Pradhan Mantri Mudra Yojana(PMMY):Categories of loans,Banks covered under PM Mudra Yojana,New updates,benefits,beneficiaries ,Eligibility ,Application process,Documents required,Helpline numbers(प्रधानमंत्री मुद्रा योजना: ऋण की श्रेणियां, पीएम मुद्रा योजना के अंतर्गत आने वाले बैंक, नए अपडेट, लाभ, लाभार्थी, पात्रता, आवेदन प्रक्रिया, आवश्यक दस्तावेज, हेल्पलाइन नंबर)
Pradhan Mantri Mudra Yojana is an initiative started by the Government of India to provide financial support to micro-enterprises.This scheme began on April 8, 2015, it aims to empower small businesses, especially those owned by women and marginalized communities, by offering loans up to Rs. 10 lakh. The scheme operates loans in three categories. These loans are called MUDRA loans under PMMY and are provided by various banks and financial institutions.By promoting entrepreneurship and self-employment, PM MUDRA Yojana fosters economic growth, job creation, and financial inclusion across India.
PM Mudra Yojana
In the 2024 budget, Finance Minister Nirmala Sitharaman talked about different plans, including one called PM Mudra Yojana. This plan, started by the Modi government in 2015, helps people start their own businesses. It gives loans up to Rs 10 lakh without needing any security. These loans are for small businesses, not big companies or farms.
According to the latest data from January 2024, PM Mudra Yojana has done well. They approved a total of 49,908,304 loans, with an amount of Rs 390,515.79 crores. They actually gave out Rs 383,128.65 crores, showing how much the plan is helping small businesses grow.
Pradhan Mantri Mudra Yojana :Loans available in three categories
There are three types of loans available under this Yojana :-
1.Shishu Loan:You can get up to Rs 50 thousand.
2.Kishore Loan:You can get up to Rs 5 lakh.
3.Tarun Loan:You can get up to Rs 10 lakh.
You can borrow money from different types of banks, like government or private ones, such as Regional Rural Bank, Small Finance Bank, or a Non-Banking Financial Company (NBFC).
Key Details of Pradhan mantri Mudra Yojana
| Scheme Name | Pradhan Mantri Mudra Yojana |
| Started By | PM Narendra Modi |
| Launched Date | 8 April 2015 |
| Objective | To provide loans |
| Loan Amount | Maximum Rs 10 lakh |
| Application Process | Online/Offline |
| Official website | mudra.org.in |
New updates
The finance minister, Nirmala Sitharaman, announced that over the past 10 years, the government has given 30 crore loans to women who want to start businesses.In the interim Budget for 2024-25, she mentioned that the government has given a total of 43 crore loans worth INR 22.5 lakh crore under this scheme.
In her budget before the elections, Mrs. Sitharaman said that by sending money directly to Jan Dhan accounts, they could save and transfer ₹2.7 lakh crore out of ₹34 lakh crore. Since 2015, they’ve given out a total of ₹23.2 lakh crore across 40.82 crore loan accounts. Most of these accounts, 68%, are owned by women entrepreneurs, and 51% are owned by entrepreneurs from SC/ST and OBC categories.During 2015-2016, banks approved 34,880,924 loans under PMMY, worth ₹1.37 lakh crore. Out of this, they gave out ₹1.32 lakh crore. In 2022-2023, the number of PMMY loans approved rose to 6.23 crore, with a total worth of ₹4.56 lakh crore.
Almost 70% of these loans have been given to women entrepreneurs. The finance minister also highlighted the increasing support for women in starting their own businesses, which has improved their quality of life and dignity.
The finance minister said that more girls are going to college now, with a 28% increase in the last 10 years. She also mentioned that almost half of the students in science and technology courses are girls. This is helping more women join the workforce.
Banks covered under PM Mudra Yojana
Public Sector Bank
State Bank of India
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Corporation Bank
Central Bank of India
Private sector bank
Axis Bank Ltd.
Catholic Syrian Bank Ltd.
City Union Bank Ltd.
DCB Bank Ltd.
Federal Bank Ltd.
HDFC Bank Ltd.
Regional rural banks
Andhra Pragathi Grameena Bank
Chaitanya Godavari Grameena Bank
Deccan Grameena Bank
Saptagiri Grameena Bank
Bihar Gramin Bank
Madhya Bihar Gramin Bank
Co-operative banks
Gujarat State Co-op Bank Ltd
Mehsana Urban Co-op Bank
Rajkot Nagarik Sahakari Bank
Kalupur Commercial Co-op Bank
MFI List offering mudra loan
S V Creditline Pvt. Ltd.
Margdarshak Financial Services Ltd.
Madura Micro Finance Ltd.
ESAF Micro Finance & Investments P. Ltd.
Fusion MicroFinance P. Ltd.
Ujjivan Financial Services P. Ltd.
List of NBFC
Reliance Capital Ltd.
Fullerton India Credit Co. Ltd.
Shriram Transport Finance Co. Ltd.
SREI Equipment Finance Ltd.
Magma Fincorp Ltd.
