What is Mudra loan scheme?
Pradhan Mantri MUDRA Yojana (PMMY) scheme is launched by Narendra Modi prime minister of india on April 8, 2015. In Mudra Loan Scheme, Govt offering loan upto 10 lakhs to non-corporate, non-agricultural small workers and Small enterprises. These loans have been classified as Mudra-Loans under PMMY scheme.
How to get Mudra-Loan-Scheme:- These loans are given by many indian commercial banks, MFIs & NBFCs, RRBs, small finance banks and co-operative banks.
According latest upadaes PM Narendra Modi said that Banks and financial institutions have given Rs. 6 lakh crore to 12 crore Small beneficiaries.
Is there any subsidy for Mudra loan?
According to the Pradhan Mantri Mudra Loan Yojana , there is no such subsidy by the Govt Finance Ministry. But according to sources, the government of india has not yet decided whether any subsidy will be provided in the interest rate.
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interest rate for Mudra loan scheme
|Mudra Loan Bank||Interest rate||Tenure|
|HDFC||12.75% to 20%||1-5 years|
|HDBFS||15.95% to 18.95%||1-3 years|
|Tata Capital||13.49% to 19.50%||1-5 years|
|Kotak Mahindra Bank||11.5% to 18%||1-5 years|
|Capital First||13% to 20%||1-5 years|
|Citibank||12.75% to 15.75%||1-5 years|
|IndusInd Bank Ltd||12.99% to 18.25%||1-5 years|
|Fullerton||19.50% to 37%||1-4 years|
|Standard Chartered Bank||12.50% to 17%||1-5 years|
|ICICI Bank||11.49% to 17.50%||1-5 years|
|Aditya Birla Finance Ltd||14%||1-3 years|
|Allahabad Bank||13.70%||1-5 years|
|Bank of Baroda||14.15%||1-3 years|
|Bank of Maharashtra||15.20%||1-3 years|
|Bank of India||12.7% to 14.7%||1-3 years|
|Canara Bank||13.65%||1-3 years|
|Central Bank||12.70%||1-3 years|
|Dena Bank||13 % to 14%||1-3 years|
|IDBI Bank||12.75% to 13.75%||1-5 years|
|Indian Bank||12.65% to 13.65%||3 years|
|Indian Overseas Bank||14.70%||1-5 years|
|Karur Vysya Bank||13.9% to 16.40%||1-3 years|
|Oriental Bank of Commerce||11.2% to 12.95%||1-5 years|
|South Indian Bank||14.80%||1-4 years|
|State Bank of Bikaner and Jaipur||13.2% to 14.2%||1-5 years|
|State Bank of Hyderabad||15.25% to 15.75%||1-3 years|
|State Bank of India||17.80%||1-4 years|
|State Bank of Mysore||16.90%||1-3 years|
|State Bank of Patiala||12.65% to 14.65%||1-5 years|
|State Bank of Travancore||13.2% to 13.45%||1-5 years|
|Tamilnad Mercantile Bank||14.4% to 16.4%||1-5 years|
|UCO Bank||14.1% to 15.1%||4-5 years|
|Union Bank of India||14.4%||1-5 years|
|Vijaya Bank||13.7%||1-5 years|
Which documents required for mudra loan scheme?
- Applicant’s self certified dentification-proof should be presented.( Driving License, PAN Card, Aadhar Card, Passport etc )
- Applicant’s Residence Proof (telephone bill, Electrcity bill not more than 3 months old)
- Applicant’s property tax receipt (no more than 2 months old)
- A copy of Applicant’s bank statement Bank official.
- A copy of Voter ID Card .
- A copy of Aadhar Card .
- A Copy of Passport etc.
- 2 recent Passport size Photographs.
- address proof of their Business Enterprise.
- If Applicant is under SC / ST / OBC, he submit his category certificates.
Pradhan Mantri Mudra Loan Scheme Stages
#1. Shishu upto 50 Thousands Rupees
#2. Kishor upto 5 Lakhs Rupees
#3. Tarun upto 10 Lakhs Rupees
PMMY Mudra Loan Card
The Mudra-Loan-Card will work with the Ruppe platform and can be used in POS or Point of Sale. This card will give users the following permission:
- Cash withdrawal from ATMs.
- Swipe cards on POS.
- Can be used as a credit card to avail the overdraft facility.
As of now the following banks gives Mudra Card in Mudra Loan Scheme:
- Corporation Bank
- Punjab National Bank
- Allahabad Bank
- Kotak Mahindra Bank
- Canara Bank
- Axis Bank
- State Bank of India
- Vijaya Bank
Pradhan Mantri Mudra Loan Scheme For Women under SC/ ST/ OBC
The Government has clarified that the women SC and OBC Division will be prioritized during the loan under the Mudra-Loan-Scheme.
However, there are no reservations either. We are looking forward to consolidating data you must fill out this information when filling out the currency loan form.
Who Can Apply for Pradhan Mantri Mudra Loan Yojana (PMMY)?
This loan is only for small businessmen, there is no such exact criterion. But one thing is certain that if you have high business then one more thing is that this loan is not for the purpose of education.
You can get a commercial loan but not personal, because all persons above 18 years can apply for currency loan.
These are the list of business for which Mudra Loan cannot be taken.
- Personal Requirement
- Rich or Big Businessman
- Buying Personal Car or Bike or any other vehicle
- Educational Purpose
How to apply for Mudra Loan PMMY
There is no formal or structured method of enforcing pmmy mudra loans. You will need to contact all the banks listed in our blog and give them a detailed description of your business.
Then the currency will be asked to fill the form. If you already have one current account in that bank, it will help you process your application quickly.
If you need any device for your business, please take an invoice for it. This is a collateral free loan, so it will help if you have a good credit history. Please take the acknowledgement slip with you for reference.
Official Website of PMMY
Helpline,Toll Free, Customer care) Numbers for Mudra Loan Scheme