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| Title | How to Apply Pradhan Mantri Mudra Yojana |
|---|---|
| Category | Finance and Money --> Loans |
| Meta Keywords | Mudra loan,PMMy,PM mudra loan scheme,Pradhan mantra mudra yojana |
| Owner | Srimanth Putta |
| Description | |
| Seeking a detailed article on Pradhan Mantri Mudra Yojana how to apply? Well, you have arrived in the correct place to seek answers. Pradhan Mantri Mudra Yojana was launched back on 8th April 2015, by the honorable Prime Minister. The Mudra Mission targets achieving financial protection and economic prosperity. It works towards creating a valuable and sustainable entrepreneurial culture in collaboration with other institutions. The Mudra yojana offers loans up to 10 lakhs to establishments like non-farm micro-enterprises. The loans under the Pradhan Mantri Mudra Yojana are popularly known as ‘Mudra Loans’. The vision of the Pradhan Mantri Mudra Yojana is to enhance the social and economic development of the non-farm establishments by rendering financial support. The Mudra Loans are offered by almost all the commercial banks of India. One can approach any of the loan providers mentioned above or can also apply on an online portal – www.udyamimitra.in as per convenience. However, to know more about the How to apply Pradhan Mantri Mudra Yojana, continue reading. The article ahead elaborates on every minute detail about the yojana. Also, you get a step-by-step guide on how to get a mudra yojana loan. How to apply for the Pradhan Mantri Mudra Yojana?You need to follow some easy steps to apply for Mudra loans under the Pradhan Mantri Mudra Yojana. To apply you need follow the below-jotted steps:- · Step 1:- First and foremost, you require some essential Mudra loan documents to apply for the Mudra loan.
1. Identity proof like Aadhar card, PAN card, Voter ID card, Driving License. etc. 2. Business proof like the business registration documents for the analysis of Mudra loan eligibility. 3. Address proof like telephone bill, water bill, electricity bill, gas bill, etc.
· Step 2:- Pick a financial institution of your choice and apply for a Mudra loan. Most of the commercial banks of India, as well as financial organizations, offer Mudra loans.
· Step 3:- Fill the request form to apply for the loan. Every applicant requires filling up business and personal details in the application form to apply for the Mudra loan. The applicants also need to ascertain the loan amount before applying for the Mudra loan scheme. What is Pradhan Mantri Mudra Yojana?The Pradhan Mantri Mudra Yojana is an initiative by the Indian government that offers MSMEs, individuals, and SMEs. The full form of MUDRA is, Micro Units Development and Refinance Agency, which, in turn, indicates the objective of the initiative. The Pradhan Mantri Mudra Yojana for startups is offered under three loan schemes, namely Shishu, Tarun, and Kishor. The maximum loan that one can apply for is 10 lakhs. Though, there is no minimum amount. To avail of Different Types of Mudra Loan, no security or collateral is asked by the financial institutions or banks. The objectives of the Pradhan Mantri Mudra YojanaSome of the prominent objectives of the Pradhan Mantri Mudra Yojana are listed below:- 1. To lay down guidelines of the policy for rendering funding micro-enterprises and small businesses. 2. To render help to small trades such that they develop and further grow. 3. To offer funding preferences to Schedule Castes and Schedule Tribes. 4. To render monetary assistance to small income groups and businesses such that, they can expand and build their startup. 5. Having various Microfinance Institutions registered and regulating. 6. To create an eased out access for the unbanked and help them lower the cost of their funding. 7. To regulate the several Microfinance Institutions that deal with services, trades, and manufacturing. What are the different Mudra Loan Types?There are 3 kinds of Mudra loan types that you can apply for:-
1. Shishu:- The Shishu Yojana covers up to INR 50,000 for businesses in the early stages. This yojana is a specific Pradhan Mantri Mudra Yojana for startups. Shishu deals with micro and small businesses or individuals who require funding to start something on a smaller level. The yojana works towards allowing the unfunded trade ideas and bring a business idea into a formal monetary system. 1. Kishor:- The Kishor Yojana covers up to INR 5 lakhs for enterprises that require additional funds. It works towards giving a financial push to businesses that seek extended monetary help to expand operations. It helps businesses to prosper that lack funding but are full of potential to make it huge in the future. 1. Tarun:- The Tarun Yojana covers up to INR 10 lakhs for the already establishes businesses. The Tarun Yojana offers a large sum for already established businesses. The loan allows trades to expand to another level. Also, these businesses require fitting some specific eligibility criteria. Relevant: Every Information about PPF VS PPF Who is eligible for a Mudra loan?The Indian government has launched Pradhan Mantri Mudra Yojana to offer Mudra Loans to small business owners and micro companies to meet their monetary requirements and operating costs. Any individual who runs a micro business is eligible to apply for the Mudra loans. However, there are certain criteria for a person to apply for the Mudra loan. Let us take a look at them:- 1. To apply for the Mudra loan, you need to be a minimum of 18 and a maximum of 65 years of age. An individual falling under the mentioned age bar is eligible to apply for the Mudra loans. 2. The applicants must be engaged in associated agricultural services since April 1, 2016. 3.
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