Pradhan Mantri Mudra Loan Yojana 2024: Check Required Documents , Eligibilitty Criteria and Benefits

The Pradhan Mantri Mudra Yojana (PMMY) is a government program started in 2015 to help small businesses and entrepreneurs. It gives loans up to Rs. 10 lakhs to small non-corporate, non-farm businesses. This plan aims to boost self-employment and help India’s economy grow.

PMMY has three types of loans: Shishu (up to Rs. 50,000), Kishore (Rs. 50,000 to Rs. 5 lakhs), and Tarun (Rs. 5 lakhs to Rs. 10 lakhs). These different types are for businesses at different stages, from new startups to small businesses that have been around for a while.

Many banks and financial companies offer MUDRA loans. These include public and private banks, rural banks, small finance banks, microfinance companies, and non-banking financial companies. This wide network makes it easy for people who qualify to get loans all over India. The Pradhan Mantri Mudra Loan Yojana 2024 continues to support small businesses by providing easy access to credit.

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Eligibility Criteria for Pradhan Mantri Mudra Loan

To get a Mudra loan, you need to meet certain rules. The plan tries to help many different kinds of small business owners, so the rules are not too strict.

  • Age: You must be at least 18 years old to ask for a loan.
  • Citizenship: Only people from India can get this loan.
  • Credit history: Having good credit helps, but it’s not always needed.
  • Business know-how: You should have a good business idea or a small business already running.

Women who want to start businesses often get special help, with some banks giving them lower interest rates. The Pradhan Mantri Mudra Loan Yojana 2024 gives extra attention to businesses in making things, selling things, and providing services.

Documents Required for Mudra Loan Application

When you apply for a Mudra loan, you’ll need to show some papers. Having these ready can make getting your loan faster.

  • ID proof: Aadhaar card, voter card, or passport
  • Address proof: A new bill for electricity or water, or a house rent paper
  • Business papers: Certificates or licenses for your business
  • Money papers: Bank statements if you already have a business

If you want to borrow more than Rs. 2 lakhs, you might need to show more papers like plans for your business or partnership agreements. It’s good to ask your bank what exact papers they need.

Benefits of Pradhan Mantri Mudra Loan Yojana

The Mudra Yojana has many good things that make it a nice choice for small business owners and people who want to start a business.

  • No need to give something valuable: You don’t have to promise any of your things to get loans up to Rs. 10 lakhs
  • Low interest: The interest you pay is less than many other types of loans
  • Easy to pay back: You can pay back in a way that fits your business
  • Helps many kinds of businesses: From making things to helping people with services

By making it easy to get money for business, PMMY helps people start and grow their work. This helps make jobs and makes the country’s money situation better, especially in places that don’t usually get much help. The Eligibility Criteria and Required Documents are key parts of the Pradhan Mantri Mudra Loan Yojana 2024.

How to Apply for Pradhan Mantri Mudra Loan

Getting a Mudra loan is not hard. Here’s how you can get money for your small business:

  1. Pick the right loan type: Think about how much money you need and choose Shishu, Kishore, or Tarun.
  2. Find a bank: Choose a bank or money-lending place near you.
  3. Get your papers ready: Collect your ID proof, address proof, and business papers.
  4. Give your form: Go to the bank you chose with your filled form and papers.
  5. Keep in touch: Talk to the bank to know what’s happening with your loan request.

You can also ask for a loan online through the MUDRA website or Udyami Mitra website if that’s easier for you.

Pradhan Mantri Mudra Yojana Progress and Achievements

The PMMY has done a lot to help very small businesses since it started. Here’s a quick look at what it has done:

YearNumber of Loans GivenMoney Given (in Crore Rs.)
2015-20163.49 crore1,37,449.27
2023-2024 (latest info)5.88 crore4,32,000

This plan has made many new jobs and helped local businesses grow. It has especially helped women who want to start businesses and people who don’t usually get many chances.

Frequently Asked Questions about Pradhan Mantri Mudra Loan Yojana

Here are answers to some questions people often ask about the PMMY:

What is the most money you can get from PMMY?

You can get up to Rs. 10 lakhs in the Tarun group. Shishu gives up to Rs. 50,000, and Kishore gives between Rs. 50,000 and Rs. 5 lakhs.

Do you need to give something valuable for Mudra loans?

No, you don’t need to give anything valuable for Mudra loans. This makes it easy for people who don’t have big things to get loans.

How much interest do you pay for Mudra loans?

The interest changes depending on the bank and the type of loan. It’s usually between 8% to 12% each year. Ask your bank for the exact amount.

Can businesses that are already running ask for Mudra loans?

Yes, both new and old small businesses can ask for loans. The plan wants to help businesses at different stages of growing. The Benefits of the Pradhan Mantri Mudra Loan Yojana 2024 include helping both new and existing businesses grow.

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