PMMY- Do you also want to avail the benefits of PM Mudra Yojana, know whether you are eligible for it or not

Various schemes launched by both the Central Government and State Governments aim to assist all sections of society, facilitating their business endeavours. A notable scheme is the Pradhan Mantri Mudra Yojana (PMMY) launched by the central government, which provides loans to small traders. Let us know what is PM Mudra Yojana and who will benefit from it.

What is Mudra Yojana?

Pradhan Mantri Mudra Yojana (PMMY) provides support to non-corporate, non-agriculture micro/small enterprises by offering loans up to Rs 10 lakh. The scheme launched on 8 April 2015

Loan Categories:

Shishu Yojana provides loans up to Rs 50,000

Kishore Yojana provides loans ranging from Rs 50,0005

Tarun Yojana provides loans ranging from Rs 5 lakh to Rs 10

These categories cater to the diverse needs of different sectors and businesses, ensuring access to financial assistance at reasonable interest rates, prompting many businessmen to avail of the scheme.

Application Process:

To avail of the benefits of the scheme, individuals have to visit the bank and complete the requisite application form along with the required documents. On successful verification, the loan is disbursed. In his budget speech, the Finance Minister revealed that 43 crore loans have been sanctioned under the scheme, taking the total loan disbursement to Rs 22.5.