New Delhi. The objective of Pradhan Mantri Mudra Yojana (PMMY) is to provide easy loans for self-employed. This loan can be taken to start your business and to promote the already running business. This loan is available without guarantee and there is no processing fee on it.
Pradhan Mantri Mudra Yojana (PMMY) is such a scheme, which can be availed by those people who want to start their business or want to expand their running business further. The purpose of MUDRA scheme is to give easy loans for self-employment and to generate employment through small enterprises. PMMY was started in April 2015.
Who can take loan
Any person who wants to start his own business can take advantage of Pradhan Mantri Mudra Yojana. Apart from this, if an existing businessman or shopkeeper wants to carry forward his existing business and needs money for it, he can still apply for Mudra loan up to Rs 10 lakh under the Pradhan Mantri Mudra Yojana.
Three Types Of Mudra Loan
Shishu Loan: Under Shishu Loan, the applicant can avail Rs.50,000/-. Can get loan up to Rs. This loan is for those people who are just starting their business.
Kishor Loan: Kishor Loan Rs.50,000. From Rs.5 lakh to Rs. up to. This loan is suitable for applicants who have already started their business but need some more money to set up.
Tarun Loan: Under Tarun Loan, an applicant can avail Rs 5 lakh. 10 lakh to Rs. can take loan of It is given to those people whose businesses are established but they need more money to grow their businesses.
How to Apply For Mudra Loan
Under Mudra Yojana (PMMY), Mudra loans are given by almost all government and private banks and other financial institutions. The Mudra loan form can be downloaded from the bank from which you want to take the loan. Then it has to be filled and deposited in the bank. To start a new business, many other documents including house ownership or rent documents, work related information, Aadhaar, PAN number will have to be given. If there is an existing business and loan is to be taken for it, then the bank can also ask you for more information in that regard.
