Pradhan Mantri Mudra Yojana 2024: Get Free Loan Upto 10 Lakh, Apply Now!

Finance Minister Nirmala Sitharaman in recent budget highlights shed light on various schemes, with a spotlight on the rejuvenated Pradhan Mantri Mudra Yojana (PMMY). Initiated in 2015 by the Modi government, PM Mudra Yojana aims to boost self-employment by offering collateral-free loans up to Rs 10 lakh, eliminating the need for any security deposit and increasing farmers' profitability.

Categories of Loans

Shishu Loan: This category extends financial assistance up to Rs 50,000, catering to micro-enterprises and small-scale businesses.

Kishore Loan: Entrepreneurs seeking moderate financial support can avail themselves of loans up to Rs 5 lakh under this category.

Tarun Loan: Targeting larger enterprises, Tarun Loan provides substantial financial aid, with loans extending up to Rs 10 lakh.

Accessible Through Diverse Channels

Applicants can secure these loans through various avenues, including government or private banks, Regional Rural Banks, Small Finance Banks, or Non-Banking Financial Companies (NBFCs), ensuring widespread accessibility.

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Advantages of Pradhan Mantri Mudra Yojana 2024

Under PMMY, individuals can access loans ranging from Rs 50,000 to Rs 10 lakh without collateral, accompanied by a waiver of processing fees. The repayment period spans 12 months to 5 years, extendable by an additional 5 years. Importantly, interest accrues solely on the utilized amount through the Mudra Card, not on the entire sanctioned loan.

Eligibility Criteria of Pradhan Mantri Mudra Yojana 2024

To be eligible, applicants must be Indian citizens with no history of bank defaults. The intended business must not fall under corporate institutions, and applicants must possess a bank account. Furthermore, the age requirement stipulates that applicants must be above 18 years old.

Pradhan Mantri Mudra Yojana 2024:  Application Process

Visit the Official Website: Start by visiting the official Mudra Yojana website - mudra.org.in.

Choose Loan Category: Select from the three loan categories - Shishu, Kishore, or Tarun - based on your requirements.

Access Application Form: Open the application form on the new page and print it for completion.

Complete the Form: Accurately fill in the application form, attaching necessary documents such as Aadhar card, PAN card, proof of addresses, income tax returns, and a passport-sized photo.

Submission: Submit the completed application form along with the required documents to your nearest bank.

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Conclusion

Finance Minister Nirmala Sitharaman's emphasis on this scheme in the recent budget highlights its pivotal role in shaping India's economic and agricultural terrain. By providing collateral-free loans ranging from Shishu to Tarun categories, PMMY caters to the diverse needs of entrepreneurs, ensuring inclusive access through various banking channels. The elimination of processing fees, flexible repayment periods, and targeted eligibility criteria make this scheme a catalyst for individual and business growth. 

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