Pradhan Mantri Mudra Yojana 2017 @ mudra.org.in PMMY Bank Loan Application Form, Procedure
Pradhan Mantri Mudra Yojana 2017 In the below section of the page you will find all the relevant details related to PM Mudra Yojana Loan Scheme 2017 and how to get apply for it from which to get application form, Apply Online, Eligibility Criteria, Benefits etc, so kindly go the information highlighted under carefully. Mudra loan of Pradhan Mantri Mudra Yojana is a Government of India undertaking designed to meet the financing needs of non-corporate small business units of the country. The idea is to provide financial support for small business which employ majority of the Indian working population Pradhan Mantri Mudra Yojana 2017.
Information About Pradhan Mantri Mudra Yojana 2017
Under Mudra Loan Yojana, the government has come up with a 3-teir loan structure targeted towards different businesses depending on the size and stage of the business. The three tiers of this Pradhan Mantri Mudra Yojana 2017 are
- SHISHU Loan offering financial support of up to INR 50,000.
- KISHOR Loan offering financial support of amount ranging between INR 50,000 and INR 500,000.
- TARUN Loan offering financial support of amount ranging between INR 500,000 and INR 10,00,000.
Eligibility Criteria Pradhan Mantri Mudra Yojana 2017
Non-Farm/ Micro/Small Enterprises, engaged in income generating activities, manufacturing and trading services whose credit needs are up to Rs 10 lacs. All non-farming micro business that generate income and are in need of monetary aid below or up to INR 10 lakh can apply for this loan under the Pradhan Mantri Mudra Yojana 2017 that has been launched under Micro Units Development and Refinancing Agency scheme.
Official Website : www.mudra.org.in
The participating banks, i.e. banks that are willing to offer Mudra loan have strict eligibility criteria. Public Sector Banks, Public Sector Banks, State Co-operative Banks, Micro Finance Institutions, Non-Banking Financial Companies and Regional Rural Banks are allowed to participate and offer the Mudra loan. However, they all need to ensure:
- They have profit records for 3 years straight.
- They have NPAs less than 3% or 3%.
- They have CRAR of at least 9%.
- They have net worth of at least 100 crores.
Method for Taking Out a Mudra Loan
In order to take out a Mudra Loan, an applicant (i.e. a borrower) needs to first identify his or her nearest bank offering the loan and visit personally along with a business plan. Loan application is to be submitted along with a comprehensive business plan, identity proof, address proof and passport photographs. Pradhan Mantri Mudra Yojana 2017 Once all paper documentations are completed, the bank will review the business plan and the need. If approved, the bank will sanction the loan.
Main Features & Benefits of PMMY
- To build a system to grow all Non Corporate Small Business Segments (NCSBS) such as small manufacturing units, service sector units, shopkeepers, fruit/vegetable vendors, truck operators, food-service units, repair shops and others in rural and urban areas.
- To set up a good method of using a last mile credit agent scheme system to small and micro business.
- To evaluate the performance rating and later accreditation for the first time.
- Loans under this scheme are collateral free.
- Employment generation and High GDP growth.
- Low Cost of finance.
Pradhan Mantri Mudra Yojana 2017 Mudra Loan Category
Pradhan Mantri Mudra Yojana 2017 At present the scheme offers three types of loans which are categorized below:
- SHISHU: Covering loans up to Rs 50000/-
- KISHORE: Covering Loans above Rs 50000/- and up to Rs 500000/-
- TARUN: Covering Loans above Rs 500000/- and up to Rs 1000000/-
|Limit||Micro Enterprise||Small Enterprise|
|Up to Rs 50000/-||Base Rate||Base Rate + 0.50%|
|Above Rs 50000/- to Rs 2 lacs||Base Rate + 0.50%||Base Rate + 1.00%|
|Above Rs 2 lacs to Rs 10 lacs||Base Rate + 1.00%||Base Rate + 1.25%|
Mudra Loan Lending Institutions
- Public Sector Banks
- Private Sector Banks
- RRBs (Regional Rural Banks)
- Co-operative Banks
- Micro-Finance Institutions
- Mainline NBFCs
Check List for Availing Loan under PMMY
- ID proof :Self-attested Proof of Identity (Voter ID / Aadhar card / Passport etc.).
- Address Proof : Proof of Residence (Recent telephone bill / electricity bill / Voter Id etc.)
- photograph : Applicant’s recent passport size photograph.
- Quotation of item : Quotation of Machinery / other items to be purchased (if any).
- Name of supplier / details / price of machinery or items to be purchased.
- Supplier : Proof of Identity / Address of Business Enterprise, copies of relevant Licenses other documents pertaining to the ownership identity and address of business unit (if any).
- category Proof of category like SC / ST / OBC etc. (if applicable).
How to Apply Pradhan Mantri Mudra Yojana 2017
- Firstly, you need to download the application form through the official link www.mudra.org.in.
- Take a printout of the form and fill it with relevant details in an appropriate manner.
- After filling the form approach the nearest branch of the bank or financial institution along with the required documents to avail the loan facility.