Mudra loans are extended for various purposes which provide income and job creation. This loan is mainly extended for Micro Unit Transport Vehicle Loan by Mundra Loan Yojana 2022 Cards Equipment Finance for Business Loan for Vendors, Traders, Shoppers and other service sector activities.
Mudra Loan Eligibility Criteria
This loan is only for small businessmen. There is no exact criteria as such. But one thing is for sure you wont get loan if you have a high turnover. One more thing this loan is not for educational purpose, you cannot get this loan for buying a house. You can get a vehicle loan for buying commercial vehicle but not personal. As such all person above 18 years age can apply for Mudra Loan.
The Government of India has introduced a scheme called Pradhan Mantri Mudra Yojana (PMMY) to facilitate smooth flow of funds. By working under this scheme, companies can get financial assistance in the form of currency loans. And can fulfill their career related dreams. We will get all the information about who can avail the benefits of this scheme, what documents are required for it, etc. through this article.
What is Pradhan Mantri MUDRA Yojana?
Pradhan Mantri Mudra Yojana is a scheme launched only to help small scale companies in India to grow and reach success. The scheme was officially launched on April 8, 2015. And has been started to provide funding to small companies.
MUDRA stands for Micro Units Development & Refinance Agency. And mainly the non-profit and non-profit sectors help companies in financing. The company or individual seeking Mudra Loan can avail financial assistance up to Rs. 10,00,000 / -.
How can I get a PMMY loan?
For a loan under Mudra Yojana 505 (PMMY), you have to apply at a government or bank branch. If you want to start your own business, you need to provide home ownership or rent documents, work related information, support, page number and many more.
Starting a new business
Expansion and growth of existing business
Training as well as recruitment of competent staff
Purchase of machinery
To obtain working capital for the business
Purchase of commercial vehicles
Purchase of equipment
Benefits of Pradhanmantri Mudra Yojana
There are many benefits associated with a Mudra Loan scheme. Some of the benefits are mentioned below.
No collateral or third party security is required to avail Mudra Loan.
Mudra loan interest rate is very low and not more than 1% on a monthly basis.
Inside the Mudra Loan you are given a MUDRA Card which allows you to use the funds easily and there is no need to go to the bank.
Benefit of Pradhan Mantri Mudra Loan Scheme provided by Government of India is given for launching and promoting new businesses and industries. The following industries can apply for Pradhan Mantri Mudra Loan.
Shopkeepers
Business Vendors
Food production industry
Agriculture Sector
Small scale manufacturers
Repair Shops
Handicrafts men
Service Based Companies
Truck Owners
Self-employed entrepreneurs
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Eligibility Criteria of Pradhanmantri Mudra Loan Yojana
MSME’s Mudra loan for both rural and urban areas of India can be applied only if you meet the following criteria.
Age limit - 18 to 65 years
Loan amount - Shishu Yojana - up to Rs. 50,000 / -, Kishore Yojana - Rs. 50,000 to Rs. Up to 5 lakhs and Tarun Yojana - up to Rs. 10 lakhs
Type of industry - merchants, artisans, small scale manufacturers, store owners
Company Status - Shishu Yojana - Start of a new company, Kishore Yojana & Tarun Yojana - Extension of existing company
Loan term - 3 to 5 years
Key Features of PM Currency Loan
The following features of Pradhanmantri Mudra Loan set it apart from other government schemes.
The proceeds from this loan can be used to meet the working capital requirements of the borrowing company.
The main purpose of this is to serve industries engaged in manufacturing, trade and services.
Both existing and new companies can apply for PM Mudra Loan.
Anyone can apply directly online through Mudra website and Mudra App.
Mudra Loan Terms range from 3 to 5 years.
Enterprises are free to use the funds raised by Mudra Loan for purchase of equipment, purchase of machinery, expansion of business, recruitment of competent staff etc.
No collateral or additional security is required by third parties.
There are three schemes under Mudra Loan scheme which provide diversification.
Mudra Loan Form Kit [PDF]
- Application Form For Shishu [JPG File]
Banker's Kit: - Application form for Claiming Refinance [Docx File]
- Data Submission for Claiming Refinance [Docx File]
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