Pradhan Mantri Mudra Loan Scheme 2024 : The loan scheme under the Micro Units Development and Refinance Agency (MUDRA) is a Government of India initiative that provides loans to individuals, SMEs and MSMEs. 3 loan schemes namely Shishu, Kishore and Tarun are offered under Mudra. Under Mudra Loan Scheme maximum Rs. 10 lakhs. Loan amount Rs. For availing mudra loan, the applicant does not need to deposit any security with banks or loan institutions. This loan can be repaid up to 5 years. Read this article to know about Mudra loan eligibility conditions, benefits, required documents etc.
Institutions Eligible for Pradhan Mantri Mudra Loan 2024:
Loans under Mudra Yojana can be availed only by the following organizations engaged in services, manufacturing and trade sector:
- Individuals, Non-Employed Professionals and Startups
- MSME Loans
- Shopkeepers, street vendors, retailers, traders, small producers and artisans
- Sole Proprietorship, Partnership Firm, Limited Liability Partnership (LLP), and other business entities
Benefits of Pradhan Mantri Mudra Loan 2024:
1. Collateral Free Loans – Banks/NBFCs require no collateral or security for deposit
2. Zero to nominal processing fees and low interest rates
3. Interest rate concessions for women entrepreneurs
4. Loans covered under Credit Guarantee Schemes from Government of India
5. These can be used as term loans, working capital loans and overdraft facilities
6. All non-agricultural enterprises, i.e. small or micro enterprises can avail Mudra loans.
7. People belonging to Scheduled Castes/Scheduled Tribes/Minorities can avail Mudra Loan at special interest rate.
How to Apply for Pradhan Mantri Mudra Loan 2024 :
- The application form is available at mudra.org.in, from where you can download the form and fill all the required information. The application process may be slightly different in different banks/NBFCs. Visit the nearest branch of the bank from which you wish to avail Mudra Loan and submit the duly filled application form and complete other bank formalities.
- Apart from this, you can also apply online on the official website of the bank by submitting the duly filled application form along with the required documents prescribed by the bank/loan institution. Once the bank/loan institution checks that the submitted documents are correct, the loan will be approved and the loan amount will be transferred to your bank account within 7-10 working days.
- If you need an instant business loan or Rs. If you want a loan amount above 10 lakhs, you can apply here and choose the best loan product according to your business needs at the lowest interest rate.
Required Documents for Pradhan Mantri Mudra Loan 2024 :
~ Aadhaar Card
~ Voter Identity Card
~ PAN Card
~ Utility Bill (Water/Electricity Bill)
~ KYC Documents of applicant and co-applicants: Passport
~ Caste Proof (if applicable)
~ Bank Statement of last 6 months
~ Business, if applicable Proof of location, its address and number of years in operation
~ Any other document required by the bank or NBFC
~ Passport size photograph
List of businesses covered under Pradhan Mantri Mudra Loan 2024 :
Below is the list of businesses covered under Mudra Yojana:
- Commercial Vehicles: Mudra finance for machinery and equipment can be used to purchase commercial transport vehicles such as tractors, auto-rickshaws, taxis, trolleys, tillers, goods transport vehicles, 3-wheelers, e-rickshaws.
- Service Sector Activities: Starting business of salon, gym, tailoring shop, medical shop, repairing shop, dry cleaning and photocopy shop etc.
- Food and textile products sector activities: Various activities related to the respective sector, such as making papad, pickles, ice cream, biscuits, jams, jellies and sweets, as well as for the preservation of agriculture related products at the village level.
- Business Activities for Traders and Shopkeepers: Setting up shops and service enterprises, trade and business activities and non-agricultural income generating activities
- Equipment Finance Scheme for Micro Units: Maximum Rs. 10 lakhs. Loans up to
- Activities related to agriculture: Agri-clinics and agri-business centres, food and agro-processing units, activities related to poultry farming, fish farming, beekeeping, sorting, livestock rearing, grading, agro-industry, dairy, fisheries etc.
How will women get Pradhan Mantri Mudra Loan 2024 ?
The Mudra scheme under PMMY encourages women to do business and for this, banks, NBFCs and Micro Finance Institutions (MFIs) provide collateral free business loans to women entrepreneurs at low interest rates. Under Mudra Yojana for women entrepreneurs a maximum of Rs. 10 lakhs. A loan amount of up to 1000 is given which can be repaid up to 5 years. Eligibility criteria for Mudra Loans for Women are same for individuals and enterprises. A very low or zero processing fee is charged on the loan amount sanctioned for women entrepreneurs.