Pradhan Mantri MUDRA Yojana (PMMY) aims to provide loans of up to Rs. 10 Lakhs to the non-corporate, non-farm, small/micro business, launched by the Indian Prime Minister, Narendra Modi, on 8 April 2015. MUDRA Loans are structured to meet the needs of various industries / business practices and business / entrepreneur groups, as well as within the overall goal of creation and growth of micro enterprises.
Pradhan Mantri Mudra Yojana (PMMY), launched successfully in 2015 by Prime Minister Narendra Modi, disbursed 91% of the indebtedness amount approved during a small period from fiscal year 2020-21. The provisional details linked to the Mudra strategy portal showed 2.68 Crore loans involving a magnitude of Rs. 1.62 Crores were approved withdrawn of which Rs. 1.48 Crores were disbursed on January 8, 2021. For the previous fiscal years FY19 and FY20, the disbursement rates were 97.6 per cent and 97 per cent for lenders, including banks, non-banking tax companies and microfinance institutions, respectively.
Importantly, female entrepreneurs earned maximum benefits under the PMMY strategy. From implied Rs. 22.53 Crores loans approved until 31 January 2020, implicit Rs. 15.75 Crores loans were extended to females. According to the Ministry of Finance earlier last year, these female beneficiaries accounted for 70% of the overall borrowers.
Meanwhile, the gross slope recognition of MSEs registered a successful October with reliable maturation. According to the December 2020 bulletin of the Reserve Bank of India, the deployment rose 6.8 percent from Rs. 10.53 lakh Crores on October 25, 2019 to Rs. 11.25 lakh Crores arsenic on October 23, 2020.
Mudra loans also aid non-farm companies such as manufacturing, trading and services with loans of up to Rs. 10 Lakhs. The recipient can take advantage of the following types of loans on the basis of the stage of growth / development and financing needs of the micro unit / entrepreneur:
Shishu - Loans up to Rs. 50,000/-
Kishor - Loans between Rs. 50,000 and Rs. 5 Lakhs
Tarun - Loans between Rs. 5 Lakhs and Rs. 10 Lakhs
Valid photo identity proof
Current address proof
Proof of income - Latest ITR Financial Docs of Income
Last 6 months Bank statement
Loan application form
Ownership proof of residence/office
Proof of continuity of business
Mudra Loans provide the required financial assistance to the small and medium scale enterprise. As an enterprise, if you require working capital of larger amount, you can avail Business Loan of up to Rs. 30 Lakhs on Finserv MARKETS. With instant approval, simple eligibility requirements and minimal documentation, scale your business to greater heights.