Here we are going to discuss Pradhan Mantri Mudra Yojana 2022 Intrest rates, EMI’s, and benefits. Also, how to Apply online, Documents that required to Apply, Mudra loan eligibility, Where to Download the Online Application form, and how-to how to fill the loan application form on Www.Mudra.org.in.
Pradhan Mantri Mudra Yojana 2022
The Pradhan Mantri Mudra Yojana which in short called PMMY is the Business loan scheme introduced by the central government in 2015, April.
The aim of this scheme is to help eligible candidates to start small businesses by providing them monetary support just like the PMEGP Loan and Pradhan Mantri Rozgar Yojana.
IF you have a dream of set up your own business, Have skills and qualifications to make your dream come true but lacks in the financial areas then this loan should be the ideal opportunity for you.
Provide by Mirco Units Development & Refinance Agency Limited (Full form of MUDRA) eligible applicant will be able to get loan up to 10 Lakh rupees to set up their business.
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Interest rates, EMI’s & Benefits
The Mudra loan is offered by the banks which are private and also public sector banks.
The Interest rates, Emi will very well depend on the bank from where you borrow the loan or your repayment schedule.
Objectives of this scheme
The Objective and main aim of this scheme are to not only help reduce the rate of unemployment but encourage the growth of small businesses in our country.
Benefits of the scheme
The collateral Mirco Units Development & Refinance Agency loan will be provided to the eligible applicants at minimum interest rates.
This loan money can be used for the setup of Bussiness Enterprises for manufacturing, trading, and services.
Here are the other benefits-
- PMMY Offers loans without any kind of Guarantee.
- The processing charge, Intrest rates are much lower than the other business loans offered by banks.
- Not only for Job but loan can be also obtained for Vehicle purchase, fulfill the capital requirements too.
Mudra Loan interest rates
There is no interest if the applicant chooses to borrow less than 50 thousand rupees.
But if the person borrows above that sum but still less than the highest limit; which is 10 Lakh they have to pay a 10% interest rate.
So Mudra Loan interest rates are basically 10 percent if you choose to borrow more than Fifty thousand rupees loan.
Mudra Loan Installment and repayments
The EMI(Installments of Loan) will not only depend on the amount that the beneficiary has borrowed but also the repayment capacity.
The ideal repayment period is three to 5 years which also moratorium period of 6 months.
Pradhan mantri mudra yojana online apply
Anyone who fulfills the eligibility requirements can Pradhan Mantri mudra yojana online apply.
If you are in need of money to start a business or make your business grow further you can initiate the online registration process.
Mudra loan registration process Online?
You can apply for this loan from a financial institution or any bank of your choice.
The Loan here is divided into three distinct categories, from which you can choose-
- Shishu Loan: It covers loans up to 50,000 rupees. The borrower is not required to pay any interest in this.
- Kishor Loan: if the loan range above Fify thousands and less than five lakh rupees, that will fall in this category.
- Tarun Loan: if the desired loan amount is above 5 Lakh rupees but less the upper limit of 10 Lakh rupees, that will fall in this category.
Once, The Application form is downloaded to the user’s device they need to take the printout and submit this Application form along with all the required documents.
Documents needed to apply
Here the list of document that you need to submit along with the application form while applying for a MUDRA loan-
- Your Aadhaar Card, Pan Card, and permanent address.
- Bussiness address to prove the establishment.
- Income tax returns for the last 3 years to verify your income with the financial institution.
- Passport size photographs.
Also, remember that Those documents may vary and may change as per the financial institution and type of loan that you want to borrow.
Mudra loan eligibility
Not everyone can apply for a loan online, there are certain criteria set to verify Mudra Loan eligibility.
Those edibility requirements are-
- Borrower’s age must be more than or equal to 18 years.
- Applicant should not be a defaulter in any bank and his/her earning should be more than 170,000 rupees per month.
- Job record or Business record must be submitted.
If the applicant fulfills these eligibility criteria then he can apply for the scheme with the affiliated financial institution online/offline.
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Pradhan Mantri mudra yojana application form
Depending on the loan category, you have to Download the mudra loan Application form according to it.
You can Download the Mudra Loan Application form from the official website by following the process that I am going to mention below.
Here is how to download the PM mudra yojana application form –
- First, you need to head over to the official website using your browser – Www.Mudra.Org.In.
- Once you there on the official website, You will be presented with three options.
- Choose the Appropriate loan Application form, click on the Download which right next to it.
- Download Mudra Loan Application form PDF on your Mobile phone or Computer.
- Print out the Application form.
The next step will be to fill out the Application form.
How to fill loan application form Pradhan Mantri mudra yojana?
Here is How to fill the loan application form Pradhan Mantri mudra yojana –
- Leave for office use section blank.
- Write your Enterprise name, Tick on the right type of ownership in the Constitution field.
- Write your current business name and complete address.
- Fill out the appropriate credit you require for your project.
- Fill out the past business performance.
- Fill all of the required fields and tick all of the documents that you are going to attach with the application form.
- Took 3 Passport size photos and paste them on Space for the photo.
Now attach all of the mentioned and required document with the filled up Application form.
You have to submit that PM Mudra Loan Application form to Bank from where you want to borrow a loan.
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Pradhan Mantri mudra yojana helpline number
If you face any issue related to this loan you can Contact Pradhan Mantri mudra yojana helpline number.
However, since there is no single toll-free number for the entire country, you have to call of PMMY Toll-free number according to your Area.
All of the helpline numbers are mentioned on the Contact us page which you can access using this link.
