By November 2019, close to 10 lakh crore loans have been sanctioned under Pradhan Mantri Mudra Yojana, which was launched in April 2015. It offers three kinds of loans:
Shishu loans upto ₹50,000 to individuals in the early stage of business
Kishor loans upto ₹ 5 lakh to established enterprises for expansion
Tarun loans upto ₹ 10 lakhs to a fully established business
Mudra loans extends loans to non-corporate, non-farming micro, small and medium enterprises (MSMEs) in rural and urban India. You are eligible for PMMY scheme if you are:
Fruit and Vegetable Dealer
Individual occupied in Agriculture
MUDRA loans can be availed from any participating banks, NBFCs (Non-Banking Financial Institutions) or MFIs (Micro Finance Institutions).
Mudra loan (PMMY) eligibility is extended to the following businesses in food and allied industry:
Units making pickles, papads, jams and ice-creams
Bakeries, sweet shops, food stalls, canteen or catering facilities
Cold storages or agricultural produce preservation centres
A business that generates its income from activities below qualifies for MUDRA scheme loan:
Poultry, fisheries and livestock units
Pisciculture and beekeeping facilities
Agriclinics and agribusiness centres
Absolutely. Enterprises involved in sectors other than farming can also avail loan under the Pradhan Mantri Mudra Yojana. These include:
Chikankari, zardozi and other hand or computer embroidered units
Units running a powerloom or handloom facility, knitting or fabric dyeing and printing
Facilities producing accessories such as bags, furnishings etc
Beauty parlours and salons
Gymnasiums and health and fitness centres
Tailoring shops and boutiques
Motorcycle, car, scooter or cycle repair shops
Dry cleaning shops
Photocopy shops or internet cafes
Medical shops and courier agencies
Loans as per the MUDRA scheme are available to those looking to purchase a taxi, passenger car, or a vehicle to transport small goods or even an auto rickshaw.
Those who qualify under the aforementioned criteria can easily avail loans of up to Rs. 10 lakhs. However, if you are looking for a higher loan amount with quick approval and disbursal from a trusted lender, look no further than Bajaj Finserv business loans available on Finserv MARKETS.
Be it start-ups looking for new-age instructure or a small and medium enterprise looking to upgrade machinery, you can find a business loan of up tailored to your needs on Finserv MARKETS. Convenient online process, zero collateral, flexible repayment options, high loan amount of upto ₹30 lakhs, loan disbursal in less than 3 minutes along with exclusive offers make the Bajaj Finserv business loans on Finserv MARKETS all the more attractive.