun Loan.
What are the interest rates on Mudra Loan (PMMY)?
There is no fixed interest rate under the Pradhan Mantri Mudra Yojana (PMMY). Different banks may charge different interest rates for Mudra loans. The interest rate also depends on the nature of the business of the borrower and the risk involved. Generally the minimum interest rate is 12%.
How can you take PMMY loan?
For loan under Mudra Yojana (PMMY), you have to apply in a government or bank branch. If you want to start your own business, then you will have to provide many other documents including house ownership or rental documents, work related information, Aadhar, PAN number.
The branch manager of the bank takes information from you about the work. On that basis PMMY sanctions the loan to you. Depending on the nature of the work, the bank manager may ask you to prepare a project report.
For more details about PMMY you may visit this website: http://www.mudra.org.in/
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