Pradhan Mantri Mudra Yojana (PMMY) was launched on 8 April 2015. This scheme has been started to provide loans up to Rs.10 lakh to non-corporate, non-farm small/small enterprises.
Through these schemes, arrangements were made to give loans ranging from Rs.50, 000 to Rs.10 lakh easily and very affordable interest rates to the people.
Aim of Pradhan Mantri Mudra Yojana:
To ensure that every person of the country gets work, the central government is emphasizing on self-employment more than giving jobs. Instead of spending the whole life in the job, the central government has run many schemes for people to do their business and to become employable to other people. Their purpose is to provide employment related training, encouragement, provide market and provide financial help to create employment.
In PM Mudra Yojana ie PMMY (PMMY, Pradhan Mantri Mudra Yojana), loans are given for small to big jobs.
Looking at the employment status, this scheme has been divided into three categories –
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PM Mudra Shishu Loan
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PM Mudra Kishore Yojana (PM Mudra Kishore)
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PM Mudra Tarun Yojana
Statistics show that under PM Mudra Yojana, loans up to Rs.1,23,425.40 crore have been given so far in the financial year 2021-22.
Under the Shishu Mudra Loan Scheme, arrangements have been made to give a loan of up to Rs.50,000 to a person for small work like opening a shop, doing business on street vendors. In this, small manufacturers, artisans, fruit-vegetable sellers, shopkeepers, persons associated with 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 given for one year and if you keep repaying this loan on time, then the interest rates on it are also waived.
No guarantor is required to apply for loan under PM Shishu Mudra Loan Scheme. Nor is there any filing charge to be paid. Yes, one thing must 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 Mudra Loans
In order to avail Mudra loans, you will have to visit your nearest bank. Some banks have even provided online facilities for their customers.
