Under the Pradhan Mantri Mudra Yojana, loans are provided to those who want to start small enterprises. The scheme was launched in April 2015 by Central government. Under the PM Mudra Yojana, loan is provided to people want to who start their own business but are short of money. Generally, loans are given to vendors, traders, shopkeepers and other small enterprises through this scheme.
Under PMMY, loans can be taken for self-proprietors, partnerships, service sector companies and micro industries. Apart from this, loans can be taken for doing business related to food, business related to fruits and vegetables and business related to micro manufacturing firms.
Under PM Mudra Yojana, the government gives loans up to Rs. 50000 to Rs. 10 lakh to those who want to start their own business. The loan is available without guarantee and the repayment period can be extended up to 5 years. You can apply for the loan by going to any government or private bank.
Documents needed for PMMY loan
You will need two photographs, proof of identity, voter ID, driving license, PAN card, Aadhaar card, passport etc. Apart from these documents, the applicant also has to submit his business plan. He/she will have to provide information about project report, income source etc. for how you will repay the loan in future. This means that you have to prepare your business plan before applying for a loan.
PM Mudra Yojana: Categories under which loans are given:
Shishu: For loan amount up to Rs. 50,000
Kishor: For loan amount from Rs. 50,001 to Rs 5 lakh
Tarun: For loan amount more than 5 lakhs and up to Rs 10 lakh
Method to Apply for PM Mudra Yojana Loan
There are many banks that offers PM Mudra loan:
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Applicants must visit their nearest commercial or private bank
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Put forth his/her business plan
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Submit duly filled application form with documents
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Complete all the formalities & procedures by the bank
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After your documents gets verified, you will be given loan
Banks offering PM Mudra Loans
Direct Link to apply for SBI PM Mudra Loan
Bank of Baroda PM Mudra Loan
HDFC PM Mudra Loan
ICICI PM Mudra Loan
