Pradhan Mantri Mudra Yojana (PMMY): Eligibility, benefits, other details
The Pradhan Mantri Mudra Yojana (PMMY) is one of the flagship schemes of the Union government to encourage self-employment. Under PMMY, collateral-free institutional credit up to ₹10 lakh is provided by Member Lending Institutions (MLIs) i.e. Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).
-The applicant must be a citizen of India.
-Any individual, who is otherwise eligible to take a loan and has a business plan for a small business enterprise can avail loan under the Scheme. S/he can avail loans for income-generating activities in the manufacturing, trading, and services sectors and also for activities allied to agriculture across three loan products.
— The applicant should not have a history of loan default
— The applicant's business must be at least 3 years old.
— The entrepreneur should belong to the age group of 24 to 70 years.
The scheme offers three types of loans:
a)Shishu (loans up to ₹50,000)
b)Kishore (loans above ₹50,000 and up to ₹5 lakh)
c)Tarun (loans above Rs. 5 lakh and up to Rs. 10 lakh).
Existing small businesses can also avail of credit facilities at reasonable interest rates to expand their operations.
— Interested applicants can visit the official website at www.udyamimitra.in
— Click on the option of 'Apply Now' on the Home Screen.
— Select from the provided options between 'New Entrepreneur', 'Existing Entrepreneur', and 'Self-Employed'.
— In case of a new registration, add the 'Name of the Applicant', 'Email ID', and 'Mobile Number'.
— Generate OTP and Register.
The Government has taken various steps towards spreading awareness about PMMY across the country. These, inter-alia, include
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