Pradhanmantri Narendra Modi launched Pradhan mantri mudra yojana scheme in the year 2015 to facilitate micro credit to small scale industries upto 10 lakh.Through this scheme, a subsidiary of SBI ADB drivers financial support to intermedia is such as commercial banks RBI RRB small finance banks mfi in BSC is for lending loans to The non corporate non-farm small micro enterprises.The mudra loan is given under the Pradhan mantri mudra yojana to non farming and non corporate micro and small enterprises.
These enterprises can provide loans upto rupees 10 lakh under this scheme.under this scheme, there are three loan products named shishu ,kishor and Tarun. It is on the basis of development and funding needs of the micro unit. enterprises can borrow loans upto 10 lakh to meet their capital required and operating cost bhaiya easy finance schemes of PMMY.
This category is apt for micro and small business owners through the scheme one can apply for upto 50000 loans.Shishu loans are for business entities who require small capital to begin their business.
Kishor yojana
This category is perfect for the business owners who started their business and wish to expand it as a viable enterprise. Dates can apply for a loan amount ranging from rupees 50000 to 5 lakh. To avail for the loan browser borrowers should feel in the application form and fun is there documents for showcasing the current status of their organisation.
Tarun yojana
All small business owners who require to expand their business and they can apply for a loan through the scheme. Coronavirus can apply for taking upto 10 lakh loan.
Pm loan scheme Objective:-
The scheme will help small business owners to start their business.
As a business owner, you can start a new business.
If you want to expand your business you can do that.
You can purchase the plant and machinery.
You have to get working capital for business.
Buying equipment for commercial vehicles.
You have to train your staff.
Documents Required for Loan Application
Self-written Business Plan
Duly Filled Application form
Recent 2 passport-sized photographs
Proof of Identity: Passport, Voter’s ID card, Driving License, Aadhar Card
Age Proof
Address proof
Proof of business address and identity
Last 6 moths’ bank statement
Documents in case applicant belongs to SC/ ST/ or any other special category
Then, you have to submit the Pradhan mantri mudra loan application form with required details as your name, address, contact number and Aadhar details.
you can submit other documents with application form viz identity proof, address proof, company address, balance sheet,IT returns and other machinery details.
Bank will complete other formalities and procedures.
Bank officials will verify the documents properly.
After verifying verification the loan will get credited in the candidates account.
Here some list of popular banks from where you can get a mudra loan:-
Applicants are required to visit their desired and nearest commercial or private sector bank
Put forth the self-written business plan
Submit the downloaded and duly filled loan application form
Along with the application form, also submit the passport-sized photographs and all the required documents, such as Identity proof, address proof, company’s address and identity proof, caste certificate, if applicable, balance sheets, IT returns, sales tax returns, and other machinery details
Complete all further bank’s formalities and procedures
Once all the documents are verified, loan shall get approved
After loan is approved, desired amount shall get disbursed to the mentioned bank account within specified working days
FAQs
Q. What is the interest rate offered by Pradhan Mantri Loan Yojana?
Ans: As per the guidelines of RBI, Mudra loan is offered at reasonable interest rate depending on the applicant’s requirements and profile.
Q. How can I check my Mudra loan status?
Ans. You can visit the official website of PMMY to check the status of your loan application. You can click on this link https://www.mudra.org.in/.
Q. What should you do, if a bank manager rejects your Mudra loan application?
Ans. If a bank’s manager rejects your loan application, then you must try to improve your eligibility and reapply when you are confident with the chances of approval.
Q. Is any collateral or security required to be deposited by the applicant?
Ans: No, there is no need to provide any security or collateral to banks.
Q. What is the processing time under the Shishu loan scheme?
Ans: The processing time for Shishu loan scheme is 7-10 working days.
Q. Is Mudra loan applicable to all the banks in India?
Ans: Mudra loan can be offered by specific financial institutions that are given permission by the RBI.
Q. What is the repayment tenure of loan categories under Mudra loan?
Ans: The repayment period offered under Mudra loan is maximum up to 5 years.
