Pradhan Mantri Mudra Loan Yojana 2022 (PMMY)

Pradhan Mantri Mudra Loan Yojana | PM Mundra Loan Scheme 2022 | Download Application Form | Benefits & Eligibility Criteria of PMMY 2022

The Government has launched Pradhan Mantri Mudra Loan Yojana in 2015 to assist small businesses in expanding and succeeding. Companies from both the profit and non-profit sectors can apply for a loan under this scheme, with a loan amount of up to Rs.10 lakh available to help them get started. In today’s article, we will tell you about the Pradhan Mantri Mudra Loan Yojana including eligibility criteria, interest rate, and so on.

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About Pradhan Mantri Mudra Laon Yojana

Prime Minister of our country, Mr. Narendra Modi has launched the Mudra Loan Yojana. The Pradhan Mantri Mudra Loan Yojana provides financial assistance in the form of a loan to citizens of the country who want to start their small businesses. If you have or want to expand your business, you can easily obtain a loan of up to Rs. 10,00,000 by applying under the Mudra Yojana.

Overview of the PMMY Scheme

Scheme Name	Prime Minister Mudra Loan Scheme
initiated by	by Prime Minister Narendra Modi
Beneficiary	country people
purpose	provide loan
official website	https://www.mudra.org.in/

Purpose of the Pradhan Mantri Mudra Laon Yojana

Mudra loans can be obtained for a variety of purposes, including job creation and income generation. The following are the primary purposes for which Mudra loans are obtained:

Loan for shopkeepers, traders, vendors, and other service-related activities
Finance for small business equipment
Mudra cards provide a working capital loan.
Vehicle Financing
Agri-allied non-farm income-generating activities such as poultry farming, beekeeping, pisciculture, and so on are eligible to apply for a Mudra Loan.
A Mudra Loan is available to people who use tractors, tillers, or two-wheelers for commercial purposes.

Amount Provided under Mudra Loan

Financial year	PMMY loans sanctioned (in million)	Amount sanctioned (in Rs crore)	Amount disbursed (in Rs crore)
2021-22	53.7	3,39,110	3,31,402
2020-21	50.7	3,21,759	3,11,754
2019-20	62.2	3,37,495	3,29,715
2018-19	59.8	3,21,723	3,11,811
2017-18	48.1	2,53,677	2,46,437

Amount for Pradhan Mantri Mudra Loan Yojana

Benefits of the Mudra Laon Scheme

Both rural and urban residents can access banking and financial services.
Micro-small businesses and start-ups can get financial assistance.
Small business loans can be obtained at low-interest rates.
The government assumes the borrower’s credit guarantee, so if the borrower is unable to repay the amount borrowed, the government bears the loss.
This programme can benefit food vendors, shopkeepers, and other small business owners.
This scheme provides financial assistance in areas where people lack access to basic banking services.
The scheme’s repayment period is up to seven years.
Women can obtain loans at a lower interest rate.
Refinance plans are also available through designated lenders.
Individuals who want to earn money through microenterprise activities can take advantage of the Micro Credit Scheme.
The Mudra loan scheme works in tandem with the government’s “Make in India” campaign, which aims to foster innovation, facilitate investment, improve skill development, and construct the best manufacturing infrastructure in the country.
This scheme does not require collateral or security.
This scheme’s funds can only be used for business purposes.

Types of Mudra Loan

Name of the Scheme	Loan Amount
Shishu	Up to Rs.50,000
Kishor	Rs.50,000 to Rs.5 lakh
Tarun	Rs.5 lakh to Rs.10 lakh

Activities Under Mudra Laon Scheme

The following activities are covered under the Mudra Loan:

Transport vehicles used for both goods and passengers in the food products sector
Community, social, and individual service activities
Shopkeeper and trader business loans
Textile industry and activities
Agriculture-related pursuits
Micro Units Equipment Financing Scheme

How to Apply for Pradhan Mantri Mudra Loan Yojana?

Go to the official website of the Mudra Loan Yojana.

You can see the types of the Mudra Yojana, i.e., infant\teenagers\youth on the home page.
You need to download the “Application Form” and take a printout of it.
Now, carefully fill out all of the required information in the application form.
After that, attach all relevant documents, and submit this application form to your nearest bank.
After verification of your application, the loan will be disbursed to you within one month.

Eligibility Criteria for PM Mudra Loan Scheme

Mudra loans are available to Indian citizens who have their own business plans for the service sector, trading, or manufacturing activities and require amounts of up to Rs.10 lakh. It is available from public and private sector banks, regional rural banks, small finance banks, and microfinance institutions (MFIs).

