Pradhan Mantri Mudra Yojana : The limit of mudra loan under the Pradhan Mantri Mudra Yojana (PMMY) has been increased from Rs 10 lakh to Rs 20 lakh. The moon is in line with the announcement made by finance minister Nirmala Sitharaman in the union budget 2024-25, a government statement said on Friday.
These increase is aimed at furthering the overall objective of the Pradhan Mantri Mudra Yojana which aims to provide finance to the underprivileged. This increase is particularly beneficial for emerging entrepreneurs, helping them in their growth and expansion. The move is in line with the governments commitment to promote a strong entrepreneurial ecosystem, “the finance ministries said in a notification.
Pradhan Mantri Mudra Yojana 2024
The pradhanmantri mudra Yojana was launched on 8 April 2015, by Prime Minister Narendra Modi in order to facilitate easy collateral free microcredit of up to Rs 10 lakh to non corporate, non form small and micro entrepreneurs aur income generating activities.
Loans under pmmy are provided by member lending institutions such as banks, non banking financial companies, microfinance institutions, and other financial intermediaries. During the interim budget presentation earlier this year, the government revealed that 43 crore loans amounting to Rs 22.5 lakh crore have been extended under the PM mudra Yojana.
PM Surya Ghar Muft Bijli Yojana
Pradhan Mantri Mudra Yojana 2024 Details
| Scheme name | Pradhan Mantri Mudra Yojana |
| Launched by | Prime Minister Narendra Modi |
| Beneficiaries | Indian citizens |
| Objective | Providing financial assistance |
| Year | 2024 |
| Official Website | https://www.mudra.org.in/ |
Objective for Pradhan Mantri Mudra Yojana
The primary objective of the mudra scheme is to provide finance to the underprivileged. This scheme is especially beneficial for boarding entrepreneurs, aiding their growth and expansion. The move is inline with the government commitment to promote a strong entrepreneurial ecosystem, the finance ministry said in a notification.
Small Businessman Will Get Big Benefit
According to the finance Ministery, this step will fulfill the objective of the mudra scheme even more effectively. This decision will help small businessman to expand their business and take advantage of new opportunities. This will create new employment opportunities and help in strengthening the countries economy.
Who Can Take Mudra Loan?
People who want to start their new business can also take advantage of this scheme. Apart from this, people who are already running dear business can also use this mudra loan to expand their business. If you have a small business or you want to start a new business, then pradhanmantri mudra Yojana (pm mudra loan Yojana) is a very good option for you. You can apply for this loan (pm mudra loan online apply) buy contain your nearest bank or financial institution.
Benefits for Pradhan Mantri Mudra Yojana
- The interest rates on loans under this scheme are quite low.
- The process of taking alone under this scheme is very easy and fast.
- You do not need any guarantor to take alone under this scheme.
Eligibility Criteria
- Applicant must be an Indian citizen.
- Those people who want to start their new business will be eligible for this scheme.
- Those who want to expand their small business will also be eligible for this scheme.
- Applicant must have a bank account and it should be linked with Aadhar Card and mobile number.
Required Documents
- Aadhar card
- PAN card
- Domicile certificate
- Income certificate
- Mobile number
- Bank account passbook
- Passport size photograph
Pradhan Mantri Mudra Loan Yojana 2024 Apply Online
- First of all you have to go to the official website of the scheme.
- There you will see the options of Shishu, Kishore and Tarun loans.
- Then click on the loan you want.
- Then you will get the link of the application form, click on it.
- Download the application form as fdf and take a print out of it.
- Fill the form carefully and attach all the required documents.
- After this submit this form to the nearest bank branch.
- After verification, the loan amount will be deposited in your bank account.
FAQs
What is Mudra?
Mudra, shirt for micro units development and arabians agency Ltd, is a financial institution established by the government of India to support and finance micro enterprises. It’s primary objective is to offer financial assistance to non corporate small business through a network of last mile Financial institutions such as banks NBFCs and MFIs.
How to get a loan under pradhanmantri mudra Yojana?
The interest rate or EMI period is decided based on the previous credit and business turnover of the businessman.