PM Mudra Yojana Loan upto 20 lakh – Check Interest Rate and More

Jyoti — Sat, 19 Apr 2025 11:55:02 +0000

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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PM Mudra Yojana: Center Govt doubled the limit of Mudra Yojana (PMMY) to Rs 20 lakh. Check Details

Jyoti — Sat, 26 Oct 2024 07:33:05 +0000

PM Mudra Yojana: The government has doubled the limit of Pradhan Mantri Mudra Yojana (PMMY), a loan given to promote self-employment in the country, to Rs 20 lakh. The Ministry of Finance said in a statement on Friday, through this increase we want to further the overall objective of the Mudra Yojana (PM Mudra Yojana). A notification has been issued in this regard.

Finance Minister announced in the budget

While presenting the Union Budget 2024-25 on July 23, 2024, Finance Minister Nirmala Sitharaman had said that the limit under the Pradhan Mantri Mudra Yojana (PMMY) will be increased from the current Rs 10 lakh to Rs 20 lakh.

“The limit of Mudra loan will be increased from the existing Rs 10 lakh to Rs 20 lakh for those entrepreneurs who have previously availed loan under the ‘Tarun’ category and have successfully repaid it,” Sitharaman had said while presenting the budget in the Lok Sabha.

What is the eligibility

The person applying for the loan should be a citizen of India.
The person applying should not have a bank default history.
Any business for which Mudra loan is to be taken should not be a corporate entity.
The person applying for the loan must have a bank account.
The person applying for the loan should be above 18 years of age.

Loan is available in three categories

If you want to take a loan through Pradhan Mantri Mudra Yojana, then you can apply for a loan in any government-private bank along with regional rural bank, small finance bank, non-financial company. According to the category, 3 limits of loan amount have been made, which are called Shishu, Kishor and Tarun.

Benefits of PMMY

Through Pradhan Mantri Mudra Yojana, you can take a loan of Rs 50 thousand to Rs 20 lakh according to your need. The loan is collateral free, and there is no processing fee on it.
The total period of repayment of the loan under this scheme ranges from 12 months to 5 years. But if you are unable to repay it in 5 years, then you can extend its period by 5 years.
Another good thing about this loan is that you do not have to pay interest on the entire amount of the loan sanctioned. Interest is charged only on the amount that you have withdrawn and spent through the Mudra card.
Even if you are doing business in partnership, you can still take a loan through Mudra Yojana. In this, you get loan in three categories. The interest rate varies according to the category.

Apply like this

First of all go to the official website of Mudra Yojana mudra.org.in .
The home page will open on which information about three types of loans Shishu, Kishor and Tarun will be displayed. Choose the category as per your requirement.
A new page will open, from here you will have to download the application form, take a printout of this application form.
Fill the application form correctly. Some photocopies of documents will be required in the form like Aadhar card, PAN card, proof of permanent and business address, copy of income tax return and self tax return and passport size photo etc.
Submit this application form to your nearest bank. The bank will verify your application and the loan will be given within 1 month.
To apply online, you will have to create a user name and password. With its help, you will be able to login to the Mudra loan website. You can apply online here.

The post PM Mudra Yojana: Center Govt doubled the limit of Mudra Yojana (PMMY) to Rs 20 lakh. Check Details first appeared on Rightsofemployees.com.

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