Are you looking to start or expand your business? The PM Mudra Yojana 2024 has rolled out, offering the convenience of applying for PM Loan Yojana right from the comfort of your home.
In this article, we’ll walk you through everything you need to know about the Pradhan Mantri Mudra Loan Scheme.
Pm Mudra Yojana 2023-24:Overview
| Name of the Scheme | PM Mudra Scheme 2023-24 |
| Name of the Article | Mudra Loan Online Apply |
| Type of Article | Latest Update |
| Who Can Apply? | All India Eligible Applicant Can Apply. |
Mudra Loan Online Application
Under the Pradhan Mantri Mudra Yojana (PMMY), the Micro Units Development and Refinance Agency (MUDRA) offers loans to businesses such as SMEs and MSMEs, with amounts reaching up to Rs 10 lakh under the Central Government scheme. Here are the three types of loans available:
Shishu Loan:
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- This is the initial stage in PM Mudra Yojana, catering to small business owners looking to kickstart their ventures. Loans up to Rs 50,000 are provided under this category.
Kishore Loan:
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- For businesses already in operation and seeking financial support for expansion, the Kishore Loan offers amounts ranging from above Rs 50,000 to Rs 5 lakh.
Tarun Loan:
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- Designed for entrepreneurs aiming to scale up their ventures or start a new business, Tarun Loans offers amounts ranging from Rs 5 lakh to Rs 10 lakh.
Purpose and Benefits of Mudra Loan
The primary goal of the Pradhan Mantri Mudra Yojana (PMMY) is to bolster small businesses, thereby contributing to the nation’s economic growth. With loans up to Rs 10 lakh, small entrepreneurs can leverage this scheme to propel their businesses forward. The benefits include access to machinery and essential resources vital for business operations.
Aadhar Card Loan of Rs 50,000 has become easy, now you will get a loan from Aadhar in just 5 minutes.
Documents Required for Mudra Loan
When applying for a Mudra loan, ensure you have the following documents handy:
- Aadhar Card
- PAN Card
- Voter ID Card
- Driving License
- Passport
- Valid photo identity card issued by a government employer
List of Banks Offering PM Mudra Yojana
A plethora of banks participate in the PM Mudra Yojana, including but not limited to:
- State Bank of India
- Punjab National Bank
- HDFC Bank
- ICICI Bank
- Bank of Baroda
- Punjab National Bank
- Union Bank of India
- Karnataka Bank
- IDBI Bank
- j&k bank
- Bank of India
- Tamil Nadu Mercantile Bank
- Axis Bank
- Indian Bank
- Canara Bank
- UCO Bank
- Federal Bank
- Oriental Bank of Commerce
- Kotak Mahindra Bank
- Saraswat Bank
- Bank of Baroda
- Indian Overseas Bank
- Central Bank of India
How to Apply for a Mudra Loan
- Prepare the necessary documents.
- Visit any bank branch to apply.
- Alternatively, apply online through the Udyog Mitra portal at https://site.udyamimitra.in/Login/Register.
Mudra Loan Interest Rates
Interest rates for Mudra loans vary based on the type of loan:
- Shishu Loan: Interest rates range from 1% to 12%.
- Kishore Loan: The interest rate is fixed at 8.60%.
- Tarun Loan: Interest rates range from 11.15% to 20%.
With PM Mudra Yojana 2024, aspiring entrepreneurs can seize the opportunity to realize their business dreams with ease.