Minimum age	18 years
Maximum age	65 years
Who can avail of a Mudra Loan	Loans can be availed by new and existing units
Security or collateral	No collateral or third-party security is required

Types of Companies can Apply for Mudra loan

Railway Recruitment Boards (RRBs)
Micro Finance Institutions (MFIs)
Commercial Banks
Non-Banking Financial Corporations (NBFCs)
Small Finance Banks

Banks Covered under Pradhan Mantri Mudra Loan Yojana

Allahabad Bank
Bank of India
Corporation Bank
ICICI Bank
J&K bank
Punjab And Sind Bank
Syndicate Bank
Union Bank of India
Andhra Bank
Bank of Maharashtra
Dena Bank
IDBI Bank
Karnataka Bank
Punjab National Bank
Tamil Nadu Mercantile Bank
Axis Bank
Canara Bank
Federal Bank
Indian Bank
Kotak Mahindra Bank
Saraswat Bank
UCO Bank
Bank Of Baroda
Central Bank of India
HDFC bank
Indian Overseas Bank
Oriental Bank of Commerce
State Bank of India
Union Bank of India

Types of Industries Applicable for Mudra Loan

Business vendors
Shopkeepers
Agriculture sector
Food production industry
Handicraftsmen
Small scale manufacturers
Self-employed entrepreneurs
Restoration and repair shops
Service based companies
Truck owners

Documents Required for Applying for the PMMY Scheme

The application form completely filled based on loan category.
Aadhaar Card Voter ID Card or Driving Licence or Passport for Identity Proof.
Utility bills such as electricity and telephone bills, Aadhaar Card, Voter ID Card, and Passport as for Address Proof.
2 passport-sized photographs of the applicant.
If applicable, a caste certificate
Balance Sheet of last three years
Income Tax Returns or Self-tax Returns
Applicant should not be a defaulter in any bank
Quotation for the commodity or items to be purchased and used in the business

Interest Rate of the Mudra Loan

The interest rate for a Mudra loan is determined by the applicant’s profile. MUDRA loans are available from a number of banks in both the public and private sectors. All lenders follow certain guidelines, and the final rate of interest at which a loan is provided to an applicant is determined by the lender. This is done after thoroughly reviewing the applicant’s business requirements.

Helpline Number State wise

Name of the State	Helpline Number
Maharashtra	18001022636
Chandigarh	18001804383
Andaman and Nicobar	18003454545
Arunachal Pradesh	18003453988
A state in Eastern India	18003456195
Andhra Pradesh	18004251525
Assam	18003453988
Daman and Diu	18002338944
Dadra Nagar Haveli	18002338944
Gujarat	18002338944
Goa	18002333202
Himachal Pradesh	18001802222
Haryana	18001802222
Jharkhand	18003456576
Jammu and Kashmir	18001807087
Kerala	180042511222
Karnataka	180042597777
Lakshadweep	4842369090
Meghalaya	18003453988
Manipur	18003453988
Mizoram	18003453988
Chhattisgarh	18002334358
Madhya Pradesh	18002334035
Nagaland	18003453988
NCT of Delhi	18001800124
Odisha	18003456551
Punjab	18001802222
Puducherry	18004250016
Rajasthan	18001806546
Sikkim	18004251646
Tripura	18003453344
Tamil Nadu	18004251646
Telangana	18004258933
Uttarakhand	18001804167
Uttar Pradesh	18001027788
West Bengal	18003453344
state	phone number
Maharashtra	18001022636
Chandigarh	18001804383
Andaman and Nicobar	18003454545
Arunachal Pradesh	18003453988

Frequently Asked Questions

1) What is a Mudra Loan?

Mudra Loans are a type of term loan in which a group or an individual can obtain funding for business expansion, inventory purchases, and other purposes.

2) What is the bank Mudra loan limit?

The maximum loan amount available from banks is Rs.10 lakh.

3) What is a Mudra Card?

You are given a Mudra Card, which is a debit card when you apply for a Mudra Loan. After you have successfully applied for the loan, you will be required to open an account in order to receive the card. You can withdraw the loan amount using the Mudra Card after it has been disbursed to your Mudra account after you have successfully applied for the loan.

4) Is an ITR required for a Mudra Loan?

Yes, if you want to apply for a Mudra Loan, you must provide your income tax returns (ITR) for the last two years.

5) Does Civil score affect Mudra Loan?

No, your Civil Score will not be considered if you apply for a Mudra Loan.

6) Who are the customers that Mudra Loan aims to serve?

The target of the PMMY is a non-corporate small business segment, which consists of millions of partnership firms and proprietorships operating as service sector units, small industries, small manufacturing units, vegetable or fruit vendors, repair shops, etc. in urban and rural areas.

7) The Pradhan Mantri Mudra Yojana offers any subsidies?

No, the Pradhan Mantri Mudra Loan Yojana does not provide any subsidies.

8) Can I get a MUDRA loan if I just finished college?

Yes. MUDRA loans are available to recent graduates who want to launch their own businesses. MUDRA can assist you in starting your business, depending on the type of enterprise you want to launch and the project’s requirements.

9) As a female entrepreneur, does Mundra assist to open a boutique?

Yes. Women entrepreneurs can benefit from a special refinance programme designed specifically for them. The Mahila Uddyami Scheme, as it is known, offers a 0.25% interest rebate when you take out a MUDRA loan from an NBFC or a microfinance institution.

10) Do I need a PAN card to get a Mudra loan?

PAN cards are not required for those seeking MUDRA loans, but you must meet the financing institution’s other KYC requirements.

11) Who can borrow from Mudra Bank?

Any individual or MSME with a small business can apply for a mudra loan.