Pradhan Mantri MUDRA Yojana Online Application Form

The Mudra loan of Pradhan Mantri Mudra Yojana is a Government of India venture to provide the finance needs of non-corporate small businesses in the country.

The motive behind this is to provide financial assistance to small business which provides employment to the majority of the Indian working population. Since its inception till date, Pradhan Mantri Mudra Yojana (PMMY) or Mudra (Micro Units Development Refinance Agency) In banks, under the Central Government’s Pradhan Mantri Mudra Yojana, Rs.24,000 crores have been disbursed across the country till now.

Prime Minister Narendra Modi today launched the Mudra Bank, reiterating the government’s commitment to provide easy credit to all small entrepreneurs. He said that the objective behind the establishment of Mudra Bank is that the small entrepreneurs get easy business loans and the workers associated with it should not have the problem of livelihood. The Prime Minister is of the opinion that a large section of the country is associated with small enterprises, which big banks take care of in giving loans.

The Prime Minister said that the government’s priority is to create employment and promote self-employment. He said that ‘lending to small entrepreneurs will increase gross domestic product (GDP) and accelerate economic growth.’ He said that borrowers doing small business pay the loan on time. ‘Saving in India is an old habit and there is a need to advance this traditional strength and increase self-employment opportunities. It is from this that the idea of ​​Mudra Bank came.

Pradhan Mantri Mudra Yojana

Mudra Bank has been established with only one goal in mind is to cater to all the funding needs of non-corporate small businessmen. The full name of Mudra is Micro Units Development Fund Refinance Agency. Through this, loans up to Rs 10 lakh will be given to small entrepreneurs under the Pradhan Mantri Mudra Yojana.

Pradhan Mantri Mudra Yojana categories

• Shishu Range –  As the name itself suggests, this category is the starting category. All those businesses which have just started and are looking for loans fall into this category. Loans up to Rs 50,000 will be given for all micro units falling in this category. The interest rate for the infant category is in the range of 10 to 12%.
• Kishore Category –  This is for those who have started their business and are now becoming prestigious. There is a provision to give loans ranging from Rs 50,000 to Rs 5 lakh for the units falling in this category. The interest rate for Kishore category is in the range of 14 to 17%.
• Tarun Category  – All those small businesses which have become established and have come under this category. They may need some financial help to improve their business. Therefore, all those small businessmen are eligible to take loans up to Rs 10,00,000 under this category. The interest rate for Tarun category starts at 16%.

Benefits of Pradhan Mantri Mudra Yojana

This bank will have an amount of Rs 20,000 crore and a credit guarantee amount of Rs 3,000 crore. The Mudra Bank will provide refinance to micro-finance institutions through the Pradhan Mantri Mudra Yojana. Priority will be given to SC / ST entrepreneurs in lending. These measures will increase the confidence of young, educated or skilled workers to a great extent, who will now be motivated to become first-generation entrepreneurs. Not only this, but the existing small businesses will also be able to expand their activities.

Mudra Bank will also provide loans to the handlers and vendors. Apart from this, loans will also be provided to business women who are trading papad, pickle etc. Provision has been made to give loans to small shops, beauty parlors, mechanics, tailors, potters and those doing similar small businesses.

• You can be able to get finance between Rs. 50,000 to 10 lakhs using Mudra loan.
• One can get loan without any processing fee and without any hassle.
• Mudra loan is mainly to focus on large scale business rather than focusing on small and micro level business.
• Interest rate on Mudra loan is much lower and cheaper than other banker’s interest rate

How to get loans under Mudra Bank Loan Scheme

If any citizen wants to take a Mudra Bank loan then he has to follow these procedures:

1. To apply for a loan under the Mudra Bank Scheme, first of all the applicant will have to see a nearby bank. All the interest rate information related to that will have to be taken and an application form will also have to be filled. 
2. You have to fill the application form and submit the required documents and the business you will start.
3. After this all the formalities prescribed by the bank have to be completed.
4. When all the formalities are completed then only your loan will be approved by Mudra Bank Scheme.

Mudra Bank Loan Scheme – Interest Rate

Now all of you would like to know what will be the interest rate of Mudra Bank loan? Friends, let us tell you that no interest rate has been fixed under Mudra Loan. But in general, the interest rate of Mudra loan is around 12% per annum.