Pradhan Mantri Mudra Yojana : प्रधानमंत्री मुद्रा योजना (PMMY)
Pradhan Mantri Mudra Yojana : प्रधानमंत्री मुद्रा योजना (PMMY)
Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched by the Hon'ble Prime Minister on April 8, 2015 to provide credit. 10 lakhs to non-corporate, non-agricultural small/micro enterprises. These loans are classified as currency loans under PMMY. These loans are provided by commercial banks, RRBs, small finance banks, MFIs and NBFCs. Borrower can contact any of the lending institutions mentioned above or apply online through this portal www.udyamimitra.in Under the auspices of PMMY, Mudra has developed three products namely 'Shishu', 'Kishore' and 'Tarun' to reflect the stage of growth/development and financing needs of the beneficiary micro unit/entrepreneur and a reference point for further Also provided. Graduation/Development Phase.
Every person either wants a better job or wants to do a good business. Money is needed to do business and many times people are not able to manage money and their financial difficulties do not end. In such a situation, the government has started the Pradhan Mantri Mudra Yojana (PMMY). Pradhan Mantri Mudra Yojana (PMMY) is a major scheme of the Government of India. The scheme provides micro credit/loan facility up to Rs 10 lakh to income generating micro enterprises engaged in non-agriculture sector in manufacturing, processing, trading or service sector.
These micro and small units include small manufacturing units, service sector units, shopkeepers, fruit/vegetable vendors, truck operators, food service units, repair shops, machine operators, small industries, artisans, food processors and others in rural and urban areas. There are lakhs of proprietorship/partnership firms running in this form.
It is noteworthy that loan under Mudra Yojana can be obtained only through banks and lending institutions which include:
public sector banks
private sector banks
State Run Cooperative Bank
Regional Rural Banks
Institutions offering micro finance
Financial companies other than banks
Rate of interest
Interest rates are taken as per the policy decision of the bank. However, the government has sought to ensure that the interest rates charged will be fair to the end borrowers.
Advance Fee/Processing Fee
Banks may consider charging advance charges as per their internal guidelines. Advance charges/processing charges for Shishu Loan (covering loans up to Rs. 50,000/-) are waived by most banks.
The special thing is that no agent or middleman has been appointed by Mudra to get Mudra loan. Borrowers are advised to stay away from persons presenting themselves as agents/facilitators of Mudra/PMMY.
Benefits
Benefits under the scheme are classified under three categories as 'Shishu', 'Kishore' and 'Tarun', reflecting the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur.
Shishu: Covering loans up to Rs 50,000/-
Kishore: Covering loans from Rs 50,001 to Rs 5,00,000
Tarun: Rs 5,00,001 to Rs. Covering a loan of Rs 10,00,000/-.
Eligibility
While giving loan, the bank ensures that the loan does not default. Therefore it is seen that the applicant should not be a defaulter of any bank or financial institution and his credit track record should be satisfactory. Individual borrowers may be required to possess the requisite skills/experience/knowledge to carry out the proposed activity. The requirement of educational qualification, if any, should be assessed based on the nature of the proposed activity and its requirement.
Application Process
The application for this scheme can be filled online.
Following are the prerequisites for the enrollment process:
Id proof
Address proof
passport size photograph
signature of the applicant
Identity/Address Proof of Business Enterprises
Go to the official website of PM Mudra (https://www.mudra.org.in/) After that we select Udyamitra Portal – https://udyamimitra.in/
Click on Mudra Loan “Apply Now”
Select one of the following: New Entrepreneurs/Existing Entrepreneurs/Self-Employed Professionals
Then, fill the applicant name, email and mobile number and generate OTP
After successful registration
Fill personal details and business details
If any assistance is required in preparing project proposal etc. then select hand holding agencies. Otherwise click on “Loan Application Centre” and apply now.
Select the category of loan required – Mudra Shishu / Mudra Kishore / Mudra Tarun etc.
Then the applicant needs to fill the business information like business name, business activity etc. and select the industry type like manufacturing, service, trading, agriculture allied.
Fill other information like fill director details, existing banking/credit facilities, proposed credit facilities, future projections and preferred lender
Attach all required documents: ID proof, address proof, photograph of applicant, signature of applicant, proof of identity/address of business enterprise etc.
Once the application is submitted an application number is generated which needs to be kept for future reference.
Required Documents for child loan
Proof of Identity - Self-attested copy of Voter ID Card / Driving License / PAN Card / Aadhar Card / Passport / Photo Identity Card issued by Government Authority etc.
Proof of Residence: Recent Telephone Bill/Electricity Bill/Property Tax Receipt (not older than 2 months)/Voter ID Card/Aadhaar Card/Passport of Individual/Proprietor/Partners/Bank Passbook or duly attested by Bank Officials Latest Account Statement/Domicile Certificate/Certificate issued by Government Authority/Local Panchayat/Municipality etc.
Recent photograph (2 copies) of the applicant should not be more than 6 months old.
Quotation of machinery/other items to be purchased.
Name of supplier/description of machinery/price of machinery and/or items to be purchased.
Proof of identity/proof of address of the business entity - Copies of relevant license/registration certificate/other documents related to ownership, proof of address of the business entity, if any.
Proof of category like SC/ST/OBC/Minority etc.
For Kishore and Tarun Loan
Proof of Identity – Self attested copy of Voter ID Card/Driving License/PAN Card/Aadhar Card/Passport.
Proof of residence – Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), voter ID card of owners/partners/directors, Aadhaar card and passport.
Proof of SC/ST/OBC/Minority.
Proof of identity/proof of address of business enterprise -
- Copies of relevant licenses/registration certificates/other documents related to ownership, identity and address of the business entity.
- The applicant should not be a payment defaulter to any bank/financial institution.
- Statement of accounts (last six months) from current banker, if any.
- Last two years' balance sheet of units along with income tax/sales tax returns etc. (Applicable for ₹ 2 lakh and above in all cases).
- Estimated balance sheet for one year in case of working capital limit and for the life of the loan in case of term loan (applicable for ₹ 2 lakh and above in all cases).
- Sales during the current financial year till the date of submission of application.
- Project report (for the proposed project) including details of technical and economic feasibility.
- Articles of organization of the company/Partnership deed of the partners etc.
- In the absence of third party guarantee, details of assets and liabilities may be sought from the lender including directors and partners to determine the net worth.
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