The Pradhan Mantri MUDRA Yojana (PMMY) was launched on April 8, 2015, by the Prime Minister of India. The primary objective of this scheme is to provide loans to small and medium enterprises that are non-corporate, non-farming.
Individuals need to have meet the MUDRA loan eligibility to avail the scheme benefits. Depending on their eligibility, they can get loans up to Rs.10 Lakh.
The scheme has 3 products under it:
• Shishu offers loans up to Rs.50,000 to individuals that are looking to start a business or in the early stages of operation.
• Kishor offers loans up to Rs.5 Lakh to established businesses looking for additional financing for expansion.
• Tarun offers loans up to Rs.10 Lakh to fully-established businesses.
Eligibility criteria for MUDRA loans
The following is the MUDRA loan eligibility criteria:
1. Small manufacturers
2. Artisans
3. Fruit and vegetable dealers
4. Shopkeepers
5. Individuals engaged with agriculture (livestock, poultry, pisciculture, etc.)
In addition to the above, individuals also require various business statements and a report projecting their revenue as part of the eligibility for MUDRA loan.
With Bajaj Finserv Business Loans, SMEs and MSMEs can get access to large capital up to Rs.30 Lakh by meeting its simple eligibility criteria and submitting only 2 documents for application. You can repay the loan in easy EMIs with a flexible tenor of 12 to 60 months.
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