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Understand in detail about PM Mudra Scheme

Loans of Rs 14.96 Lakh Crore Sanctioned Since Launch of PMMY

✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

Over 28.68 crore loans have been sanctioned for a total amount of Rs. 14.96 Lakh Crore. Banks, Micro Finance Institutions or MFIs, and Non-Banking Financial Companies have sanctioned the amount since after the Pradhan Mantri Mudra Yojana or PMMY had been launched.

The Union Finance Ministry had issued a statement claiming that the Ministry of Finance remains committed to ensuring that financial inclusiveness is provided to the hitherto socio-economically weaker and neglected classes and the marginalized communities. The financial requirements of each stakeholder - from budding and young entrepreneurs to the resilient farmers have been catered to by taking various initiatives.

It was also added in the statement that the Mudra scheme or PMMY has given wings to dreams of millions and helped them achieve their goals.

What is the Mudra Scheme?

Launched on the 8th of April 2015, the PMMY is a scheme which aims at providing loans of up to Rs. 10,00,000 to individual people, Small and Medium Enterprises (SMEs), and Micro, Small and Medium Enterprises (

Micro Units Development and Refinance Agency or Mudra Loan scheme offered under the Pradhan Mantri Mudra Yojana (PMMY) is an initiative taken by the Government of India that aims to offer loans to individual people, SMEs and MSMEs. The Mudra initiative was launched and announced in 2015 by PM Narendra Modi. There are three tiers or schemes under the Mudra Yojana under which loans are provided. The three are called Shishu, Kishor, and Tarun. The Mudra loans are security or collateral free loans that are provided by NBFs and banks wherein the repayment tenure ranges from one year to give years, along with flexible and affordable EMIs.

Products provided under Mudra Loans

The three kinds of products that are provided under Mudra Loans are:

  • SHISHU Loan:

Under Shishu Loan, loan amounts of up to Rs. 50,000 are provided for businesses and startups.

  • KISHOR Loan:

Under this category, loan amounts between Rs. 50,001 to Rs. 5,00,000 are provided for the purpose of purchasing machinery or equipment and raw material, for expansion of business in case of an existing enterprise.

  • TARUN Loan:

Under this category, loan amounts that range between Rs. 500,001 to Rs. 10,00,000 can be availed for established enterprises and businesses.

Documents required for Mudra Loans

  • Self-written business Plan

  • Filled up application form added with two recent Passport-sized photographs

  • KYC documents of the applicant

  • Aadhaar Card

  • Passport

  • Voter's ID

  • Driving Licence

  • PAN Card

  • NREGA Card

For the Co-applicants, the following documents would be required:

  • Voter’s ID card

  • Driving License

  • Passport

  • Aadhaar Card

  • PAN card

  • Utility Bills such as Water and/or electricity Bills

  • Proof of belonging to a special category, such as SC, ST, OBC, Minority, etc. (if that is applicable)

  • Bank statement(s) of last six months

  • Business address and proof of tenure (if that is applicable)

  • Any other papers that the bank might require

Benefits of Mudra Loan

The Mudra loans can be availed by traders, shopkeepers, MSMEs, vendors - and majorly is availed by the same. The Mudra scheme offers loans that are beneficial for these beneficiaries in terms of manufacturing, trades and other activities of the service sector. The following are some of the key benefits of the loans offered by the Mudra scheme:

  • The scheme is covered by the Credit Guarantee Schemes of the Indian government.

  • The loan amount that is being availed can be utilised as an overdraft facility and term loans as well.

  • The non-farm enterprises such as micro or small firms that are engaged in the activities can also avail the loans offered by the Mudra scheme.

  • Mudra loans are offered to individuals who belong to the SC/ST category at concessional and minimal interest rates.

  • The Mudra scheme is also availed through Mudra cards

The Mudra scheme has been beneficial to people belonging to different sections of the working class because of its flexibility and the three different types of categories.

If you are looking for loans that would help you deal with your business, you can avail of the Business Loans available on Finserv MARKETS. These Business Loans have an easy and hassle-free application procedure, and come at affordable rates of interest.