The Pradhan Mantri Mudra Yojana (PMMY) is a government initiative launched in April 2015 to empower small and micro enterprises in India by offering financial support. It aims to provide easy loans to individuals and small business owners who lack access to traditional banking services, especially in rural and semi-urban areas.
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Eligibility to get Pradhan Mantri Mudra Yojana
Micro, Small, and Medium Enterprises (MSMEs), including non-corporate, non-farm businesses in trading, manufacturing, and services sectors.
Loan Categories:
- Shishu (up to ₹50,000): For start-ups and small ventures.
- Kishore (₹50,001 to ₹5 lakh): For businesses looking to expand.
- Tarun (₹5 lakh to ₹10 lakh): For well-established businesses needing higher funding.
Interest Rates and Repayment:
The interest rate varies by lender but is kept affordable, and the repayment period depends on the type and purpose of the loan.
Application Process:
Applicants can apply through any public or private sector bank, cooperative bank, regional rural bank, or microfinance institution.
Benefits of Mudra Yojana:
No Collateral: Most loans do not require collateral, making them accessible.Promotes
Self-Employment: It encourages small entrepreneurs, helping generate employment and reduce poverty.
Women Empowerment: Many loans under this scheme are targeted toward women, promoting financial independence.
Empowerment of Weaker Sections:The scheme is designed to support SC/ST/OBC and minority entrepreneurs, helping them overcome financial hurdles in business ownership.
Quick Disbursement:The scheme also ensures faster disbursement than traditional loans, enabling businesses to access funds without delays.
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