Pradhan Mantri Mudra Yojana 2024: Finance Minister Nirmala Sitharaman in Budget 2024 mentioned several schemes, and one of them was PM Mudra Yojana (Pradhan Mantri Mudra Yojana). Pradhan Mantri Mudra Yojana (PMMY) was started by the Modi government in 2015 to promote self-employment. Under this scheme, a collateral-free loan of up to Rs 10 lakh is given, which means you do not need to deposit any kind of security for the loan. This loan is given for non-corporate and non-agricultural purposes.

Pradhan Mantri Mudra Yojana 2024: Loan available in three categories

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The loan is available in three categories:

  • Shishu Loan- In this, financial assistance up to Rs 50,000 is given.
  • Kishore Loan- In this, a loan up to Rs 5 lakh is given.
  • Tarun Loan- In this, an amount of up to Rs 10 lakh is given as a loan.

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

Pradhan Mantri Mudra Yojana 2024: Benefits of PMMY

Under Pradhan Mantri Mudra Yojna, one can take a loan ranging from Rs 50,000 to Rs 10 lakh as per their needs. The loan is collateral-free, and there is no processing fee on it. The total repayment period of the loan available under this scheme ranges from 12 months to 5 years. But if you are not able to repay it in 5 years, its tenure can be extended by 5 years. In Pradhan Mantri Mudra Yojna, one does not have to pay interest on the entire amount of the loan sanctioned. Interest is charged only on the amount you have withdrawn and spent through the Mudra Card.

Pradhan Mantri Mudra Yojana 2024: What is eligibility?

  • The person applying for the loan must be a citizen of India.
  • The person applying should not have any bank default history.
  • Any business for which a Mudra loan is to be taken should not be a corporate institution.
  • The person applying for the loan must have a bank account.
  • The age of the person applying for a loan should be more than 18 years.

Pradhan Mantri Mudra Yojana 2024: How to apply

Step 1: Visit the official website of Mudra Yojana- mudra.org.in.
Step 2: On the home page, you will find three types of loans– Shishu, Kishore, and Tarun, choose the category as per your choice.
Step 3: On the new page, open the application form from here and take a printout of this application form.
Step 4: Fill the application form correctly.
Step 5: Attach the 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, etc.
Step 6: Submit this application form to your nearest bank.