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Pradhan Mantri Yojana was launched in 2015 to help small-scale businesses for expansions and attain growth. MUDRA is referred for Micro-Units Development and Refinance Agency. Under this scheme, borrowers can avail of business loans ranging from Rs.5 lakh to Rs.10 lakh on the basis of the Sishu, Kishor, and Tarun categories. Companies from both profit and non-profit sectors can be taken a loan under this scheme and can avail of a loan of up to Rs.10 lakh to start their business.

Those Indian Citizen who wants to start their business or have a plan for the sectors like income-generating activity such as manufacturing, processing, trading or service sector and whose financial requirement of the amount is below Rs. 10 lakh can come from either a Bank, MFI, or NBFC for availing of Micro Units Development and Refinance Agency Ltd. (MUDRA) loans under PMMY.

Textile Products Sector/Activity - To support undertaking activities such as handloom, zari and zardozi work, power loom, traditional needlework, dyeing and printing, apparel design, knitting, cotton ginning, vehicle accessories, computerised embroidery, furnishing accessories, etc. Food Products Sector - Assistance would be provided for embarking actions such as jam/jelly making, agricultural produce preservation at the rural level, papad making, achaar making, small service food stalls and day-to-day catering/canteen services, sweet shops, cold chain vehicles, cold storages, biscuit, bread and bun making, ice making units, ice cream making units, etc. Land Transport Sector/Activity - Which will among other things support units for the purchase of transport vehicles for goods and personal transport such as auto rickshaws, small goods transport vehicles, 3-wheelers, e-rickshaw, passenger cars, taxis, etc. Community, Social & Personal Service Activities - Gymnasiums, beauty parlours, boutiques, saloons, dry cleaning, tailoring stores, cycle and motorcycle repair shops, Photocopying Facilities, Medicine Shops, Courier Agents, etc.

There are 3 types of mudra yojana that have been types 'Shishu', 'Kishor' and 'Tarun' Shishu Covers loans up to Rs. 50,000 Kishor covers loans above Rs. 50,000 and up to 5 lakh Tarun Covers loans above Rs. 5 lakh to Rs. 10 lakh There is no subsidy delivered for the loan under PMMY. Regardless, if the loan recommendation is connected to a specific Government scheme, the government will provide a capital subsidy and be eligible under Pradhan Mantri Mudra Yojana.

PMMY MUDRA loans can be granted for various reasons that assist in developing employment and rendering income. The following are the main purposes for which Mudra loans are endured: Equipment finance for micro-unit development. People who use tractors and two-wheelers for commercial exercises can apply for a Mudra Loan. Business loans for shopkeepers, traders, vendors and other activities in the service sector. Transport vehicle loans. Functioning funds loan via MUDRA cards

Make sure that you have all documents. The main documents you will require are your ID proof, business proof, and address proof. Secondly, You need to visit the nearest branch of the lender to avail mudra loan. Ensure that you have a written business plan with you as that will play a vital role in the bank deciding to allow you to avail of a Mudra Loan. Based on your eligibility criteria, choose the scheme under which you would like to avail of the Mudra Loan and duly fill out the application form. Then submit the application form along with other relevant documents. The lender will rectify the documents furnished by you. If all the information furnished by you is correct, then the loan amount will be disbursed to your bank account.

Following are the relevant documents that are required to be submitted while applying for the mudra loan. Proof of Identity Duly filled up an application form based on the loan type Photographs 2 passport-sized photographs of the applicant Proof of Address Utility bills (electricity, telephone bill, and so on), Voter’s ID card, passport, Aadhaar card, etc. Caste Certificate If this is asked to submit Other documents If applicable

There are banking and financial services that can be availed in both urban and rural areas. Financial backing can be gained by micro-small and start-ups. Individuals can avail of business loans for small amounts at affordable interest rates under PMMY. The borrower’s credit guarantee is by the government, so if a borrower is unable to repay the amount borrowed, the responsibility for the loss will be borne by the government. Food vendors, shops and other small business owners can take benefit from this scheme under PMMY. Financial aid is provided in areas where people have no facilities of basic banking facilities under the mudra yojana. The time of the repayment of the scheme can be extended up to 7 years under PMMY. Women borrowers will get a discount on interest levied on the loan Under PMMY. Refinance schemes can be taken into use with designated lenders.