Pradhan Mantri Mudra loan yojana is one of the best schemes through which non-corporate, nonfarm or small enterprises can take load up to Rs 10 lakh. It was launched in the year of 2015 on the 8th of April. This scheme is classified as MUDRA loan which comes under PMMY. The loans are given by the different banks like commercial banks, RRBs, cooperative banks etc.
The borrower can apply if they come in the above category. there are three products created by PMMY MUDRA that are Shishu, Kishore, and Tarun which generally signify stage of growth and the funding needs of the beneficiary as well as an entrepreneur and also give support and provide references for the growth.
Pradhan Mantri MUDRA Yojana Rate of interest charged
MUDRA is a refinancing agency which will extend its funds to Last Mile Financiers to enable them to reach out to the sector. Access to finance in conjunction with rational price is going to be the unique customer value proposition of MUDRA. It will use a variety of innovative financing means including technology to bring down the cost of funding for the ultimate borrower.
Eligibility of persons for Pradhan Mantri MUDRA Yojana
Any Indian Citizen who has a business plan for a non farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is less than 10 lakh can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY. The usual terms and conditions of the lending agency may have to be followed for availing of loans under PMMY. The lending rates are as per the RBI guidelines issued in this regard from time to time
Recovery method under Pradhan Mantri MUDRA Yojana
Mudra Bank would work on both ends, as per the scheme. It would ensure that proper and adequate credit facility is facilitated to the needy entrepreneurs on one hand, whereas, accurate and efficient recovery method is followed by the banks on the other, to create a justifiable and balanced credit system. You will have to repay the loans taken in a tenure ranging from 5 to 7 years.
Stages under Pradhan Mantri MUDRA Yojana
|1||Shishu||RS 50 Thousand||This stage would cater to entrepreneurs who are either in their primitive stage or require lesser funds in order to get their businesses started. Under this stage the applicant would be eligible to get up to Rs 50,000 credit.|
|2||Kishor||Rs 5 Lakhs||This stage would cater to entrepreneurs who have requirement of funds in the range of Rs 50,000 and Rs 5 lakh. This section of entrepreneurs would belong to either those who have already started their business and want additional funds to mobile the business or those who simply require this much of money to start up their businesses.|
|3||Tarun||Rs 10 Lakhs||If an entrepreneur meets the required eligibility conditions, he/she could apply for a loan up to Rs 10 lakh. This would be the highest level of amount that an entrepreneur could apply for a start up loan.|
Pradhan Mantri MUDRA Yojana Application Form
How to apply Pradhan Mantri MUDRA Yojana Loan
there is no formal ways to apply for this scheme but if you need to apply for this scheme then you need to go your local’s banks and have to clarify about your business idea. Then you need to fill the form of MUDRA yojana. If you have a current account in the bank then the process will start quickly and please make sure to take and save the invoice of every equipment which you will take for the business. Don’t forget to take acknowledgment slip for your reference.
Pradhan Mantri MUDRA Yojana Loan Complaint Office (Helpline, Toll Free, Customer care) Numbers
I have got a lot of people inquiring about the complaint office of Mudra loan Yojana. Please find the toll free number on which you can call and file your complaint. Please provide them detailed information and ask them for the complaint id. Here is following toll free number:
- 1800 180 1111
- 1800 110 0001