Wednesday, April 20, 2022

Pradhan Mantri Mudra Yojana

Pradhan Mantri Mudra Yojana
Pradhan Mantri
Mudra Yojana

For small and medium-sized industries in the country, the Government of India has launched Pradhan Mantri Mudra Yojana (PMMY) in April 2015. 

Implemented from 8th April 2015. The objective of Pradhan Mantri Mudra Yojana (PMMY) is to promote the skills of educated youth as well as to empower women. There are many such small businessmen in our country who do not get financial help from the bank easily because they are not able to fulfill the rules of the bank, due to this they are unable to increase their industries.

Keeping this in mind, the Government of India has launched the Mudra (Micro Units Development Refinance Agency) scheme to promote small-scale industries. Under PMMY, every person who has a small-scale industry or partnership business with anyone can take a loan from this Pradhan Mantri Mudra Yojana.

Types of Mudra Loan:-

Under the Mudra scheme, the Mudra loan is divided into three parts keeping in mind the needs of different businesses.

There are three types of loans under Mudra Yojana.

Shishu Loan - Loans up to Rs. 50000/- are given under Shishu Loan.

Kishor Loan - Loans above Rs. 50000/- and up to Rs. 5 lakh are given under Kishore Loan.

Tarun Loan - Loans above Rs 5 lakh and up to Rs 10 lakh are given under Tarun Loan.

Benefits of Mudra Yojana:-

Loans are generally provided without guarantee under the Mudra scheme.

No processing fee is charged for providing a loan under Mudra Yojana.

The repayment period of the Mudra loan can be extended up to 5 years.

Working Capital Loan can be provided through Mudra Card.

Eligibility: -

Any Indian citizen or firm who wants to start his business in any field (other than agriculture) or wants to pursue his current business and his financial requirement is up to 10 lakh rupees, can apply for a loan under Pradhan Mantri Mudra Yojana. can apply.

How to apply under Mudra Yojana?

STEP 1: Gathering information and choosing the right bank

There is no fixed procedure to apply for a loan under Mudra Yojana. To take a loan, the applicant should first contact the banks near him and collect complete information related to the loan process and interest rate. To get the loan, you have to fill the application form and submit some documents with it.

STEP 2: Preparation of documents and submission of application-

Banks generally want to get two types of information based on your financial needs in which they can ask for different types of documents for providing the loan:-

By collecting various documents such as Balance Sheets, Income Tax Returns, and your current business information for the last two years, we try to know whether you are capable of repaying the loan back with interest or not. Banks try to know whether your How many risks are there in the business so that they can ensure that the money given by them will be safe.

Banks try to know through your future Business Plan, Project Report, Future Income Estimates, etc. that in what type of work the loan given by the bank will be used and how much and how the profit of the business will increase due to that loan.

STEP 3. Loan Processing 

After submitting the application form along with the proper documents, the bank will check your documents and they may also ask for some more documents to be completely satisfied. This process may take a few days. And after the loan processing process is completed, you will be given a check of the disbursement amount which is deposited in the applicant's bank account. Banks ensure that the loan amount is spent only for your business or for the purpose for which the loan is given. For this, they take many steps like if the applicant has to buy any big machinery or equipment in his project, then payment should be done through check only.

Rejection of loan application:-

Bank can also reject the applicant's application if the applicant's documents and the industry/business project shown are not correct by the bank. If there is any minor mistake in the documents and application, then the bank itself gives guidance to the applicant and gets it rectified, and approves the loan.

Mudra Card:-

A Mudra card (in the form of a Rupay Debit Card) will be issued to all the applicants taking a Mudra loan, which will be like a debit card in a way. In this way, the businessman will be able to spend up to 10% of his Mudra loan amount with a Mudra card. 

The motivation behind the Mudra card is to meet the functioning capital requirements of the finance manager so the financial specialist can pay his day-by-day operational expense through the Mudra card and reduce the interest expense.

Mudra Scheme Helpline:-

If you face any problem while taking Mudra loan then you can contact on this helpline website, mail, and phone number –

VISIT OFFICIAL WEBSITE: http://www.mudramitra.in/

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