Pradhan Mantri Mudra Loan Yojana is launched for the Indian population who engaged in small business and requires small loan or financial help to run their business and to fulfill their day to day needs. PM Mudra loan yojana is launched with vision to Fund the Unfunded. Anyone can get minimum Rs.50,000 and maximum Rs.10 lac loan under this scheme as per their business requirement.
MUDRA stand for Micro Units Development and Refinance Agency. This scheme was launched after the successful operation of PM Jan Dhan Yojana.
Pradhan Mantri Mudra Loan Yojana Quick fact
| Launch Date | 8th April 2015 |
| Last Date | no last date |
| Scheme Available for | Small business owners |
| Loan amount | From Rs.50,000 to Rs.10 Lac |
| Scheme Stages | Shishu (50,000), Kishor (5 Lac), Tarun (10 Lac) |
Re-payment method of the loan taken under Pradhan Mantri Mudra Yojana.
Mudra Banks will going to work from both the ends. It would ensure that proper credit facility would be facilitated to the desired entrepreneur and also ensure that the proper recovery method would be followed by the banks to have a clear and transparent credit system. You have to re-pay your loan taken under this scheme in maximum – 36 months for Demand Loan and 84 months for term loan including moratorium. Interest to be serviced as and when charged.
Stages of Pradhan Mantri Mudra Loan Yojana
Mudra has split this scheme under three stages i.e. ‘Shishu’, ‘Kishore’ and ‘Tarun’ as per the growth and funding needs of the beneficiary micro unit. These scheme cover loan amount as below:
- Shishu: covering loans up to Rs.50,000
- Kishore: covering loans above Rs.50,000 and up to Rs.5,00,000
- Tarun: covering loans above Rs.5,00,000 and up to Rs.10,00,000
Who can avail loan under Pradhan Mantri Mudra Loan Yojana
All Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas, are eligible for assistance under Mudra.
Mudra Loans could be availed for the following
| Loan Type | Description | Doccument Required |
| Vehicle loan | Commercial vehicle loan, Car loan and Two-wheeler loan | Mudra application form Vehicle loan application form 2 passport size colour photographs Photo Identity proof Address proof Income proof Bank statement (last 6 months) |
| Business Installment Loan (BIL) | Loan for working capital requirement, buying plant and machinery, renovating offices etc. | 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 Trade references |
| Business Loans Group Loans (BLG) and Rural Business Credit (RBC): | We offer Drop line overdraft/Overdraft facility/Working capital loans | Mudra application Form BIL/RBC application form Photo identity and age proof Address proof Ownership proof of residence/office Business vintage proof Bank statement (last 12 months) Income tax return (last 2 years) |
