PM Mudra Yojana: Start Your Own Business with the Help of This Government Scheme

Pradhan Mantri Mudra Yojana is a scheme launched by Prime Minister Narendra Modi in 2015. The objective of the scheme is to provide loans up to 10 lakh to the non-corporate, non-farm small/micro-enterprises. 

These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs.  

PM Mudra Yojana has created three products namely ‘Shishu’, ‘Kishore’, and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur and also provide a reference point for the next phase of graduation/growth.  

1. Shishu- Loans up to Rs. 50,000

2. Kishor- Loans between Rs. 50,000 & Rs. 5 lakh

3. Tarun- Loans between Rs. 5 lakh to Rs. 10 lakh

Benefits Under PM Mudra Yojana 

• Providing loans to the entrepreneurs in the country from banks at concessional rates to start their own business.

• The Central Government is providing loans up to Rs. 10 lakhs by the banks.

• You don’t need to give any guarantee to get loan under this scheme.

• Government’s help to start your business.

Documents Required 

• Aadhar card

• Applicant’s Identity Card

• Driving License, PAN card

• Voter ID

• Previous Years’ balance sheet

• Sales tax return, Income tax return

• Postal Address

• Mobile number 

• Bank Account

• Along with these, the applicant’s age must be 18 years or above. 

How to Apply for PM Mudra Yojana 2021? 

• To apply under this scheme, you will have to fill the application form from the concerned bank.

• Fill the correct information and attach mentioned documents

• Submit to the concerned bank.

• After verification of your application and documents by the bank officer, the loan amount will be transferred to your bank account within one month.

For more information, you can visit the official website of Pradhan Mantri Mudra Yojana- Click here 

Mudra Card 

After your loan approval under PM Mudra Yojana, a card named Mudra Card is provided to Mudra landholders. This card works like an ATM card of a savings account; you can withdraw money from ATM with this. A loan section up to a limit is made by the bank on your name.