To tackle growing unemployment by providing financial support Hon’ble prime minister of India Shri Narendra Modi launches Pradhan Matri Mudra Yojana (PMMY) on April 8, 2015, with the aim to offer a loan up to Rs 10 Lakhs to the peoples which want to start their own small business or want to expand an existing business. Only peoples from non-corporate, non-farm small/micro enterprises can avail benefits of Mudra yojana.
Mudra stands for Micro-Units Development and Refinance Agency Ltd. (MUDRA). These loans are offered by existing commercial banks, small finance banks, RRBs, cooperative banks, NBFCs and MFIs, the loan seeker can approach directly to the institutions mentioned above or can apply only through this web portal.
“SHISHU”, “KISHORE” and “TARUN” are three products under Pradhan Mantri Mudra Yojana (PMMY) which signifies stage or growth/development and funding needs of the beneficiary microunit/entrepreneur and also provides next reference point of the next phase of growth.
SHISHU covering loan up to Rs 50,000/-
KISHORE covering loan above Rs 50,000/- and up to Rs 5 lakh
TARUN covering loan above Rs 5 Lakh and up to Rs 10 Lakh
Remember, MUDRA is not a bank, it is a refinancing institute. MUDRA itself doesn’t provide any loan to an individual or micro entrepreneurs. You can directly contact any branch of nearby bank, MFIs, NBFCs or send your application through online portal www.mudramitra.in.
You don’t need any agency or middleman to get a loan from PMMY scheme. The government of India advised borrowers to keep away from a person posing as an agent of Mudra Yojana. Please don’t waste money with such peoples.
Announcement & Launch Of Mudra Yojana
Union Finance Minister Shri Arun Jaitley announced the formation of Mudra Bank in Union budget FY 2015-16. Then MUDRA was registered as a company in Mar 2015 under companies Act 2013 and as a Non-Banking Finance Institution with the RBI on April 7, 2015. Prime Minister Shri Narendra Modi launched Mudra Yojana on April 8, 2015 at a function held at Vigyan Bhawan, New Delhi.