Security Free Loans for Entrepreneurs via PMMY

PMMY  

PM MUDRA (Micro Units Development and Refinance Agency) Yojana is an initiative launched by PM Narendra Modi on 8^th April, 2015 to help the independent small entrepreneurs to grow. Pointing out that how independent small entrepreneurs help Indian domestic economy in a big way, Narendra Modi hopes that within the next year, all the main banks would acquire the new MUDRA model.

MUDRA’s partnership with institutions to help beneficiaries

MUDRA has partnered with 27 Public Sector Banks, 17 Private Sector Banks, 27 Regional Rural banks and 25 Micro Finance Institutions (MFI) to assist applicants/beneficiaries with availing loans.

Financial benefits:

MUDRA has set up three categories of involvements for a product/service namely- ‘Shishu’; ‘Kishor’ and ‘Tarun’ to indicate the expansion of the service or the business.

• Shishu– covers loans upto Rs 50,000/-
• Kishor- covers loans between 50,000/-to 5 lakh
• Tarun-covers loans between 5 lakh to 10 lakh

The beneficiaries:

Small independent entrepreneurs or non-farm income generating enterprises in manufacturing, trading and services can avail for MUDRA loans.

How to Avail MUDRA loan:

• Applicants first have to submit their proposal mentioning the nature of the business and in which category their business falls into.
• Applicants wanting to avail the benefits from PM MUDRA Yojana can approach local branches of any of the above mentioned institutions in their respective location.
• MUDRA has recognized 97 Nodal Officers at various SIDBI offices to act as “First contact persons” for MUDRA.
• For further assistance contact MUDRA office in Mumbai or MUDRA Nodal Officers or can email query to [email protected].

Eligibility Criteria:

No hard and fast rule has been set to avail MUDRA loan.

To know more about procedure and eligibility criteria, VISIT HERE

Find the details of Nodal Officers here Nodal-Officers-MUDRA