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If you want to do business and looking for a loan, then Pradhan Mantri Mudra Yojana may be a good option for you. The Mudra Yojana was launched by the Government of India to encourage the entrepreneurial initiatives of the younger generation and to create employment. According to data from March 2021, so far almost 27 crore loans have been sanctioned under the scheme. The total amount of these loans is 15 lakh crores. This is a very popular scheme of the central government. In this post, we have discussed all the details of the scheme. Read the article completely to know everything about the Pradhan Mantri mudra yojana.
Pradhan Mantri Mudra Yojana
The Pradhan Mantri Mudra Yojana is a scheme launched by the Government of India in the year 2015. Under this scheme, eligible persons can get loans up to Rs. 10 lakhs for micro business.
Mudra Loan Eligibility
Under this scheme, loans are available for non-corporate and small/micro-enterprises which are not directly involved with agriculture. Loans are available for starting a new business, expanding the business, and modernizing the business. Enterprises that produce products, trade, or provide services are the primarily targeted beneficiaries of the Mudra scheme. Activities allied to agriculture can also get loans under this scheme.
Types of Loans under Mudra Yojana
Three types of loans are offered under the Mudra scheme. These loans are divided into three categories – ‘Sishu’, ‘Kishore’ and ‘Tarun’ –
- ‘Sishu’: – Loans up to the amount of Rs. 50,000 can be obtained.
- ‘Kishore’: – Loans ranging from Rs.50,000 to Rs.5,00,000 can be obtained.
- ‘Tarun’: – Loans ranging from Rs. 500,000 to Rs. 10,000,000 can be obtained.
The loans sanctioned under the Mudra Yojana are collateral-free.
Mudra Yojana interest rate
The interest rate on a Mudra Yojana depends on the MCLR rate of the banks. At present, the MCLR rate of banks is around 7%. This means that the annual interest rate on loans taken under the Mudra scheme is around 7%.
What is the time period to repay the loan taken under Mudra Yojana?
In this case, the loan repayment period is different for all the banks. In case of State Bank, this period is for 5 years.
Where you can get a loan under Mudra Scheme?
Under this scheme, loans are provided by various commercial banks, Rural Banks, Micro finance banks, non-banking financial institutions, and micro lenders.
How to apply for Pradhan Mantri Mudra Yojana?
To get a loan under Mudra Yojana, contact your nearest bank branch. However, you can apply for Mudra Yojana from the comfort of your home.
In this case, you can contact any government / private bank. However, it is better to go with public sector banks as public sector banks have lower MCLR rates and lower processing fees in comparison to private banks. Further, you can also apply for a loan under the Mudra scheme to any of the financial institutions mentioned above. However, when applying, you must read and understand all the terms & conditions very carefully.
Pradhan Mantri Mudra Yojana Application Form
PM Mudra Loan Online Apply
To Apply for Mudra Yojana Loan in SBI, Click here
To Apply for Mudra Yojana Loan in Axis Bank, Click here
Mudra Loan Offline Apply
To Apply for Mudra Loan in Union Bank, Click here
To Apply for Mudra Loan in Punjab National Bank, Click here
Mudra Loan Online Apply SBI
Click here to apply for Mudra Loan in SBI