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Mudra Yojana, 'A Game Changer'!

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In the interim Budget speech, Finance Minister Nirmala Sitharaman announced the Pradhan Mantri Mudra Yojana (PMMY) with Mudra Shishu, Mudra Kishore, and Mudra Tarun loan type.

Finance Minister Nirmala Sitharaman, in her interim Budget speech on February 1, Thursday, announced the Pradhan Mantri Mudra Yojana (PMMY). The Pradhan Mantri Mudra Yojana (PMMY) aims to boost the micro-enterprises economy in the non-farm sector by offering micro-credit or loans up to Rs 10 lakhs.
 

What is MUDRA YOJANA?

The Pradhan Mantri MUDRA Yojana (PMMY) was launched in 2015 by Prime Minister Narendra Modi. MUDRA is a government-owned financial institution that assists micro-unit businesses to develop and refinance. Small and micro-enterprise loans of up to 10 lakh can be obtained from commercial, rural, small finance, and non-finance institutions under PMMY. Borrowers can apply to these lending institutions for MUDRA loans.

Loan Name

Amount offered 

Documents required 

Mudra Shishu

Loans up to Rs 50,000
  • Proof of Identity such as voter's ID, PAN Card, Aadhaar, etc.
  • Proof of Residence such as Telephone or electricity bill, Voter’s ID, Aadhar, Passport, etc.
  • Recent Coloured Photographs
  • Quotations of machinery/ items to be purchased
  • Business Identity/Address Proof 

Mudra  Kishore

Loans above Rs 50,000 and up to Rs 5 lakhs
  • Proof of Identity such as Voter’s ID, PAN Card, Aadhaar, Passport, etc.
  • Proof of Residence such as Telephone or electricity bill, Voter’s ID, Aadhar, Passport, etc.
  • Recent Coloured Photographs
  • Business Identity/Address Proof
  • Banking Statements, Balance Sheets, Project Report, etc.

Mudra Tarun

Loans above Rs 5 lakhs and up to Rs 10 lakhs
  • Proof of Identity such as Voter’s ID, PAN Card, Aadhaar, Passport, etc.
  • Proof of Residence such as Telephone or electricity bill, Voter’s ID, Aadhar, Passport, etc.
  • Recent Coloured Photographs
  • Business Identity/Address Proof
  • Banking Statements, Balance Sheets, Project Report, etc.

 

Application Process for Pradhan Mantri Mudra Yojana 

  • You can visit the PM MUDRA official website at mudra.org.in. and navigate the Udyamimitra portal.
  • On that portal, select the 'Mudra Loan Apply Now'.
  • Fill in the application by submitting personal and professional details and generating OTP.
  • After that, key in the business information as asked.
  • Once you submit the details, select from Mudra Shishu, Mudra Kishore, or Mudra Tarun.
  • Submit the necessary documents depending on the type of loan, such as proof of identity, proof of residence, and business enterprise details.
  • Upon submission, you will get the application number. Save the application number for future reference.

  • Pradhan Mantri Mudra Yojana (PMMY)
  • Mudra Shishu
  • Mudra Kishore
  • Mudra Tarun

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