The Pradhan Mantri MUDRA Yojana, launched on April 8th 2015, since its inception has over 37 crores loan accounts over 29 states and the 7 union territories, amongst which more than Rs 20 lakh crores has been disbursed, according the MUDRA portal data.
Tamil Nadu having the most amount of loan accounts with almost 4.5 crore crores have been disbursed loans up to Rs. 2,08,429 lakh crores since 2015, amongst the UTs Delhi having up to 28.9 lakh crores has gotten almost Rs. 30 thousand crores of loans.
According to the Ministry of Labour and Employment survey conducted on employment generation under the PMMY scheme, 1.12 crore of supplementary employment from 2015-2018 was noticeable. About 66% of the employment generated by the loans were in the Shishu category followed by Kishore at 19% and Tarun at 15% respectively.
A person who has a plan for a small business is hence eligible to take a loan under the PMMY scheme. They would be eligible to avail loans for income generating activities such as in the sectors of manufacturing, trading, services including activities coherent to agriculture across three loan categories, namely Shishu which furnishes loans up to Rs. 50,000; Kishore which furnishes loans above Rs. 50,000 up to Rs. 5 lakh and Tarun which is eligible for loans above Rs. 5 lakh and up to Rs. 10 lakh.
The Pradhan Mantri MUDRA Yojana or the PMMY is a scheme which was introduced by the Prime Minister in 2015 to furnish loans up to 10 lakhs to the non-corporate, non-farm and small enterprises.
These loans are referred to as MUDRA loans sanctioned under the scheme. The loans are provided by Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Microfinance Institutions and Non-Banking Financial Companies.
The loanee is eligible to advance any of the aforementioned financial stakeholders or can directly apply through the MUDRA portal. The classification of the three categories namely 'Shishu', 'Kishore' and 'Tarun' was to demonstrate the growth and development level which signify the funding requirements of the beneficiary entrepreneur and also to demarcate the necessary progression for the next phase of the process of furnishing financial benefits.