Mudra Card
A Mudra Card is like a debit card given to people who have taken out a Mudra loan. It’s for using the loan money for day-to-day business expenses. With this card, borrowers can withdraw money or put money in their loan account whenever they need it. This helps them manage their loan money wisely and pay less interest. The card also makes it easier to do business transactions online and builds a good credit record. You can use the MUDRA Card to take out cash from ATMs or micro ATMs, and also to pay for things using card machines anywhere in the country.
Benefits of Pradhan Mantri Mudra Yojana
- The Pradhan Mantri Mudra Yojana lets you borrow money from Rs 50,000 to Rs 10 lakh without any collateral
- You don’t have to pay any fees to get the loan.
- You can pay back the loan over a period of 1 to 5 years.
- If you can’t pay it back in 5 years, you can get more time, up to 10 years in total.
- With this scheme, you only pay interest on the money you use, not on the whole loan amount.
Beneficiaries of PM Mudra Loan Yojana
- Sole proprietor
- Partnership
- Service sector companies
- Micro industry
- Repair shops
- Truck owners
- Food related business
- Seller
- Micro Manufacturing Firm
Eligibility criteria
- Applicants must be an Indian citizen to apply for the loan.
- You shouldn’t have a record of not repaying money to a bank.
- Your business can’t be a big company to get this loan.
- You must have a bank account.
- You have to be at least 18 years old to apply for the loan.
How to apply online?
- Go to the official website of PM Mudra Yojana.
- Look for three types of loans on the homepage: Shishu, Kishore, and Tarun. Choose the one you want.
- Open the application form on the new page and print it out.
- Fill out the application form with the correct information.
- Attach documents like Aadhar card, PAN card, proof of your permanent and business address, income tax return, and a passport-sized photo.
- Take your completed application form to the nearest bank and submit it there.
How to apply offline?
- Visit the nearest bank that can offer Mudra loans under PMMY.
- Fill out the loan application form and submit it with the required documents at the bank.
- Complete all the loan procedures with the bank. Once your documents are verified, your loan application will be approved.
- After approval, the money will be transferred to your bank account within a few days.
Documents required
- The borrower’s age must be at least 18 years.
- The applicant should not be a bank defaulter.
- Aadhaar card
- PAN card
- Permanent address of application
- Proof of business address and establishment
- Balance Sheet of last three years
- Income Tax Returns and Self Tax Returns
- passport size photo
Helpline Number of Pradhan Mantri Mudra Yojana
| State | Phone Number |
| Maharashtra | 18001022636 |
| West Bengal | 18003453344 |
| Chandigarh | 18001804383 |
| Uttar Pradesh | 18001027788 |
| Uttarakhand | 18001804167 |
| Andaman and Nicobar | 18003454545 |
| Telangana | 18004258933 |
| Arunachal Pradesh | 18003453988 |
| Tamil Nadu | 18004251646 |
| Tripura | 18003453344 |
| Puducherry | 18004250016 |
| Sikkim | 18004251646 |
| Punjab | 18001802222 |
| Rajasthan | 18001806546 |
| NCT of Delhi | 18001800124 |
| Odisha | 18003456551 |
| Madhya Pradesh | 18002334035 |
| Nagaland | 18003453988 |
| Mizoram | 18003453988 |
| Chhattisgarh | 18002334358 |
| Meghalaya | 18003453988 |
| Manipur | 18003453988 |
| Lakshdweep | 4842369090 |
| Karnataka | 180042597777 |
| Kerala | 180042511222 |
| Jammu and Kashmir | 18001807087 |
| Jharkhand | 18003456576 |
| Haryana | 18001802222 |
| Himachal Pradesh | 18001802222 |
| Goa | 18002333202 |
| Gujarat | 18002338944 |
| Dadra Nagar Haveli | 18002338944 |
| Bihar | 18003456195 |
| Daman and Diu | 18002338944 |
| Assam | 18003453988 |
| Andhra Pradesh | 18004251525 |
FAQs
Q1.What is PM Mudra Yojana?
Ans.Prandhan Mantri Mudra Yojana is a government scheme for offering loans of up to Rs 10 lakh to micro enterprises through commercial banks, small finance banks, MFIs, RRBs and NBFCs.
Q2.What type of loan is Mudra loan?
Ans.Mudra Loan can be considered as a type of term loan where a group or an individual can avail a loan for expansion of business, purchasing of inventory, etc.
Q3.What is maximum limit of loan under PM Mudra Yojana?
Ans.The maximum loan amount that can be availed from banks is up to Rs.10 lakh.
Q4.Does the Pradhan Mantri MUDRA Yojana offer any subsidies?
Ans.No,there are no subsidies under the Pradhan Mantri Mudra Yojana.
Q5.Whom does PM Mudra Loan help?
Ans.Mudra loans are for small businesses that aren’t big companies. These businesses can be partnerships or owned by one person. They include service providers, small factories, shops selling vegetables or fruits, repair shops, and more. They operate in both cities and countryside areas.
Q6.How can a person can apply for loans under PMMY?
Ans.Applicants can apply for loans under PMMY from the official website,Persons can also apply for these loans through the website of the partner banks or financial institutions. Another way to apply for these loans is by going to the nearest branch or office of the bank or financial institution and directly applying for the loans there.
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