Introduction:
On April 8, 2015, the Honourable Prime Minister of India announced the
beginning of the Pradhan Mantri Mudra Yojana (PMMY), a credit programme.
Providing financial support to micro, small, and medium-sized enterprises
(MSMEs) throughout the nation is its main goal. The following are the main
details of PMMY:
1. Goal: By providing loans for income-generating
ventures, PMMY seeks to assist company owners and entrepreneurs in creating
jobs and revenue.
2. Categories of Loans:
·
Shishu: Provides loans up to ₹50,000 to small
enterprises in their infancy.
·
Kishore: Offering loans ranging from ₹50,001
to ₹5 lakh to enterprises that have expanded past the first phase.
·
Tarun: Offers loans between ₹5,00,001 and ₹10
lakh for established companies looking to expand.
3. Eligibility: Small and micro firms that are not farms or
corporations.
Borrowers may contact non-banking financial firms (NBFCs), small financing
banks, commercial banks, microfinance institutions (MFIs), and regional rural
banks (RRBs).
4. Application Process: MUDRA does not use intermediaries or agents to
provide loans.
5. Use of Loans: Loans can be used for a
variety of things, such as trading, manufacturing, services, and related
agricultural pursuits (including dairy, poultry, and beekeeping).
The goal of the Pradhan Mantri Mudra Yojana (PMMY) is to give
microbusinesses that generate revenue financial support. Here is a thorough
how-to instruction for applying for a loan through Mudra:
1. Enrollment Procedure:
I.
Go to the Udyamimitra portal on the PM MUDRA
official website.
II.
Select "Apply Now for a Mudra Loan."
III.
Select a category from the following:
self-employed professional, new entrepreneur, or established entrepreneur.
2. Registration: Enter your name, email
address, and mobile number in the designated space.
For verification, create an OTP (one-time password).
Give details about your business venture.
3. Eligibility:
v This applies to private limited corporations, public companies,
partnership firms, individuals, and other legal entities.
v Candidates must have a good credit history and not be in default with
any bank or financial institution.
v The knowledge, expertise, and abilities required for the suggested
action are evaluated.
4. Loan Types:
v Shishu: Credit up to ₹50,000.
v Kishore: Loans up to ₹5 lakhs and over ₹50,000.
v Tarun: Loans up to ₹10 lakhs and beyond ₹5 lakhs.
5. Necessary Records:
Evidence of identification, evidence of
address, a passport-size photo, the applicant's signature, and proof of the
commercial enterprise's identity and address
