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Pradhan Mantri Mudra Yojana (PMMY)
Pradhan Mantri Mudra Yojana (PMMY) has been started by the government. To provide funding for the micro entrepreneurs of India. The full name of the currency is Micro Units Development and Refinance Agency Ltd. It will offer financial support for the non-corporate small business area (known as NCSBS organization). With this goal, the currency has been started by establishing SIDBI as a subsidiary company. Refinancing will be offered to non-financial companies to provide financing loans to small banks, regional rural banks, cooperative societies and similar institutions to reduce trade, manufacturing and mining of micro enterprises and small businesses.
The Central Government ambitious plan Pradhan Mantri Mudra Yojana (PMMY), which provides access to institutional finance for small business units, has helped in generating 5.5 Crore jobs in a big way with industrial states.
More About Details of Pradhan Mantri Mudra Yojana
According to the report, industrial states like Karnataka, Tamil Nadu and Maharashtra are the biggest beneficiaries of this scheme. It has been said in the report that on April 8, 2015, Prime Minister Narendra Modi started the Pradhan Mantri Promotions Scheme with the objective of unfunded financing.
Under this scheme, loan amount of Rs 3.42 lakh crore has been given to more than 8 crore people, mostly small entrepreneurs. A large number of these people are those people who were not previously involved in any kind of business. Advantage of Prime Minister Money Loan Scheme can be availed of up to Rs. 10 lakhs for non-agricultural activities. Affiliated activities for agriculture, such as dairy, poultry, bee keeping etc.
Types of Mudra Yojna Loans
Here are 3 plans under PMMY: –
- Major Loan : This is to cover 5 Lakh to 10 Lakh loans
- Teen age Loans : It is offered to cover 50,00 to 5 Lakh loans
- Kids loan : This loan is offered to cover 50,000
- Government has directed 60% units for this category and for the remaining 40% for the other two categories.
Types Of Firms Which Can Apply
Whether it is a proprietary or partnership of any type of firm that comes under the scope of a non-corporate small business (NCSBS), it can take advantage of this scheme. NCSBS can be anywhere in a rural or urban area.
- Unit of a service sector
- A manufacturing unit
- A Food Service / Food Processing Unit
- A small industrial unit
- A fruit or vegetable seller
- A shopkeeper (you can also wish to take advantage of this plan if you wish to Open a franchise outlet)
- A truck operator
- An artisan
- A women entrepreneur can also take advantage of this scheme under the Women Entrepreneur Plan. Under this scheme, all women entrepreneurs who are part of the currency can apply for financial assistance under 3 MUDRA loan categories, youth, adolescent and infant.
Eligibility Criteria For PMMY
Following are the eligibility criteria for partner loan institutions for the purpose of refinancing / financing to provide loans for micro enterprises in manufacturing, business and service sectors in rural and urban areas.
A pre-load currency card will also be available for purchase through instruments, raw materials and registered producers or through online means. The credit limit on this card will be 20% of the loan limit approved for the enterprise. A card is being done with a maximum loan limit of Rs. 10,000. Principal issuers will be covered under the Credit Guarantee Scheme in the form of a loan risk currency of 20% of currency and card portfolio. The remaining risks will remain with the MFI affiliates.
Apart from this, your (borrower) currency card can be made to add a facility to the Prime Minister Jan Dhan Yojana Savings Account and also to meet urgent problems through the bank’s ATM network to get the necessary amount for its micro unit Can have the facility to do.
How To Apply For Pradhan Mantri Mudra Yojana
You just need to contact the company office or get contact with one of the MUDRA officers / nodal officers. See the contact details below. You can also contact a Mudra officer or Mudra nodal officer.
Contact information for Mudra Plans
Ground Floor, Videocon Tower,
Flat Extension, E-1, Rani Jhansi Road
New Delhi – 110055
MSME Development Center,
C-11, G-Block, Bandra-Kurla Complex
Mumbai – 400 051