Pradhan Mantri Mudra Yojana (PMMY) was launched on April 8, 2015. This program was launched to provide loans up to Rs.10 lakh to small / small non-commercial and non-agricultural businesses.
Through these programs, arrangements have been made to provide loans ranging from Rs.50,000 to Rs.10 lakh easy and very affordable interest rates for the people.
Pradhan Mantri Mudra Yojana’s goal:
To ensure that every inhabitant of the country finds work, the central government places more emphasis on self-employment than on job creation. Instead of spending their whole life at work, the central government has put in place many programs for people to do their business and become employable for other people. Their aim is to provide job-related training, encourage, provide a market and provide financial assistance to create jobs.
In PM Mudra Yojana that is to say PMMY (PMMY, Pradhan Mantri Mudra Yojana), loans are given for small and large jobs.
Regarding employment status, this scheme has been divided into three categories –
Statistics show that under Prime Minister Mudra Yojana, loans up to Rs.1,23,425.40 crore have been donated so far in the 2021-2022 fiscal year.
Under the Shishu Mudra Loan Program, arrangements have been made to provide a loan of up to Rs 50,000 to one person for odd jobs such as opening a store, doing business with street vendors. In this, small manufacturers, artisans, fruit and vegetable sellers, shopkeepers, people associated with agricultural business etc. can apply for the loan.
More information about the loan will be easily accessible from https://www.udyamimitra.in/. This loan is granted for one year and if you continue to repay this loan on time, the interest rates on it are also canceled.
No guarantor is required to apply for a loan under the PM Shishu Mudra loan program. There are also no administrative fees to pay. Yes, one thing should be kept in mind, its interest rates can be different depending on the bank. It depends on the banks.
However, there is an interest rate of 9 to 12 percent per year under this scheme.
How to apply for a Mudra loan
To benefit from Mudra loans, you will need to go to your nearest bank. Some banks have even provided online services to their customers.
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