Introduction
Pradhan Mantri Mudra Loan Yojana is a flagship scheme of the Government of India, aimed at providing affordable and easily available loans to small industries and businessmen. Under this scheme, loans are made available to small industries and businessmen without any asset guarantee.
The objective of PM Mudra Loan Yojana 2024
The objective of Pradhan Mantri Mudra Loan Yojana 2024 is to provide cheap and easily available loans to small industries and businessmen. Under this scheme, without any asset guarantee, loans are made available to small industries and businessmen so that they can expand their businesses and create employment.
About PM Mudra Loan Yojana 2024
Pradhan Mantri Mudra Loan Yojana 2024 is a flagship scheme of the Government of India, aimed at providing cheap and easily available loans to small industries and businessmen. Under this scheme, loans are made available to small industries and businessmen without any asset guarantee so that they can expand their businesses and create employment.
Mudra Yojana has three categories:
- Shishu: Loan up to Rs 50,000
- Kishor: Loan from Rs 50,000 to Rs 5 lakh
- Tarun: Loan from Rs 5 lakh to Rs 10 lakh
Overview of PM Mudra Loan Yojana 2024
| Name of the scheme | Pradhan Mantri Mudra Loan Yojana |
| Launched by | Prime Minister Narendra Modi |
| Beneficiaries | Youth of the country |
| Objective of the scheme | To provide loan to the youth to start their own business |
| Loan amount | Rs 50 thousand to Rs 20 lakh |
| Application process | Online and offline |
| Official website | https://www.mudra.org.in/ |
Eligibility Criteria
Indian Citizenship: The applicant must be an Indian citizen.
Small Industry or Business: The applicant must have a small industry or business.
Credit History: The applicant must have a good credit history.
Age Limit: The applicant must be between 18 and 55 years of age.
Business Establishment: The applicant’s business must be at least three months old.
Annual Turnover: The annual turnover of the applicant must not exceed the prescribed limit.
Also Read: Solar Rooftop Yojana
Benefits of PM Mudra Loan Yojana
Maximum loan amount: Up to Rs 10 lakh.
No asset guarantee: No asset guarantee is required to avail the loan.
Low interest rates: The main objective of this scheme is that the interest rate on it is very low.
Government support: The scheme is backed by the Government of India, making it easier to avail the loan.
Timely repayment: The loan can be repaid in a timely manner.
Flexible repayment: In some cases, the repayment period and amount can be made flexible.
Employment generation: Through this scheme, you can start your own business and get employment.
Economic development: The scheme aims to contribute to the economic development of the country.
Empowerment: The scheme helps empower women and Dalits.
Business expansion: The scheme helps small industries to expand their business.
PM Mudra Loan Yojana Required Documents :-
- Aadhar Card
- PAN Card
- Income Certificate
- Residence Certificate
- Proof of Business Address and Establishment
- Balance Sheet of last three years (in case of already having business)
- Income Tax Returns and Self Tax Returns
- Passport size photo
- Bank account statement
- Account number and IFSC code
- Current mobile number
PM Mudra Loan Yojana 2024 Application Process
Bank or Non-Banking Financial Company (NBFC): You can approach a bank or NBFC to avail a loan under the scheme.
Application Form: You need to fill the application. Fill the application form correctly, provide all the required documents.
Documents: The required documents may include Aadhaar card, PAN card, passport size photo, income certificate, trade license, etc.
Loan Approval: If your application is approved, you will be provided with the loan amount.
Loan Disbursement: The loan amount will be credited to your account.
Use of Loan: You can use the loan amount to grow your business. Financing renovations or upgrades to your home.
Repayment of Loan: You need to repay the loan in a timely manner.
FAQs
Who can take PM Mudra Loan Yojana 2024?
Pradhan Mantri Mudra Loan Yojana 2024 provides cheap and easily available loans to small industries and businessmen.
How can you avail PM Mudra Loan Yojana 2024 in 2024?
To avail loan under Pradhan Mantri Mudra Loan Yojana 2024, you can approach your nearest bank or NBFC and follow the application process.
CIBIL Score for PM Mudra Loan Yojana 2024?
There is no minimum requirement for CIBIL score for Pradhan Mantri Mudra Loan Yojana 2024, but a good CIBIL score can increase your chances of getting a loan.