New Delhi. Pradhan Mantri Mudra Yojana (PMMY) is an ambitious scheme of the Government of India, which aims to encourage the growth of small businesses and micro enterprises by providing them financial help. The scheme is specifically designed for non-corporate and non-agricultural micro/small enterprises operating in the manufacturing, trading and service sectors.
Features of the scheme
Under the Pradhan Mantri Mudra Yojana, loans up to ₹ 20 lakh are provided to businessmen. It is divided into four categories:
Baby Category: Micro loan up to ₹50,000
Teen Category: ₹50,001 to ₹5 lakh
Young Category: ₹5 lakh to ₹10 lakh
Tarun Plus Category: ₹10 lakh to ₹20 lakh
In this way, the scheme provides loans as per the needs of small businessmen and the size of their business.
What is the eligibility?
To avail the benefits of Pradhan Mantri Mudra Yojana, the business should be non-corporate and non-agriculture sector. The scheme is also open to manufacturing, trading, service sector and some agriculture-related activities.
application process
Businessmen can apply by visiting any government, private, cooperative bank or micro finance company (MFI) branch. Additionally, online application is also possible through Jansamarth portal (www.jansamarth.in). The application requires submission of identity proof, address proof, business related documents and a brief project report. The bank completes the loan approval process after checking the eligibility of the application.
Benefits and importance
Pradhan Mantri Mudra Yojana helps small businessmen to expand their business, make new investments and create employment. Through this, financial constraints can be reduced and entrepreneurs get the opportunity to become self-reliant.
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