PM Mudra Loan Yojana – Last update: 3 types of loans will be available, know which loan is perfect for you

PM Mudra Loan Yojana – Last update: MUDRA stands for Micro Units Development and Refinance Agency Limited and is a loan granted to establish and develop small and micro businesses across India. Mudra Loans are available under the PM Mudra Loan Scheme. The loan was launched from April 8, 2015 to provide financial support to non-agricultural micro-enterprises and small non-enterprise enterprises.

PM Mudra Loan Yojana – Latest update

PM Mudra Loan Yojana - Latest update

Pradhan Mantri Mudra Loan Yojana – Latest update

Loans are provided by NBFCs, commercial banks, small financial banks and RRBs, and loans up to Rs 10 lakh can be availed based on the PM Mudra Loan Scheme. The primary role of MUDRA loans is to provide sustainable business development and financing to rural or small-scale entrepreneurs. During the financial year 2020-21, the total number of MUDRA loans sanctioned throughout the country is 24530897. Within this year, the total loan amount was Rs 147,478.66.

Under the protection of Mudra loans, most micro and small businesses get a chance to flourish and grow. It is mostly provided for income generating companies and is applicable in various fields. This PM Mudra loan system mainly provides loans to business units involved in trade, construction and secondary related companies.

PM Mudra Loan Scheme is provided to individuals, partner companies or small private companies. It also extends to vegetable or fruit sellers, shopkeepers, repair or service workshops, machine operators, craftsmen, food processors, food service companies, etc. This applies to small businesses in both rural and urban areas.

Eligibility criteria for the loan application

  1. All Indian citizens over the age of 18 who own a future small manufacturing, trading or service sector business are eligible to apply for the loan.
  2. It can be implemented by individuals, traders, manufacturers, MSMEs, business owners, store owners, start-up micro-enterprises and small-scale industrialists.

Types of Mudra Loans (PM Mudra Loan Yojana – Latest Update)

There are three categories of Mudra loans under PM Mudra Loan Yojana. Each category has different financial limits and helps meet a small business’ financial needs.

Shishu MUDRA loan: Loans up to Rs 50,000 are sanctioned under this category. In PM Mudra Loan Yojana, this loan is for you who are starting a business or have a business plan.

Kishor MUDRA loan: Loans are sanctioned under this category in the range of Rs 50,000 to Rs 5 lakh. This loan is for those people who have an established business and need financial support to expand and grow their business.

Tarun Mudra loan: Under this category in PM Mudra Loan Yojana, loans are sanctioned in the range of Rs 5 lakh to Rs 10 lakh. This loan is for companies or companies that want to expand and diversify their business domain.

mudra loan online application

  1. The first step is to find the right lender, which includes commercial banks, NBFCs, RRBs, etc. Visit the official website of the lender’s financial institution and download the form. The form is different for the three categories of Mudra loans.
  2. Fill in all detailed information related to personal and business in the online form. Make sure that all the information provided is correct.
  3. Apply with all the documents required by the financial institution to check and process the loan.
  4. The application form and attached documents are reviewed, verified and if the loan is approved, it will be processed for the disbursement amount. A Mudra card is issued with a pre-charged sanctioned loan amount. It can be used as a credit card.

Mudra loans have helped strengthen the “Make in India” campaign by supporting small and micro-enterprises and businesses. It has also helped break down the bottlenecks faced by micro, small and medium-sized enterprises (MSMEs) in terms of financial support. Small businesses and corporations have benefited greatly from this PM Mudra loan system.

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