In 2024, the Pradhan Mantri Mudra Yojana (PMMY) continues to be a beacon of hope for aspiring entrepreneurs across India. Initiated in 2015 by the Modi government, this scheme is a testament to the government’s commitment to fostering self-employment and small business growth. Offering collateral-free loans up to Rs 10 lakh, PMMY stands as a pillar of financial support for non-corporate and non-agricultural small business sectors.
Pradhan Mantri Mudra Yojana 2024 Overview
Here’s a table summarizing the key facts and figures about the Pradhan Mantri Mudra Yojana 2024:
| Aspect | Details |
|---|---|
| Eligibility Criteria | – Indian citizenship. – Age above 18 years. – Non-corporate, non-agricultural micro/small enterprises. – Preferably a clean credit history. |
| Loan Types | – Shishu Loan: Up to Rs. 50,000. – Kishore Loan: Rs. 50,000 to Rs. 5 lakh. – Tarun Loan: Rs. 5 lakh to Rs. 10 lakh. |
| Benefits | – Collateral-free loans. – Flexible repayment (12 months to 5 years, extendable). – Interest charged only on the amount withdrawn. |
| Application Process | 1. Visit mudra.org.in. 2. Select loan category. 3. Download and fill out the application form. 4. Attach required documents. 5. Submit at a nearby bank. |
| Interest Rate | Varies between banks, typically starting from 7.30% p.a. for a Rs. 50,000 loan. |
| Loan Limit | Currently up to Rs. 10 lakh. Proposals to increase to Rs. 20 lakh are under consideration. |
| Maximum Loan Amount | Up to Rs. 10 lakh under current guidelines. Rs. 25 lakh loans are not available. |
| Scheme Overview | The PM Modi Loan Scheme, officially known as the Pradhan Mantri Mudra Yojana (PMMY), was launched in April 2015 to support small business entrepreneurship with loans up to Rs. 10 lakh. |
This table provides a quick, comprehensive overview of the Pradhan Mantri Mudra Yojana 2024, making it easy for you to grasp the essential facts about the scheme.
What is Pradhan Mantri Mudra Yojana?
The PMMY is a government initiative providing financial assistance to the non-corporate small business sector. Loans under this scheme are categorized into three types:
- Shishu Loan: Loans up to Rs 50,000.
- Kishore Loan: Loans ranging from Rs 50,000 to Rs 5 lakh.
- Tarun Loan: Loans from Rs 5 lakh to Rs 10 lakh.
Eligibility Criteria of Pradhan Mantri Mudra Loan Yojana?
To be eligible for the PMMY:
- Applicants must be Indian citizens.
- They should have no history of bank defaults.
- The business for which the loan is sought should not be a corporate entity.
- Applicants must have a bank account and be over 18 years old.
Benefits of the Scheme of PM Mudra Loan Yojana
- Collateral-Free Loans: Borrowers are not required to provide any security.
- Flexible Repayment: The repayment period ranges from 12 months to 5 years, extendable by another 5 years.
- Interest on Usage: Interest is charged only on the amount withdrawn, not on the total sanctioned loan.
Application Process How to Apply Online For Pradhan Mantri Mudra Loan Yojana
- Visit the official Mudra Yojana website: mudra.org.in.
- Select the desired loan category (Shishu, Kishore, Tarun).
- Download and fill out the application form.
- Attach necessary documents like Aadhar card, PAN card, proof of address, income tax returns, and a passport-size photo.
- Submit the application at a nearby bank.
Why PMMY?
PMMY is not just a loan scheme; it’s a movement towards self-reliance and economic empowerment. It addresses the financial needs of budding entrepreneurs who lack the means to start or expand their businesses.
Who Benefits?
Unemployed individuals, small business owners, and anyone with a viable business plan but lacking financial backing can benefit from this scheme.
Impact on Employment
By supporting small businesses, PMMY plays a crucial role in job creation, thereby reducing unemployment and boosting the economy.
Conclusion
The Pradhan Mantri Mudra Yojana 2024 continues to be a vital instrument in India’s economic landscape, empowering individuals to realize their entrepreneurial dreams and contribute to the nation’s prosperity.
Unleashing entrepreneurial spirits with Pradhan Mantri Mudra Yojana 2024! #PMMY2024 #FinancialFreedom #Entrepreneurship
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Discover the transformative potential of the Pradhan Mantri Mudra Yojana 2024. This in-depth guide covers eligibility, benefits, and application procedures, offering a lifeline for aspiring entrepreneurs seeking financial support.
Pradhan Mantri Mudra Yojana 2024: A Gateway to Entrepreneurial Success
FAQ
Who Is Eligible For Mudra Loan?
Eligibility for the Mudra Loan under the Pradhan Mantri Mudra Yojana (PMMY) includes:
Indian citizenship.
Age above 18 years.
Engaging in non-corporate, non-agricultural micro/small enterprises.
Clean credit history is preferred, but not mandatory.
What Is The Interest Of 50000 In Mudra Loan?
The interest rate for a Mudra loan of Rs. 50,000 varies between banks. Typically, it ranges from 7.30% p.a. upwards. The exact rate depends on the bank’s policy and the borrower’s credit history.
What Are The Types Of Mudra Loans?
Mudra Loans are categorized into three types:
Shishu Loan: Up to Rs. 50,000 for new businesses.
Kishore Loan: Between Rs. 50,000 and Rs. 5 lakh for established businesses.
Tarun Loan: From Rs. 5 lakh to Rs. 10 lakh for business expansion.
What Is The Limit Of Mudra Loan To 20 Lakhs?
As of the latest updates, the Mudra loan limit is up to Rs. 10 lakh. However, there have been recommendations to increase this limit to Rs. 20 lakh, but this is not yet implemented.
Can I Get 25 Lakh Mudra Loan?
No, under the current guidelines of the Pradhan Mantri Mudra Yojana, the maximum loan amount is capped at Rs. 10 lakh. Loans of Rs. 25 lakh are not available under this scheme.
What Is The PM Modi Loan Scheme?
The PM Modi Loan Scheme refers to the Pradhan Mantri Mudra Yojana (PMMY). Launched in April 2015, it aims to provide loans up to Rs. 10 lakh to non-corporate, non-farm small/micro enterprises to support entrepreneurship.
