Pradhan Mantri Mudra Loan Yojana- Financeseva
Pradhan Mantri Mudra Loan Yojana
Pradhan Mantri MUDRA Yojana is initiated by Hon’ble Prime Minister on 2015 with the aim to support financial assistance to micro & small enterprises.
How To Make Use Pradhan Mantri MUDRA Loan Yojana (PMMY)
What is Pradhan Mantri MUDRA Yojana?
- Under PMMY Scheme 3 varied categories sub-divided
- Applicants can avail Mudra loan up to 10 lacs
- Collateral-free loan facility is available
- Maximum tenure up to 60 months
- Nil processing fee
Varied Types of Mudra Loan:
Which sector are eligible to get Mudra Loan?
PMMY Mudra Loan Eligibility Criteria
PMMY Mudra Loan has certain eligibility criteria that need to be checked before application. Kindly through the following points:-
- Applicant must be a resident of India.
- Applicant minimum age should be above 18 years.
- Individuals/Private limited companies/sole proprietor firm/partnership firm or public limited companies.
- All micro & small units engaged in manufacturing & services sector.
- Loan requirement should not exceed more than 10 lacs.
- New & existing businesses both are eligible.
- Firms involved in farming activities are not eligible.
- SMEs owned by women entrepreneurs are also eligible.
Documents Required for PMMY Mudra Loan
Pradhan Mantri Mudra Yojana requires the following documents to be submitted at the time of loan application.
- Application form with attaching passport sized photographs
- Business plan along with project report
- Proof of special belonging categories like SC/ST/OBC & other minority communities.
- KYC documents- (Aadhar Card, PAN Card, Voter ID, Passport & Driving License).
- Company registration certificate & other required documents.
- Business address proof - (rent/lease agreement, electricity bill, bank statement.
How to apply for PMMY Mudra Loan Online?
Step 1: - Applicants have to choose their preferred bank enlisted under PMMY Scheme, then download the application form & fill with correct value.
Step 2: - Once, you fill the Pradhan Mantri Mudra Yojana application form. Make sure all the blanks are filled to avoid any kind of tension at last time.
Step 3: - Upload the filled application form along with relevant documents on the online web portal of respective bank.
Step 4: - After the submitted, check your mail on regular basis. As bank representative can contact you anytime for further formalities.
Step 5: - Bank representative will go through your application & evaluate certain factors, if your application seems good then only, they would process for loan sanction.
PMMY Mudra Loan FAQ
What is PMMY Mudra loan?
The Government of India initiated Mudra loan under this credit facility PMMY exists, it aims to facilitate bank loan to micro & small enterprises whether it’s a new or existing firm.
What is Mudra loan interest rate?
Generally, starting 8% onwards rate is charged but bank to bank Mudra loan interest rate get varied.
Who are eligible for PMMY Mudra loan?
Under this scheme only existing business borrowers are eligible along specified categories segment are funded.
Can a women entrepreneur apply for Mudra loan?
Yes, Women entrepreneur with an ideal concept of business can apply for Mudra loan & get upto 10 lacs to startup business.
How much loan amount offered under PMMY scheme?
PMMY scheme divided into 3 categories named Shishu, Kishor & Tarun accordingly respective maximum loan amount of 10 lacs is granted.
How can I apply for Mudra loan online?
To apply online, applicant have to select the optional bank that come under PMMY Scheme – visit their official website-download the application form & fill them to submit with required documents.
Is there any separate application form for Tarun loan?
Yes, if you are applying for Shishu loan or Kishor loan general application form is used but in case you are applying for Tarun loan require separate application form that can be accessible at bank.
How much time given to repay Mudra loan?
To repay loan banks give tenure period ranging from 3 years to 5 years. If you want to repay loan before selected period then certain charges are levied.
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