Categories: GOVT. SCHEMES

PM Mudra Loan Yojana 2020 :Scheme details | Interest rates

PM Mudra Loan Yojana ( PMMY) :

Pradhan Mantri Mudra loan Yojana or PM mudra loan is a funding scheme. This scheme is initiated by government of India to provide financial support of maximum upto 10 lakhs. Mudra loan provide support to individuals, SMEs, MSMEs and non corporate and non farm small with micro enterprises. The major benefit of this pm mudra loan yojana is no collateral or security required by banks. Mudra loan scheme  repayment option is from 3 years to 5 years. Mudra loan interest rates, Mudra loan documents and mudra loan bank lists are given below.

Pradhan Mantri Mudra Yojana (PMMY ) offering this loan scheme with the help of different sectors of bank. These banks may be Public and private sector banks, Non-Banking financial companies or Regional Rural Banks (RRBs).

Table of Contents :

  • PMMY loan features
  • Categories of Mudra loan
  • PM mudra loan Interest rates
  • Mudra loan Bank List
  • Pradhan Mantri Mudra Loan Eligibility Criteria
  • Purpose of Mudra loan
  • Who can avail mudra loan scheme ?
  • Mudra loan documents
  • Pradhan Mantri Mudra yojan offers

You may read : PM Kisan yojana – Rs -6000 Per year directly to farmer’s account

PM Mudra Loan Yojan Features :

  1. Mudra Loan Scheme is divided into 3 categories.
  2. Maximum loan amount for all is up to 10 Lakhs.
  3. There is no minimum loan amount for Mudra scheme
  4. No security or collateral is required by bank
  5. The age limit of the person will in between 18 years to 65 years.
  6. Repayment option is 3 years to 5 years
  7. Interest rates vary bank to bank
  8. There are no processing fee for PMMY loan.

You may read : Sukanya samriddhi yojana details, secure you daughters’ life

Categories of Mudra scheme :

There are three types of loan scheme offered under Pradhan mantri loan yojana.

1. Sishu Loan :

In this category of mudra loan scheme, the loan amount will be provided up to Rs. 50,000 for starting a new business. The enterprises who are at an early stage.

2. Kishor Loan scheme :

The loan amount of kishor scheme is up to 5 lakhs. In this category the businessman or enterprises who started their business but need some fund to extend the same. Due to larger amount this scheme helps the business persons as well.

3. Tarun Loan scheme :

In this loan scheme the bank provides a loan up to 10 lakhs . This is the highest amount of PM mudra loan . The business person who want set up a large business can apply with proper documents. If they want to buy machinery or equipment or any other costly materials then tarun loan scheme is better for them.

Mudra Loan Bank Lists :

Mudra loan bank lists is very vast. The bank lists are given below

  • State Bank of India
  • UCO Bank
  • Bank of Baroda
  • Central Bank of India
  • United Bnk of India
  • Union Bank of India
  • Bank of India
  • Indian Bank
  • Canara Bank
  • Andhra Bank
  • Indian Overseas Bank
  • Punjab National Bank
  • IDBI Bank
  • Axis Bank
  • Allahabad Bank
  • Karnataka Bank
  • Dena Bank
  • Federal Bank
  • Kotak Mahindra Bank
  • Bank of Maharashtra
  • Syndicate Bank
  • Tamilnad Mercantile Bank
  • HDFC Bank
  • Oriental Bank of Commerce
  • Saraswat Bank
  • Corporation Bank

Mudra Loan Interest Rates 2020 :

Mudra Loan interest rates vary from bank to bank depends upon the tenure and amount of the loan. You may visit the nearest branch for more details about the interest rates of mudra loan scheme. Some of the bank interest rates are given below

    • SBI –  Interest rate of SBI is 9.75% onwards for loan amount of Rs. 50,000 to 10 Lakhs.
    • Bank of Baroda – Interest rate of BOB is 9.65%  for loan amount up to 10 lakhs. No processing fee applicable.
    • Andhra Bank – Interest rate for Andhra bank is more than 10.50 % .
    • Corporation Bank : Rate 9.35 onwards for loan up to 10 lakhs.

Pradhan Mantri Mudra Loan Eligibility Criteria :

    1. The age limit for this loan is in between 18 years to 65 years.
    2. No future loan defaults
    3. Good loan repayment history of the person
    4. Should be an Indian Citizen having no criminal background.

Purpose of Mudra scheme :

PM Mudra loan yojana is for business purpose only. It can’t be used for personal use. The amount of the loan can be utilized to buy machines or equipment related to the business. Basically to use in the market capital for grow.

Who can avail PM mudra scheme ?

PM mudra loan can be availed by ;

  • Individuals of the business
  • SMEs or MSMEs
  • Starting for a new business
  • Retailers, Traders or any manufacturing company

Mudra loan documents :

    • The self written purpose business plan
    • Recent 2  passport size photos of the applicant
    • Identity Proof of the applicant : Voter ID, Aadhaar card, Passport, Driving license or any photo ID given by government authority
    • Bank statement of last 6 months
    • Residential Proof of applicant: Passport, Adhaar card, Bank passbook, Electric bill, Water bill, Bank statement etc
    • Proof of Business Residence : Registration certificate of business establishment containing owner’s name
    • If the business area is in rental, the rental agreement
    • Registration certificate from Ministry of MSME for MSME related business
    • Partnership certificate in case of Partnership business
    • Latest income certificate if applicable
    • Cast certificate in case of SC/ST/OBC category

Pradhan Mantri Mudra Yojana Card :

In this modern society Mudra card is an innovative option. PM Mudra Loan card is like an ATM card. This card has double benefit, it can be used as a credit card or debit card in the ATM corner. It provides a flexibility to the card owner to access mudra loan facilities easily.


View Comments

Recent Posts

How to increase Oxygen level naturally at home

Increase your Blood Oxygen Level naturally at home : India is facing second Covid-19 wave… Read More

4 weeks ago

Asim Riaz (Bigg Boss 13) Wiki, Age, Girlfriend (GF) and Family

Asim Riaz ( Bigg Boss 13 ) Age, Girlfriend and Family details : Indian Model… Read More

4 months ago

Rocking Star Yash (KGF) Wife, Age, Bodyguard and Biography

Rocking Star Yash ( KGF Chapter 1 and KGF chapter 2 fame actor ) :… Read More

4 months ago

Air Hostess Course Vs Interior Design – Which one is best for girls ?

Air Hostess Courses Vs Interior Design course for girls : Air Hostess courses are very… Read More

5 months ago

Virat Kohli – Anushka Sharma Baby Girl Name with Latest Photos

Virat Kohli - Anushka Sharma Baby name : The most successful modern era cricketer Virat… Read More

5 months ago

Anushka Sharma- Virat Kohli to be blessed with a baby : Latest news

Anushka Sharma- Virat Kohli to be blessed with a baby : Virat Kohli - Anushka… Read More

5 months ago