The Pradhan Mantri Mudra Yojna is known as MUDRA (micro unit development and refinance agency) is the scheme introduce by finance ministry on 8 April 2015. The purpose of MUDRA is to provide funding to the non corporate small business, entrepreneur, proprietorship/partnership firms running as small manufacturing unit, shopkeeper, food vegetable sellers, hair cutting saloons, beauty parlors, transporters, truck operators, hawkers, co-operative or body of individuals, food service units, repair shops, machine operators, small industries, artisans, etc in rural area and urban will get funding upto 10 lakh. And also provide guidance, that how to operate business in order to get more profit.
Benefits of Pradhan Mantri Mudra
- Low cost funding will be available to beneficiary those, who have small business unit. Or low interest rate on loan amount.
- PM Mudra Bank Yojana would help in facilitating micro credit up to Rs 10 lakh to such small business owners.
- MUDRA would help in increasing the overall output and creating newer jobs.
- There will be increase in enthusiasm of business unit, which would help in country financial development.
- More jobs will be available and unemployment rate will be decrease.
- For getting more profit and output guidance and skill will be provided under MUDRA.
- Under MUDRA loan will be available in Three category
- Shishu– Loan up to ₹50,000
- Kishore– Loan ranging from ₹50,000 to ₹5 lakh
- Tarun– Loan above ₹5 lakh and below ₹10 lakh
Eligibility for getting benefits of Pradhan Mantri Mudra
- The person who is owner of any small business, industry, and unit or in partnership with any one and have proper document is eligible for this scheme.
Document required for getting benefits of Pradhan Mantri Mudra
There is no formal or structured way of apply Mudra Loan. You will have to approach bank and give them the detailed description of your business. Then will ask to fill the Mudra form. If you already have a current account in that bank then it will help your application to process quickly. If you need any equipment for your business please carry the invoice for the same. This is a collateral free loan so if you have a good credit history then it would help.
- Those documents show the ownership of business unit.
- MUDRA application form,
- BIL application form
- Photo identity proof
- Address proof
- Establishment proof
- Bank statement (last 6 months)
- Ownership proof of residence/office
- Proof of continuity of business
- Proof of qualification
Whom to contact and where to contact for getting benefits of (APY)
- Nationalizes bank e.g. ICICI bank , Maharashtra Bank, SBI
- Toll free number-18001801111, 1800110001.
Online registration form is available here
For more information visit here
Scheme related video please visit here