PM Mudra Loan Yojana 2024 – PM मुद्रा लोन योजना 2024

PM Mudra Loan Yojana 2024: If you want to take a subsidized loan for any of your non-agricultural businesses like poultry farming, goat farming, beekeeping, dairy industry, etc., then Pradhan Mantri Mudra Loan Yojana can prove to be a boon for you. This scheme has been specially designed for micro industries.

In which a loan of up to Rs 10 lakh is made available to the beneficiary with about 35% subsidy. So that the income of entrepreneurs engaged in the non-agricultural sector can increase. If you want to understand PM Mudra Loan Yojana properly and want to apply for it, then read this article till the end.

What is Pradhan Mantri Mudra Loan Yojana?

The country’s largest scheme providing subsidized loans to micro and small industries, Pradhan Mantri Mudra Yojana was started in the year 2015. The goal of this scheme is to provide financial assistance to micro and small industries in the country in the coming few years and develop them as the largest means of employment. To achieve this goal, the government provides 3 types of loans under this scheme – Shishu Loan, Kishor Loan, and Tarun Loan.

While Shishu Loan covers loans up to Rs 50000, Kishor Loan provides loans ranging from Rs 50000 to 5 lakh. Whereas Tarun Loan provides loans of more than 5 lakhs and up to a maximum of Rs 10 lakh. Under PM Mudra Loan Yojana, any beneficiary can apply in any of these three schemes. All have their own features and interest rates. The government aims to keep these interest rates as low as possible so that more and more people can take advantage of this scheme.

Do read: PMEGP Loan Yojana  2024- PMEGP लोन योजना 2024

PM Mudra Loan Yojana 2024 Overview

• Article Name -PM Mudra Loan Yojana
• Year- 2024
• Objective -To provide loan facility with subsidy to small entrepreneurs for their business.
• Beneficiaries -All citizens of the country
• Official website –https://www.mudra.org.in/

Benefits and features of Pradhan Mantri Mudra Loan Yojana –

• In this scheme, a person can take a loan of Rs 50000 to Rs 10 lakh.
• The beneficiary can get up to 35% subsidy on any loan taken.
• This scheme does not provide loan facility for businesses related to agricultural work.
• In this, any person can take loan from any commercial bank, regional rural bank, microfinance institutions, NBFC etc.
• Small industries affected due to the Kovid epidemic can be revived with the help of Mudra Loan Scheme.
• The interest rates for this loan will depend on the applicant’s profile and business related requirements.
• No guarantee or collateral is required for Mudra loan.
• PM Mudra Loan Yojana gives time from 12 months to 60 months for repayment of the loan amount.

Eligibility for PM Mudra Loan Yojana-

• Any single person, group of persons, any partnership firm, private limited company, or organization is eligible for this scheme.
• The applicant should not have been declared a defaulter by any financial institution and his credit record should be good.
• The applicant should have business related experience.
• The minimum age should be 18 years and the maximum age should be 60 years till the loan repayment period.

Do read: SBI Shishu Mudra Loan Yojana- SBI शिशु मुद्रा लोन आवेदन

Required documents

• Any proof of identity like- Voter ID/ Driving License/ Aadhar Card
• PAN Card
• Any one certificate of residence
• Quotation of goods to be purchased for business
• Details of input and output of the business
• Any license or registration certificate of the business
• Passport size photograph
• Mobile number

How to apply for PM Mudra Loan Yojana?

• The Pradhan Mantri Mudra Loan Yojana authorizes all banks to provide loans independently.
• That is why go to the nearest branch of the bank from which you want to take a loan and get information about the scheme.
• After this, take the form for Mudra Yojana and enter all the information asked in it.
• Attach all the required documents with this filled form.
• Finally submit this form to this bank.
• After the application form is submitted, your documents will be verified and if everything is found correct then your loan will be approved within a few days.

How to apply online for PM Mudra Loan Yojana?

• To apply online, you have to visit the official website of Udyam Mitra https://www.udyamimitra.in/.
• There will be a list of many schemes at the bottom of the home page.
• Select Mudra Loan from these and click on ApplyNow.
• Now select your category on the new page.
• After this, enter your name, email ID, mobile number and do OTP verification.
• After verification, a form will open in which enter all the information asked and upload the documents.
• Finally click on Submit.

Entities eligible to take PM Mudra Loan Yojana 2024

• Loans under the Mudra scheme can be availed by the following entities:
• Individuals, non-salaried professionals, and startups
• MSMEs
• Shopkeepers, street vendors, retailers, traders, small manufacturers, and artisans

How can women get a Mudra loan?

The Mudra scheme under PMMY encourages women to start businesses and for this, banks, NBFCs and micro finance institutions (MFIs) provide collateral-free business loans to women entrepreneurs at low interest rates. The maximum loan amount provided under the Mudra scheme for women entrepreneurs is Rs 10 lakh, which can be repaid over a period of 5 years. The eligibility criteria for Mudra loans for women are the same as those for individuals and enterprises. Very low or zero processing fees are charged on the loan amount sanctioned for women entrepreneurs.

Do read: PM SVANidhi Yojana 2024- पीएम स्वनिधि योजना 2024

What is a Mudra card?

Mudra card is a type of debit card issued to Mudra loan borrowers to meet their business and working capital needs. After the Mudra loan is approved, the bank/loan institution opens a Mudra loan account for the borrower and also issues a debit card. The loan amount is transferred to the bank account which the borrower can withdraw in installments as per their business needs.

List of Businesses Covered under Mudra Scheme

The list of businesses covered under Mudra Scheme is given below:

Commercial Vehicles: Mudra finance for machinery and equipment can be used to purchase commercial transport vehicles like tractors, auto-rickshaws, taxis, trolleys, tillers, goods transport vehicles, 3-wheelers, e-rickshaws.

Service Sector Activities: Starting a business of salons, gyms, tailoring shops, medical shops, repair shops, dry cleaning and photocopy shops, etc.

Food and Textile Products Sector Activities: Various activities involved in the related sector, such as making papad, pickles, ice cream, biscuits, jams, jellies, and sweets, as well as for preservation of farm-related products at the village level

Business Activities for Traders and Shopkeepers: Setting up shops and service enterprises, trading and business activities, and non-farm activities that generate income

Equipment Finance Scheme for Micro Units: Loan up to a maximum of Rs. 10 lakh

Agri-Related Activities: Agri-clinics and agri-business centres, food and agro-processing units, business-related activities such as poultry, fisheries, beekeeping, sorting, livestock-rearing, grading, agro-industries, dairy, fisheries, etc.

Banks/NBFCs offer Mudra loans only to individuals, enterprises or businesses engaged in services, trading or manufacturing sectors.

FAQs(Pradhan Mantri Mudra Loan Yojana)

Who can take PM Mudra Loan Yojana 2024?

This scheme is very beneficial for the unemployed citizens of the country who have not started any business yet due to lack of money and are planning to start a business further. Now the government is providing them a loan of up to Rs 10 lakh under the PM Mudra Loan Scheme.

How can you take PM Mudra Loan Yojana 2024?

• Application process for PM Mudra Loan Yojana 2024
• First of all go to the official website of PM Mudra Loan Yojana.
• Three types of loan options of Shishu, Tarun, and Kishor will appear. Click on the loan you need.
• After clicking on the selected option, you will get the link of the application form. Click on it and download the form.

What is CIBIL score for PM Mudra Loan Yojana 2024?

If the CIBIL score is less than 700: If the CIBIL score is less than 700, the bank can give loan only after investigating the whole matter. If you have not repaid the previous loan on time and yet you are applying for a loan again, then the chances of getting a loan are very less.