Pradhan Mantri Mudra Yojana 2024: Don’t Miss Benefits, How To Apply, Eligibility

Earlier this month Finance Minister Nirmala Sitharaman during her Budget 2024 speech made a mention of various schemes. The one scheme that captured interest of many is Pradhan Mantri Mudra Yojana. It is important to note here that PM Modi government started Pradhan Mantri Mudra Yojana also known as PMMY way back in 2015 with the primary objective to boost self-employment.

Under Pradhan Mantri Mudra Yojana, citizens can avail a collateral-free loan of up to Rs 10 lakh. Citizens are not required to deposit any security if they are planning to avail the loan. The loan is given for non-agricultural and non-corporate purposes.

Citizens can avail loan under Pradhan Mantri Mudra Yojana 2024 in three different categories that can be described below as:

1. Shishu Loan: Under Shishu Loan, financial aid of up to Rs 50,000 is provided

2. Kishore Loan: Under Kishor Loan, loan amounting Rs 5 lakh is given to citizens.

3. Tarun Loan: Under Tarun Loan, financial assistance of up to Rs 10 lakh is offered in the form a loan.

It is worth mentioning here that citizens can avail the loan via any private/government bank including Finance Bank, Regional Rural Bank, Non-Banking Financial Company (NBFC).

The loan can be availed through any government/private bank, like Regional Rural Bank, Small Finance Bank, or a Non-Banking Financial Company (NBFC).

Key Benefits OF Pradhan Mantri Mudra Yojana 2024 That You Must Not Miss

As mentioned above, citizens will be eligible to avail loan under the Pradhan Mantri Mudra Yojna beginning from Rs 50,000 to Rs 10 lakh. As the loan is collateral free, no processing fees needs to be paid. Meanwhile, the entire repayment period of the loan available under Pradhan Mantri Mudra Yojna will vary from a minimum tenure of 12-months to maximum 5-years. However, if citizens fail to repay the loan in the maximum period of 5 years, they tenure of the repayment can get extended by yet another 5-years. The yet another attractive feature is that under Pradhan Mantri Mudra Yojna, citizens are not required to pay interest in the whole amount of loan sanctioned.Interest amount will only be charged on the amount that citizens have withdrawn and spent via the Mudra Card.

Eligibility:

The person applying for loan under Pradhan Mantri Mudra Yojna should Indian citizen.

Resident applying for loan must not have any bank default history.

Any business for which a Mudra loan needs to be availed must not be a corporate institution.
Citizen must have a bank account while applying for loan.

Age of the resident while applying for loan under Pradhan Mantri Mudra Yojna must be over 18 years

How to apply?

Visit official website of Mudra Yojana- mudra.org.in.

There are 3 categories of loans on home page namely Shishu, Kishore, and Tarun. You need to select the category according to your requirement.

On new page, you must open application form and get its printout.

Fill the application form carefully.

You now need to attach Aadhar card, PAN card, proof of permanent and business address, copy of income tax return and self-tax return, and attach a passport size photo.

Submit the application form to the nearest available bank.