he Pradhan Mantri Mudra Yojana (PMMY) is a government scheme providing loans up to ₹10 lakh to non-corporate, non-farm small and micro enterprises, categorized as Shishu (up to ₹50,000), Kishor (₹50,001 to ₹5 lakh), and Tarun (₹5 lakh to ₹10 lakh).
Here’s a more detailed breakdown:
Purpose and Objective:
- Empowering Micro-Enterprises:The PMMY aims to boost entrepreneurial activities among small businesses and first-generation entrepreneurs.
- Financial Inclusion:It aims to fund the unfunded and bring millions of units outside the formal banking fold.
- Supporting Growth:The scheme provides financial support to businesses at different growth stages, catering to their needs.
Loan Categories:
- Shishu: Loans up to ₹50,000.
- Kishor: Loans between ₹50,001 and ₹5 lakh.
- Tarun: Loans between ₹5 lakh and ₹10 lakh.
- Tarun Plus: Loans between ₹10 lakh and ₹20 lakh for those who have previously availed and successfully repaid loans under the Tarun category.
Eligibility:
- Non-Corporate, Non-Farm Micro and Small Enterprises:The scheme is designed for businesses engaged in manufacturing, trading, or service sectors, including activities allied to agriculture.
- Eligible Borrowers:Individuals, proprietorships, partnership firms, private limited companies, and other entities are eligible.
- No Defaulter:The applicant should not be a defaulter to any bank or financial institution and should have a satisfactory credit track record.
How to Apply:
- Lending Institutions: Mudra loans can be availed from Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs.
- Online Application: Borrowers can also apply online through the UdyamiMitra portal.
- Contact: For information and assistance, borrowers can approach any of the lending institutions or visit the MUDRA website.
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