What is Pradhan Mantri Mudra loan?

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans upto 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY.

What are the three types of Mudra loan?

There are three types of Mudra loans depending on the loan amount:

  • Shishu: Loans sanctioned under the PMMY scheme up to Rs. 50,000.
  • Kishore: Loans sanctioned under the PMMY scheme from Rs. 50,001 up to Rs. 5 Lakhs.
  • Tarun: Loans sanctioned under the PMMY scheme Rs. 5,00,001 up to Rs. 10 Lakhs.

Who is eligible for SBI MUDRA?

Existing customers of SBI, maintaining Saving Bank or Current Account (Individual), can apply for e-MUDRA loan amount up to Rs. 50,000 online on their official website or by clicking on the link: SBI e-Mudra Loan. The applicant should be between 18 and 60 years of age.

Can an unemployed person get a loan?

But, can you get a loan if you are unemployed and have no regular income? Yes, you can get a loan even without a job. Many lenders in India offer loans to applicants who do not have a job. Of course, the terms and conditions for such loans are different from loans than the loans provided to income earners.

Who is eligible for SBI Mudra?

What are eligibility criteria for Pmegp scheme in terms of age?

A. Any adult beneficiary above 18 years is eligible for financing under PMEGP.

Can I get Mudra loan for new business?

Yes. MUDRA will offer smaller loans upto 50,000/ under the ‘Shishu’ category and beyond 50,000 and upto 5 lakh under the ‘Kishor’ category. These products have been designed to cater to customers operating at the lower end of the enterprise spectrum. The loans will be extended through MFIs, NBFCs, Banks etc.

Can I get MUDRA loan for new business?

How do I get a PM loan from the bank?

Mudra loans under Pradhan Mantri Mudra Yojana (PMMY) can be availed of from nearby branch office of a bank, NBFC, MFIs etc. Borrowers can also now file online application for MUDRA loans on Udyamimitra portal (www.udyamimitra.in).