Pradhan Mantri Mudra Yojana (PMMY Yojana) is a flagship scheme of the Government of India, which seeks to “find short of funds” by bringing such enterprises into the formal financial system and providing them with affordable credit.
It enables borrowing from all Public Sector Banks like PSU Banks, Regional Rural Banks and Co-operative Banks, Private Sector Banks, Foreign Banks, Micro Finance Institutions (MFIs) and Non-Banking Finance Companies (NBFCs) for loans up to 10 makes. Lakhs for non-farm income generating activities. The scheme was launched on 8th April, 2015 by the Hon’ble Prime Minister.
Whether documents are required to be submitted for Ubsaar Under Mudra. The terms and conditions of the loan will be governed by the rules of the lending institution and the broad guidelines of RBI. Guidance regarding required documents can be obtained from any lending institution in your locality.
What is Pradhan Mantri Mudra Yojana, how to take benefits of PMMY
MUDRA, which stands for Micro Units Development and Refinance Agency Limited, is a financial institution established by the Government of India for the development and refinancing of Micro Units Enterprises. This was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016. The objective of MUDRA is to provide funding to the non-corporate small business sector through various last mile financial institutions such as banks, NBFCs and MFIs.
Benefits of Pradhan Mantri Mudra Yojana (PMMY Benefits)
Under the aegis of Pradhan Mantri Mudra Yojana, MUDRA has already created the following products/schemes.
- baby: Covering loans up to Rs.50,000/-
- teen: Covering loans above Rs 50,000/- and up to Rs 5 lakh
- Tarun: Loans above 5 lakhs and up to 10 lakhs
The interventions are named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to indicate the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and for the next stage of graduation / development to see Provides a reference point. forward to.
It will be ensured that at least 60% of the credit flows into Shishu category units and balance for Kishor and Tarun categories. There is no subsidy for loans given under PMMY. However, if the loan proposal is linked to some government scheme in which the government is providing capital subsidy, it will also be eligible under PMMY.
Eligibility (PMMY Eligibility)
Pradhan Mantri Mudra Yojana is a business plan for any Indian citizen who has an income generating activity in the non-farm sector such as manufacturing, processing, trading or service sector and whose credit requirement is less than Rs.10 lakh.
How and from where to apply for Pradhan Mantri Mudra Yojana (How To Apply PMMY)
Borrowers, who wish to avail assistance under Pradhan Mantri Mudra Yojana (PMMY), can approach the local branch of any financial institution in their area – PSU Banks, Regional Rural Banks and Co-operative Banks, Private Sector Banks, Foreign Banks , Micro Finance Institutions (MFIs) and Non-Banking Finance Companies (NBFCs). The sanction of assistance will be as per the eligibility criteria of the lending institution concerned.
Documents For PMMY
- proof of identification- Self attested copy of Voter ID Card / Driving License / PAN Card / Aadhar Card / Passport / Photo ID issued by the Government. authorization etc.
- Proof of residence: Recent Telephone Bill / Electricity Bill / Property Tax Receipt (not more than 2 months old) / Voter ID / Aadhar Card / Passport of Individual / Proprietor / Partners Bank Passbook or latest account details duly signed by Bank Officials / Domicile Certificate Attested from /Certificate issued by Govt. Authority / Local Panchayat / Municipality etc.
- Recent photograph (2 copies) of the applicant not more than 6 months old.
- Quotation of machinery/other items to be purchased.
- Name of the supplier / description of machinery / price of machinery and / or goods to be purchased.
- Proof of Identity/Address of the business enterprise – Copies of relevant license/Registration certificate/Other documents relating to ownership, Address identification of the business entity, if any
- Proof of SC / ST / OBC / Minority etc category.
Note: For all PMMY loans, the following should be noted.
- no processing fee
- no collateral
- The repayment period of the loan is extended up to 5 years
- Applicant should not be a defaulter of any bank/financial institution
What is the rate of interest earned by MUDRA?
MUDRA is a refinancing agency that will channel its funds to last mile financiers to help them reach the sector. Entering finance with rational pricing is going to be MUDRA’s unique customer value proposition. It will use a variety of innovative financing tools, including technology, to bring down the cost of financing for the end borrower.
What is the eligibility of farmers for Pradhan Mantri Mudra Yojana?
Any Indian citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector with a credit requirement of up to 10 lakhs, to avail MUDRA loan under Pradhan Mantri Mudra Yojana Bank, Can approach MFI or NBFC. , Lending under PMMY may require following the normal terms and conditions of the lending agency. The loan rates are as per RBI guidelines in this regard issued from time to time.
What is the rate of interest on MUDRA LOANS?
Interest rates have been waived off and banks have been advised to charge appropriate interest rates as per the overall RBI guidelines.
WHAT ARE ELIGIBLE APPLICANTS UNDER PMMY?
Any person including any woman, proprietor concern, partnership firm, private limited company or any other entity is eligible applicant under Pradhan Mantri Mudra Yojana loan, whose loan requirement is up to 10 lakhs.
Are Mudder Loans available for purchase of CNG tempo/taxi?
MUDRA loan will be available for purchase of CNG tempo/taxi, if the applicant intends to use the vehicle for commercial purposes.
Is PMMY LOANS applicable for all banks across India?
Yes. The Department of Financial Services (DFS), vide its letter dated May 14, 2015, has advised all PSBs, RRBs and Small Finance Banks to roll out from PMMY and sanctioned Rs.10 lakh on or after March 08, 2015. It is advised to cover all loans up to loan size of Rs. Income generation under Pradhan Mantri Mudra Yojana. DFS is also issuing various guidelines, prescribing the target branch for Head Offices of banks, advising them to do the same with their regional/regional/branch offices.
What is the extent of Mudra’s orchards?
Non-Corporate Small Business Segment (NCSB) consisting of lakhs of Proprietorship/Partnership Firms in the form of Small Manufacturing Units, Service Sector Units, Shopclues, Fruits/Vegetable Vendors, Truck Operators, Food-Service Units, Repair Shops, Machine Operators, Small Industries I am running. , artisans, food processors and others in rural and urban areas.
I belong to a small business in paper goods. Can MUDRA help me?
MUDRA loan is available through Banks/ NBFCs/ MFIs for such activities. All types of manufacturing, trading and service sector activities can avail MUDRA loan. The loans are categorized into Shishu, Kishor and Tarun. These products are designed to cater to customers operating at the lower end of the enterprise spectrum. The loan will be extended through MFIs, NBFCs, Banks etc.
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