Pradhan Mantri Mudra Yojana (PMMY) 2023: Apply Online, Interest Rate, Rules

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Pradhan Mantri Mudra Yojana
Pradhan Mantri Mudra Yojana

Under Pradhanmantri Mudra Yojana, it is providing assistance to the entrepreneurs of the country in providing loans from banks at concessional rates to start their own industries. Pradhan Mantri Mudra Yojana was started by the Prime Minister of our country Shri Narendra Modi on 8 April 2015. Any interested beneficiary who wants to start his own industry and take a loan from the bank to further his industry can apply under Pradhan Mantri Mudra Yojana . Today we will give all the information about this scheme like registration process, documents, eligibility. , applications etc. are going to be shared with you in this article.

Pradhan Mantri Mudra Yojana 2023

 Under the Pradhan Mantri Mudra Yojana, the central government is providing loans up to Rs 10 lakh to those beneficiaries who want to start their own business and take the business forward. No guarantee is required to take Mudra loan and Mudra The period of 5 years to repay the loan has been extended. Pradhan Mantri Mudra Yojana has been classified into three parts – Shishu Loan, Kishore Loan and Tarun Loan. Under the scheme, the government has included 18.87 crore beneficiaries till March 2019 and so far Rs 9.27 lakh crore has been allocated under the scheme.

Information about Pradhan Mantri Mudra Yojana

name of the schemePradhan Mantri Mudra Loan Yojana
Launched byShri Narendra Modi
start date of planyear 2015
nodal agency Micro Units Development and Refinance Agency
BeneficiarySmall and Medium Entrepreneur Startup
Targetto empower
loan amount Maximum Rs 10 lakh
application systemoffline
Start filling the application formAvailable now
Type of scheme Central Govt. Scheme  
Launched byhttps://www.mudra.org.in/

Objective of Pradhan Mantri Mudra Yojana

The people of our country who want to start their own industry but due to financial constraints are not able to start the industry, the Government of India is providing financial assistance to those beneficiaries by providing loans up to Rs. 10 and making the beneficiaries self-reliant through the Pradhan Mantri Mudra Yojana and Empowering the beneficiaries. Beneficiaries are to be encouraged to start industries by providing appropriate capital through this scheme.

Types of Mudra Loan

  • Shishu Loan – Under Shishu Loan, loan up to Rs 50,000 will be given by the bank.
  • Kishore Loan – Under Kishore Loan, loans ranging from Rs 50,000 to Rs 5 lakh will be given by the bank.
  • Tarun Loan – Under Tarun Loan, loan ranging from Rs 5 lakh to Rs 10 lakh will be given by the bank.

Beneficiary of PMMY 2023

YearNo of beneficiaryAmount
2015-163.48 crore1. 37 lakh crore
2016-173.97 crore1.80 lakh crore
2017-184.81 crore2.53 lakh crore
2018-195.98 crore3.21 lakh crore
2019-2064.12 lakh34602.7 crore
Total18.87 crore9.27 lakh crore

Benefits of Pradhan Mantri Mudra Yojana

  • The benefit of this scheme will be provided to the entrepreneurs of the country.
  • It is providing assistance to the entrepreneurs of the country in providing loans from banks at concessional rates to start their own industries.
  • Under the Pradhan Mantri Mudra Yojana, the Central Government is providing loan up to Rs 10 lakh by the bank.
  • You will not have to give any guarantee to take a loan under this scheme.
  • Through this scheme, people of the country can start their own business by getting loan from the government.

Required documents (eligibility) of Pradhan Mantri Mudra Yojana

  • The age of the applicant applying should not be less than 18 years.
  • Aadhar card
  • applicant’s identity card
  • Driving License, PAN Card
  • Voter ID Card
  • previous years balance sheet
  • Sales Tax Return, Income Tax Return
  • Postal address
  • mobile number
  • bank account

Features of Pradhan Mantri Mudra Yojana

  • Pradhan Mantri Mudra Yojana was launched by the Prime Minister of our country Shri Narendra Modi on 8 April 2015.
  • Through this scheme, loans up to ₹ 1000000 are provided to non-corporate, non-agricultural small/micro enterprises.
  • The loan provided under Pradhan Mantri Mudra Yojana is called Mudra Loan.
  • These loans are provided by commercial banks, small finance banks, non-banking financial institutions etc.
  • Under this scheme, three types of loans are provided which are Shishu, Kishor and Tarun loan.
  • Loan up to ₹ 50000 is provided under Shishu Loan.
  • Under Kishore Loan, loans ranging from ₹ 50000 to ₹ 500000 are provided.
  • Under Tarun Loan, loans ranging from ₹ 500000 to ₹ 1000000 are provided.

Credit providing activities

Under Pradhan Mantri Mudra Yojana, Mudra loan is given for the purpose of generating income and employment. This loan is provided for the following activities.

  • Business loan for sellers, traders, shopkeepers and other service sector activities.
  • Working Capital Loan through Mudra Card.
  • Equipment finance for micro units.
  • Transport vehicle loan for business use only.
  • Loans for agricultural related non-agricultural income generating activities such as fish farming, beekeeping, poultry farming etc.
  • The tractor, along with Taylor’s, was a loan for a two-wheeler which is used only for business purposes.

Mudra Card under Pradhan Mantri Mudra Yojana

Mudra card is a type of debit card that is provided to Mudra loan holders. This card works like an ATM card of a savings account. Through this card you can withdraw money from ATM. A loan up to a limit is sanctioned by the bank in your name. Through this card, you can withdraw money up to the limit sanctioned by the bank. The working capital needs of the business can be met through this card.  Currency transactions become completely digital through Mudra cards . Using this card, the beneficiary can withdraw money through ATM from any corner of the country and can also make payment through point of sale machine.

How to apply for Pradhan Mantri Mudra Yojana 2023?

If you want to get a loan from the bank to start your own industry by applying under the Pradhan Mantri Mudra Yojana, then you will have to use the methods given below.

  • First of all, to apply under this scheme, the applicant will have to obtain the application form from the concerned bank and fill it.
  • After this, you will have to fill all the information asked in the application form like name, address, mobile number, Aadhar card number etc. and attach all the documents and submit it to the concerned bank.
  • After this, the bank officer will verify your application form and all the documents and the loan amount will be sent to your bank account within 1 month.
  • In this way your application will be completed and you will be able to start your own business with the loan amount received.

Process to download Pradhan Mantri Mudra Yojana toll free number

  • First of all you have to go to the official website of Pradhan Mantri Mudra Yojana.
  • Now it will appear openly in front of you at home.
  • On the home page you have to click on the link of Contact Us .
  • Now a new page will open in front of you in which you will have to click on the download link written next to the PMMY toll free number.
  • As soon as you click on this link, all the state-wise toll free numbers will be downloaded.

Process to login to PMMY portal

  • First of all you have to go to the official website of Pradhan Mantri Mudra Yojana.
  • Now it will appear openly in front of you at home.
  • After this you will have to click on the link of Login for PMMY Portal .
  • Now the login form will open in front of you in which you will have to login by filling the user name, password and captcha code.
  • In this way you will be able to login to PMMY portal.

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Helpline Number

We have provided you all the important information related to Pradhan Mantri Mudra Yojana in our ID article . If you are still facing any problem then you can solve your problem by contacting the toll free number. Or you can also send an email. You can know the toll free number by following the procedure given above and the email ID is as follows.

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