Pradhan Mantri Mudra Yojana (PMMY) | Frequently Asked Questions About PMMY

The full name of Mudra is Micro Units Development and Refinance Agency Limited, which is a financial institution established by the Government of India for the development and revival of the micro units industry. This financial institution was announced by the Finance Minister in 2016. If this information is enough for you, then you can read many more such FAQs that we have mentioned here.

MUDRA is responsible for the following financiers Institutions, Societies, Trust Section 8 Companies, Banks, and Regional Rural Banks. Along with this, MUDRA will be responsible for refinancing all the companies that are in the business of lending. The final financier of the enterprises also has to tie up with state and regional-level financial instruments to provide finance.

First of all, we will get information about the full name of this scheme, its full name is Pradhan Mantri Mudra Yojana which is monitored by all the banks. Along with this, under this scheme, an amount up to Rs 1000000 is approved and that amount is given to you. Amount above Rs 10 lakh cannot be taken under this scheme, so if you want to provide an amount up to Rs 1000000 then you can apply under this scheme and will be able to get the amount up to Rs 1000000 very easily.

If you want to get a loan under this scheme to further your business, then I would like to tell you that you can take a loan of up to ₹ 10 lakh under this scheme. As you know, this scheme has been divided into 3 phases, meaning that there are 3 offers for taking a loan, first is the Shishu Loan under which ₹ 50 thousand can be obtained, second is the Kishore Loan under which ₹ 50 thousand to ₹ 5 lakh can be obtained. Let’s go. Along with this, there is a third Mudra loan under which Rs 5 lakh to Rs 10 lakh can be obtained.

To fill out the form under Pradhan Mantri Mudra Yojana, you will have to follow some steps.
1. To fill out the form under this scheme, first of all, you have to download its application form.
2. Then you have to fill in all the information asked in the application correctly. After filling in all the information, you have to make this application public and then submit it to the private bank.
3. After this the bank will check all the documents and if you are eligible to take a loan under this scheme then the loan will be given to you.

If you are unable to repay the Mudra loan, the bank will confiscate your property. For example, if you have taken money from the bank under Mudra Loan to start your business and you have not been able to repay that money, then the bank will soon take over your property.

After filling out the application, it takes 7 to 8 working days for the Mudra loan to be approved. Within 7 to 8 working days, the loan amount is sent to the applicant’s account and then he can withdraw his loan and establish his business.

Pradhan Mantri Mudra Loan can be availed by any citizen of India who has a business plan for a non-agricultural income-generating activity like manufacturing, processing, trading, or service sector. He can easily get this loan. Under this loan, I have already told you that you can take an amount up to Rs 10 lakh.

You must have heard that there are three stages of Mudra Loan. Now many people do not understand what are the three stages of a Mudra Loan. So I would like to tell you that the first stage of Mudra Loan is the Shishu Loan, the second stage is the Kishore Loan, and the third stage is the Tarun Loan. These are the three stages.

If you also want to get Mudra Loan and for this, you want to get information about the documents, then I would like to tell you that for Mudra Loan the applicant must have KYC documents such as a passport, voter identity certificate, driving license, PAN card, Aadhar card, birth certificate, 10th class certificate is necessary.

70 to 80 percent subsidy is available on Mudra loan. If you have taken a loan under the Mudra scheme, then you will be given a subsidy of about 70 to 80 percent, which is a very good thing.

Yes, the benefits of Pradhan Mantri Mudra Yojana are also being given to women. If you are a woman and want to start your own business and need a loan for this, then you do not need to worry, under the Pradhan Mantri Mudra Yojana, equal loans are being given to everyone. Women have also been included in this, so now women can also make themselves empowered and self-reliant. With this, she can also live with equal rights in the society.