Types of PM Mudra Loan Schemes The PM Mudra Loan Yojana has been categorized into three types, each of which is designed to suit the needs of businesses in different stages:
- Shishu Mudra Loan: Loan amount: ₹50,000 or less.
- Kishor Mudra Loan: Loan amount: ₹50,000 to ₹5 lakh.
- Tarun Mudra Loan: Loan tenure: ₹5 lakh to ₹10 lakh.
Key PM Mudra Loan Yojana Benefits
PM Mudra Loan Yojana has several benefits for entrepreneurs and is a sought-after scheme since it provides numerous benefits to businesses:
- Loan Amount: Take a loan of ₹50,000 to ₹10 lakh as per your business requirements.
- Low-Interest Rates: The interest rates are between 9% and 14%, making it affordable.
- No Collateral Required: You are not required to give any guarantee or security to take the loan.
- Zero Processing Fees: The scheme does not charge any extra fees, making it economical.
- Special Benefits for Women: Women entrepreneurs are given an interest rebate, promoting their involvement in the business sector.
- Flexible Utilization: You can use funds to launch a new business, grow an existing one, or even a poultry farm, dairy farm, or other small-scale enterprises.
Eligibility Conditions for PM Mudra Loan Yojana
- You are required to be an Indian national.
- The age of the applicant should be at least 18 years.
The loan is available for new businesses as well as existing ones seeking expansion.
A good CIBIL score (preferably above 700) is required to ensure a smooth application process.
Applicants must have a clean financial record and provide necessary documentation.
Documents Required for PM Mudra Loan Yojana
- Aadhaar Card
- PAN Card
- Residence Proof (e.g., electricity bill, water bill)
- Passport-Sized Photographs
- Caste Certificate (if necessary)
- Business Documents (for old businesses)
- Bank Statements (6 months)
How to Apply for PM Mudra Loan Yojana Online?
- Go to the official website of the PM Mudra Loan Yojana.
- Provide correct information in the application form.
- Upload documents as required.
- Submit the application and wait for authentication.
- When your loan is approved, the money will be transferred to your account.