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The Pradhan Mantri Mudra Yojana (PMMY) is a government initiative launched in 2015 to extend financial assistance to micro and small enterprises across India. Under this scheme, Mudra loans are provided to
The primary objective of PMMY is to encourage entrepreneurship, create employment opportunities, and enhance financial inclusion by offering easy access to credit for non-corporate, non-farm small business sectors.
In case of default, the lender has the legal authority to repossess and sell the financed property to recover the unpaid loan amount.
Loans up to INR 50,000 for businesses in the early stage.
Loans ranging from INR 50,001 to INR 5 lakh for businesses with moderate financial requirements.
Loans ranging from INR 5,00,001 to INR 10 lakh for established businesses with higher financial requirements.
A key advantage of PMMY is that the loans are provided without the need for any collateral. Borrowers are not required to offer security or guarantors, making credit more accessible.
Mudra Loans generally come with lower interest rates compared to conventional business loans, making them more affordable for small and micro enterprises.
PMMY offers loans under three distinct categories—Shishu, Kishore, and Tarun—enabling borrowers to choose a loan amount that aligns with their business stage and financial needs.
The scheme features a simplified loan application process. Borrowers can apply through various participating banks, NBFCs, or Micro Finance Institutions (MFIs), ensuring greater reach and convenience.
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