What is Pradhan Mantri MUDRA Yojana? How to apply? Everything you need to know
Thursday, 9 June 2022 (17:59 IST)
Pradhan Mantri MUDRA Yojana (PMMY) was launched by the Prime Minister in 2015 for providing loans up to Rs.10 Lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY.
These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. The borrower can approach any of the lending institutions mentioned above or can apply online through this portal www.udyamimitra.in .
MUDRA loans are offered in three categories namely, Shishu, Kishore and Tarun, which signifies the stage of growth or development and funding needs of the borrowers:
Shishu: covering loans uptoRs. 50,000/- Kishore: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs
How to apply for MUDRA Loan offline:
Visit a PMMY-authorised bank or NBFC of your choice. (Ensure you have a self-written business plan)
Ask for the MUDRA loan application form and fill in the required details.
Submit the application form along with passport-size photographs and the documents.
How to apply for MUDRA Loan online:
Visit the official website of the PMMY-authorised bank.
Download the relevant (Shishu, Tarun, or Kishore) loan application form.
Fill in required details and submit the application form. (Ensure you have the required documents while submitting it to the bank)
Documents required for MUDRA loan application
Two most recent passport-sized photographs
KYC documents such as your passport, voter ID card, driving license, Aadhaar card, utility bills (water or electricity), PAN card
Special identity documents such as your caste certificate in case you belong to the SC/ST or any other special category
Proof of your business income
Address proof of your business
Proof of establishment of your business (if in case you are already running an enterprise)
Your bank account statements of at least 12 months
Your Income Tax Returns (ITR) for the past 2 years, if applicable
Any other document requested by the bank officials
