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Get easy loans from Rs.50,000 to 5 Lakh

Fruit vendor selling fruit

Pradhan Mantri Mudra Yojana (PMMY) was launched on April 8, 2015. This scheme was launched to provide loans of up to Rs.10 lakh to small/small non-corporate and non-agricultural businesses.

Through these programs, arrangements have been made to provide loans ranging from Rs.50,000 to Rs.10 lakh easily and very affordable interest rates for people.

Purpose of Pradhan Mantri Mudra Yojana:

To ensure that every person in the country finds work, the central government emphasizes self-employment more than providing jobs. Instead of spending their whole life at work, the central government has put in place many programs for people to do their jobs and become employable for other people. Their purpose is to provide job-related training, encouragement, provide a marketplace, and provide financial assistance to create jobs.

In PM Mudra Yojana that is to say PMMY (PMMY, Pradhan Mantri Mudra Yojana), loans are granted for small and large works.

With regard to employment status, this scheme has been divided into three categories

Statistics show that under Prime Minister Mudra Yojana, loans up to Rs.1,23,425.40 crore have been granted so far in the 2021-22 financial year.

Under the Shishu Mudra loan scheme, arrangements have been made to provide a loan of up to Rs 50,000 to a person for small jobs like opening a shop, doing business with street vendors. In this, small manufacturers, craftsmen, fruit and vegetable sellers, traders, people related to agricultural business etc can apply for the loan.

More information about the loan will be easily accessible from https://www.udyamimitra.in/. This loan is granted for one year and if you continue to repay this loan on time, the interest rates are also waived.

No guarantor is required to apply for a loan under the PM Shishu Mudra loan scheme. There are also no application fees to pay. Yes, one thing should be kept in mind, its interest rates may be different in different banks. It depends on the banks.

Nevertheless, there is an interest rate of 9 to 12 percent per annum under this scheme.

How to Apply for a Mudra Loan

In order to avail Mudra loans, you will need to visit your nearest bank. Some banks have even provided online services to their customers.