PM Mudra Yojana: Eligibility Criteria, Documents Required, and Application Process
From the central government to various state governments, various schemes are being run for the betterment of the common people. In today’s article we will discuss one such scheme where you can get a loan of up to Rs 20 lakh if you apply.
Today we are going to discussed about PM Mudra Yojana. Yes you’ve heardit right. The maximum limit of loans given under the Pradhan Mantri Mudra Yojana (PMMY) has been increased from Rs 10 lakh to Rs 20 lakh.
Finance Minister Nirmala Sitharaman announced this in the general budget. Now the Finance Ministry has issued its notification.
In the new category of Tarun Plus, such applicants will be able to get a loan of up to Rs 20 lakh, who have taken a loan under the Tarun category and have repaid it completely.
What is PM Mudra Yojana?
Pradhan Mantri Mudra Yojana was launched by the Central Government on 8 April 2015 to provide easy loans to people to start their employment or to set up small enterprises. T
his scheme is for the non-corporate small business segment. Small manufacturing units, service sector units, shopkeepers, fruit and vegetable sellers, truck operators, food service units, retail shopkeepers, machine operators, food processors etc. can take this loan.
Now 4 categories instead of 3
So far, loans were given without any collateral under 3 different categories Shishu, Kishore and Tarun. Banks and financial institutions provide loans up to Rs 50,000 in the infant category, Rs 50,000 to Rs 5 lakh in Kishore and Rs 5 to 10 lakh under Tarun.
Now loans will be available from 10 to 20 lakh rupees in Tarun Plus category.
How to apply for Mudra Yojana
Options for all categories will be found on the official website www.mudra.org.in.
Click on any loan you want.
You will find a link to the application form, click on it.
Download the application form as PDF and take a printout.
Fill the form carefully and attach all the necessary documents.
After this, submit this form to the nearest bank or microfinance unit branch.
Required Documents
Documents required for Mudra Loan such as Aadhaar Card, Voter Card, Ration Card, PAN Card, Caste Certificate and Business-related Certificate should be there.