Government of India is being running various schemes for the welfare of the people of India. One of the well to do schemes from Prime Minister Narendra Modi is the Pradhan Mantri Mudra Yojana. Also known as Mudra Yojana, the main prospective of this scheme is to provide loan to those citizens who wanted to start their own business.
Government of India is running this scheme for the small or medium class traders who want to setup their business and need money, so that they can avail loans. The full name of the scheme is MICRO UNITS DEVELOPMENT AND REFINANCE AGENCY LIMITED. This is an institution led by Prime Minister Narendra Modi to provide loans for medium or small traders.
Benefits of Pradhan Mantri Mudra Yojana
Following are the benefits under the scheme –
- No processing fee will be charged under this scheme on the loan granted.
- Payment tenure can be increased upto 5 years under the scheme.
- Loans of 50000 to 1000000 can be granted under this Pradhan Mantri Mudra Yojna.
- The rate of interest in this scheme on the loan will be less than any other bank’s loan rate.
Pradhan Mantri Mudra Yojana Types of loan
Three types of loans can be granted under this scheme known as various names-
SHISHU LOAN- A loan upto Rs 50000 can be granted through this type of loan with interest rate 10 to 12 percent to those traders who want to setup their business.
KISHORE LOAN- Under this type, loan from 50,000 to 500000 will be provided to the applicants with interest rate 14 to 70 percent.
TARUN LOAN- Under this tarun loan type, loan upto 1000000 can be provided to the traders who want to setup their business with interest rate starting from 16 percent.
A card alike to ATM card is given to the loan taker at the time of loan availing. Through this 10 percent of the full amount of loan can be credited from anywhere, anytime by the loan taker. The main prospective of this card is to meet the needs of working capital of the traders.
Documents Needed For Pradhan Mantri Mudra Yojana
- Identification proof such as Adhar card, Voter Id, Pan card , Passport etc.
- Caste certificate
- Certificate of business.
- Statement of bank account if you are an account holder of the bank.
- Project report.
- Passport sized photograph.
institutions and Banks which Provide Pradhan Mantri Mudra Loan Yojana
- 27 Public banks
- 17 Private banks
- 31 areal village banks
- 4 cooperative banks
- 36 micro financial institutions
- 25 non banking financial institutions
How to get Pradhan Mantri Mudra Loan Through the mudra Yojana
By following these simple steps you will easily get the Pradhan Mantri Mudra loan through the scheme-
- Fully filled form with all the required details with one’s identification proof and all the above mentioned documents have to be submitted by the applicant in the selected nearby bank.
- If the applicant is found eligible for the loan with all the submitted document correct, he can get the Pradhan Mantri Mudra Loan through the Pradhan Mantri Mudra Loan Yojana.
Pradhan Mantri Mudra Loan Yojana Helpline Details
In case any emergency or to access any information or to clear any doubt you can call the toll free no and can visit the official website and can ask your queries through the email id.
Website- Click Here
Toll free number- 18001801111 or 1800110001
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