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PM Mudra Loan Yojana 2024: India Prime Minister Mudra Loan has been launched by the government, the objective of which is to provide financial assistance to people to start their own business. Because you would know that in today’s time every person thinks of starting his own business. So in between comes his poor financial support. To overcome this through PM Mudra Loan, this scheme was started by the government. In this scheme, the beneficiary is given a loan to start his own employment.
Pradhan Mantri Mudra Yojana is a major scheme of the Government of India. Under this scheme, loans up to Rs 10 lakh will be given to micro enterprises engaged in manufacturing, trading or service sectors in the non-agricultural sector. if you too Want to apply for PM Mudra Loan Yojana 2024. So it is very important for you to have complete information about this scheme. Therefore all you applicants are advised to. Please read this article till the end. So that you do not face any problem in applying.
Objective of PM Mudra Loan Yojana
The main objective of PM Mudra Loan Scheme is to provide financial assistance to the emerging micro traders of the country and the youth who are starting their own business. So that the youth can get rid of the problem of money to start their own business. If new jobs are generated in the country, it will not only benefit the country. Rather, it will have a good impact in the society as well. Due to which the interest of youth towards opening their own business will increase. Therefore, PM Mudra Loan Scheme will provide a very important contribution in the coming times.
From which banks can one take loan?
Loans under Pradhan Mantri Mudra Yojana can be availed through eligible Member Lending Institutions (MLIs), which include:
- public sector banks
- private sector banks
- State Run Cooperative Bank
- Rural Bank from Regional Area
- Micro Finance Institution (MFI)
- Non-Banking Finance Company (NBFC)
- Small Finance Bank (SFB)
- Other financial intermediaries approved as member financial institutions by Mudra Limited
What will be the interest rate?
If you take loan from PM Mudra Yojana. So the interest rates are declared by the member lending institutions from time to time as per the guidelines of the Reserve Bank of India, on the basis of which the applicable interest rate is determined.
PM Mudra Loan Yojana type और Benefits
If you take loan from this scheme. So you will get many benefits like loan at low interest, loan in less time. Apart from this, loans under the scheme are given in three categories which are mentioned below:
- Shishu Loan: Covers loans up to Rs 50,000/-.
- Kishore Loan: Covers loans above Rs 50,000/- and up to Rs 5 lakh.
- Tarun Loan: Covers loans above Rs 5 lakh and up to Rs 10 lakh.
- This is a collateral-free loan. To avail this loan, you do not need to deposit any collateral or security with any banks/NBFC.
- This loan is available at zero or nominal processing fees and low interest rates.
PM Mudra Loan Yojana 2024 Eligibility
- The applicant should be a native of India.
- The applicant should not be a defaulter of any bank or financial institution and his credit track record should be satisfactory.
- Individual borrowers may be required to possess the requisite skills/experience/knowledge to carry out the proposed activity.
- The requirement of educational qualification, if any, is assessed depending on the nature and necessity of the proposed activity.
Who can take PM Mudra Loan?
- This loan can be taken by any individual, non-employed professionals and startups.
- MSME registered ones.
- Apart from this, shopkeepers, street vendors, retailers, traders, small manufacturers and artisans.
- Sole Proprietorship, Partnership Firm, Limited Liability Partnership (LLP), and other business entities can also avail this loan.
Documents required for PM Mudra Loan Yojana 2024
- passport size photo
- A completed application form
- KYC documents of the applicant and co-applicants should be Passport, Voter ID Card, Aadhar Card, Driving License, PAN Card, Utility Bill (Water/Electricity Bill).
- Last 6 months bank statement of the applicant
- If applicable for loan, proof of business address and number of years in operation.
PM Mudra Loan Yojana 2024 Apply Process
- Step 01: First of all you should use PM Mudra. Go to the official website. And Udyamimitra portal select
- Step 02: Then you have to click on Mudra Loan “Apply Online”
- Step 03: Then you have to select one of the following: New Entrepreneur/Existing Entrepreneur/Self-Employed Professional
- Step 04: Then fill applicant name, email and mobile number and generate OTP
- After this your registration will be successful. Next step you have to fill as given below.
- Step 01 : Fill personal details and business details.
- Step 02: If any assistance is required in preparing project proposal etc. then select hand-holding agencies, otherwise click on “Loan Application Centre” and apply.
- Step 03: Select the category of loan required – Mudra Shishu / Mudra Kishore / Mudra Tarun.
- Step 04: After this the applicant will have to fill the business information like business name, business activity etc. and select the type of industry like manufacturing, service, trading or agriculture related activities.
- Step 05: Fill other information like owner details, existing banking/credit facilities, proposed credit facilities, future projections and preferred lender.
- Step 06: Attach all the required documents like ID proof, address proof, applicant photo, applicant signature, proof of identity/address of business enterprise, etc.
- Step 07: After the application is submitted, an application number will come which you need to keep for future reference.
conclusion
So friends, in this article we told you how you can apply for PM Mudra Loan Yojana 2024. That is why we hope that you liked our article.If you liked this article then do share it with your friends. Apart from this you can join us from the link given below.