MUDRA LOAN -Pradhan Mantri Mudra Yojana



Mudra loan, also known as Pradhan Mantri Mudra Yojana (PMMY), is a government initiative in India to provide financial assistance to small and micro enterprises. The aim of this scheme is to promote entrepreneurship, generate employment opportunities, and increase income in the country.

Mudra loan is offered by various financial institutions like banks, NBFCs (Non-Banking Financial Companies), and MFIs (Micro Finance Institutions) to eligible individuals, businesses, and enterprises. The loan amount ranges from Rs. 50,000 to Rs. 10 lakhs, depending on the category of loan applied for.

There are three categories of Mudra loans:

  1. Shishu: This category provides loans up to Rs. 50,000 for businesses that are in the initial stages or require minimum funds.

  2. Kishore: This category provides loans from Rs. 50,001 to Rs. 5 lakhs for businesses that have already started their operations and require additional funds for expansion.

  3. Tarun: This category provides loans from Rs. 5,00,001 to Rs. 10 lakhs for businesses that have already established their operations and require substantial funds for expansion.

The interest rate for Mudra loans varies from bank to bank and is generally lower than other commercial loans. The repayment tenure also varies from 3 to 5 years, depending on the category of loan applied for.

To apply for a Mudra loan, the applicant needs to provide various documents like identity proof, address proof, business plan, and financial statements, depending on the loan category and the financial institution. FOR MORE INFO MAIL FINKARTINDIA@GMAIL.COM 

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