Pradhan Mantri MUDRA Yojana (PMMY): The Narendra Modi government at the Center has started many such schemes, with the help of which people are starting their own business.
Pradhan Mantri Mudra Yojana is also a scheme of this category. Under the scheme, banks give loans up to Rs 20 lakh to people at a cheap interest rate. The important thing is that this loan is collateral-free. Let us tell you that Finance Minister Nirmala Sitharaman announced to increase the loan limit to ₹ 20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit became effective on October 24, 2024.
Four category plans
Mudra loan scheme is in four categories- ‘Shishu’, ‘Kishore’, ‘Tarun’ and ‘Tarun Plus’. The loan amount is different for each category.
Shishu: Loans up to Rs 50,000/- are available.
Kishor: Loans available from Rs 50,000/- to Rs 5 lakh.
Tarun: Covers loans from Rs 5 lakh to Rs 10 lakh.
Tarun Plus: Loans ranging from Rs 10 lakh to Rs 20 lakh are available.
Which banks provide loans?
Under the Mudra Scheme, collateral free loans up to Rs 20 lakh are provided by Member Lending Institutions (MLIs) such as scheduled commercial banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc.
10 years old plan
Let us tell you that this scheme is from ten years ago. Mudra Yojana has helped in opening more than 52 crore loan accounts, which shows a steady increase in entrepreneurial activities. The share of teen loans has increased from 5.9 percent in FY 2016 to 44.7 percent in FY 2025. 68 percent of the total beneficiaries of Mudra Yojana are women. Between FY 2016 and FY 2025, the disbursement amount of Pradhan Mantri Mudra Yojana per woman increased by 13 percent year on year to Rs 62,679.
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