PM Mudra Loan Apply Online 2024: Several financial assistance programs are run by the Indian Government and among these various benefits the PM Mudra Loan Scheme is also one of the well-known financial schemes in India which has been working since 2015.
Income-producing micro businesses in the manufacturing, trading, or service sectors are eligible for the Pradhan Mantri Mudra Yojana (PMMY), which also includes those in agriculture-related industries like dairy, beekeeping, or poultry. To avail of microcredit or a loan up to Rs. 10 lakhs, read the mentioned details very carefully.
The Member Lending Institutions of the Scheme provide financial support to micro and small businesses engaged in income-generating activities that are not related to corporations or the farm sector.
Pradhan Mantri Mudra Loan Yojana 2024
Millions of single proprietorships and partnerships that operate small manufacturing, service sector, retail, farmers’ markets, truck drivers, food-service operators, repair shops, machine operators, small industries, artisans, food processors,
and other kinds of businesses make up this micro and small business. I will provide you with the details about PM Mudra Loan to understand what it is, what its benefits are, how you can apply for it, what its functional areas etc.
A total of 16468788 PMMY loans have been sanctioned by the Indian Government so far and thousands of loans are still in the queue. Under Pradhan Mantri Loan, the government is providing loans to teenagers like Shishu, Kishore and Tarun. I will provide you with information about all this in the upcoming sections of my post.
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Overview of PM Mudra Loan
| Scheme Name | Pradhan Mantri Mudra Loan |
| Administrated By | Indian Government |
| Headquarter | Mumbai |
| Launched By | PM Shree Narendra Modi |
| Launch Date | 8 April 2015 |
| Benefit | Financial Assistance |
| Beneficiaries | non-corporate, non-farm small or micro enterprises |
| Benefit Amount | Up to 10 Lakh |
| Headquarters | Shishu Kishore Tarun |
| Application Mode | Online and Offline |
| Official Site | www.mudra.org.in |
Pradhan Mantri Mudra Yojana Objective
The objective behind running the PM Mudra Loan Scheme is that the Government of India wants to provide financial security and economic success to young entrepreneurs. Through Mudra Loan, eligible individuals can borrow funds for their small-scale businesses.
Three products, “Shishu,” “Kishore,” and “Tarun” have been introduced in MUDRA yojana to reflect the financial needs and stage of progress of the recipient micro unit or entrepreneur. These types of loans also serve as reference points for the subsequent graduation or expansion phase.
Benefits of Pradhan Mantri Mudra Yojana
If we talk about the benefits of the PM Mudra Scheme, the government is providing various benefits to the youth of the country through this government scheme, which you can know in this point.
- Through this scheme, loans ranging from Rs 50,000 to Rs 10 lakh are given to all eligible individuals at a lower rate of interest.
- The problem of finance for small businesses is being reduced with the help of this scheme.
- The country’s entrepreneurship sector is expanding and flourishing significantly with PMMY’s assistance.
- The country is generating employment and people can do business due to which the GDP rate of the country is increasing because, with the help of the Pradhan Mantri Mudra Loan, people are expanding their businesses and the production capacity is increasing.
- Currently, the PMMY lower interest rate is 8.60%. The appropriate interest rate is decided by the Reserve Bank of India’s recommendations, which are periodically announced by Member Lending Institutions.
- The government would not take any processing fee on Shishu loans up to Rs 50,000.
Participants Banks with PM Mudra Loan Scheme
It is also important for you to know in which type of organization you can apply for a PM Mudra Loan. In other words, you can get information about which institutions are participating under the PM Mudra Loan Scheme. The following Member Lending Institutions are eligible to offer loans under the Pradhan Mantri Mudra Yojana:
| Type of Finance Institute | Institute Name |
| Public Sector Banks | SBI Bank, Canara Bank, PNB, BOI, Union Bank of India, BOB |
| Regional Sector Banks | Andhra Pragathi Grameen Bank, Chaitanya Godavari Grameen Bank, Saptagiri Grameen Bank, Arunachal Pradesh Rural Bank |
| Co-Operative Banks | Saraswat Co-operative Bank, Cosmos Co-operative Bank, Shamrao Vithal Co-operative Bank, Abhyudaya Co-Operative Bank, Bharat Co-operative Bank |
| Private Sector Banks | HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis, Yes Bank, IndusInd Bank, IDFC First Bank |
| Non-Banking Financial Companies | LIC Housing Finance Limited, Bajaj Finance Limited, Shriram Finance limited, Aditya Birla Finance Limited, Tata Capital Finance Service Limited, |
| Micro Finance Institutes | ESAF Microfinance and Investments (P) Ltd, Fusion Microfinance Pvt Ltd, Equitas Small Finance, Annapurna Microfinance Pvt Ltd, BSS Microfinance Limited, Asirvad Microfinance Limited |
Types of PM Mudra Scheme Loans
The words “SHISHU,” “KISHORE,” and “TARUN,” which stand for the recipient micro unit’s or entrepreneur’s finance needs and growth/development stage, have been used to split the program into three groups.
- Shishu: Loans up to Rs. 50,000 are available.
- Kishore: Helping with loans over Rs. 50,000 and up to Rs. 5 lakhs.
- Tarun: Offering loans up to ten lakhs rupees.
Eligibility to Apply for PM Mudra Loan 2024
To apply for the Pradhan Mantri Loan, you must have to fulfil the eligibility criteria which is set by the government. The following points must be met by you before applying for the PML.
- The applicant should not have outstanding dues to any bank or financial institution and should have a clean credit history.
- The specific borrowers may need to possess the necessary skills, training, or experience to do the recommended task.
- Whether any prior education is required depends on the nature of the suggested activity and its prerequisites.
- Applicants must have all the supporting legal documents.
Pradhan Mantri Mudra Loan Online Application Procedure
To apply for the loan under PM Mudra Yojana follow these below listed instructions one by one carefully.
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- Go to www.udyamimitra.in, the Udyam Mitra portal, on the official PM MUDRA website.
- Select “Apply Now” under Mudra loan.
- To generate an OTP, now provide the necessary information, including your name, email address, and mobile number.
- After that fill the OTP to proceed further.
- Select from the following options: independent contractors, seasoned business owners, and entrepreneurs-in-training.
- Now fill out the required application form with personal and professional details.
- At the end submit on the portal.
