India is a nation of youth about 50 percent of the population is under 25 years. The Government of India has taken an initiative to provide financial assistance to the non-corporate, non-farm sector such as small manufacturing units, shopkeepers, fruits/vegetable vendors, Machine operators, small industries, food processors and all others small and medium industries and businessman. To provide financial assistance government launched Pradhan Mantri MUDRA Yojana on 8th April 2015. Under the scheme, the government provides loan without any guarantee at lowest interest rate.
Objective of Pradhan Mantri MUDRA Yojana
The scheme was introduced to support financial support to the small industries to create an environment for entrepreneur culture in our country to achieve financial and economic success. The mission was also introduced with the motive of providing job to youth in their locality. Produced more and more young entrepreneur across the country who represent all the over India whether he is from far rural areas or urban areas.
The scheme is also known as Micro Units Development & Refinance Agency Limited (MUDRA).
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The Pradhan Mantri MUDRA Yojana has divided into three categories for providing loan on the basis of the loan amount. These categories are
- Shishu: Under the category up to Rs 50,000 loan will be provided by the bank
- Kishore: Under the category, loan will be provided between Rs 50,000 to Rs 5 lakh
- Tarun: Under the category, loan will be provided between Rs 5 lakh to Rs 10 lakh
Eligibility for Pradhan Mantri MUDRA Yojana
Any of the individual who is not defaulter of any bank
All small manufacturing units
All others small businessman who need loan under 10 lakh to improve their businessman
How to Apply for Pradhan Mantri MUDRA Yojana
If you have a business idea or already run business/small industries in small scale then you can apply for MUDRA loan.
Visit the nearest bank (public sector or private) in your locality.
Present your business plan along with loan form.
Fill the formalities as per banks norms.
If your idea is substantial then the bank will sanction the loan.
Self-attested ID proof
Self-attested Address proof
Passport size photograph
Business registration certificate
Company Address and ID proof
If you have purchase machinery or others item related the businesses then you have to submit supplier name, machinery details, and price.
For More Information Contact:
REGISTERED AND CORPORATE OFFICE
MSME DEVELOPMENT CENTRE,
C-11, G-BLOCK, BANDRA KURLA COMPLEX,
BANDRA EAST, MUMBAI – 400 051