Mudra Loan is disbursed under Pradhan Mantri MUDRA Yojana (PMMY) scheme and a financial assistance of Rs 10 lakh is provided to its benfeciaries
Pradhan Mantri MUDRA Yojana (PMMY) scheme was launched by Prime Minister Narendra Modi on April 8, 2015. Under this yojana, the government provides financial assistance of Rs 10 lakh to non-corporate, non-farm small/micro enterprises to promote startups. Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs have been roped in to provide this loan facility to the right beneficiaries.
How to apply for PMMY loan?
An individual planning to take loan under Pradhan Mantri MUDRA Yojana need to approach any of the lending institutions mentioned above or can apply online through portal: www.udyamimitra.in . MUDRA has three products namely—’Shishu’, ‘Kishore’ and ‘Tarun’ to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth.
Well, this Yojana has come a long way since its inception in 20215. As per the Government of India, so far over 30 crore loans worth Rs 15.97 lakh core has been sanctioned under this yojana so far.
Between Financial Year 2019-21, over 11.29 crore loans worth Rs 6.41 lakh crore has been disbursed during the said FYs. This was confirmed by Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in the Rajya Sabha.
Meanwhile, as per MyGovIndia, Citizen engagement platform of Government of India, it helped generate 1.12cr net additional employment during 2015 to 2018.
“Pradhan Mantri Mudra Yojana & Stand Up India Scheme has opened up new avenues of success for startup enterprises & MSMEs, allowing them to flourish and provide employment to many. Take a look! #MonsoonSession,” tweeted MyGovIndia informing about loan disbursal.
Overall, Shishu category of loan contributed the maximum with 66% of share among additional employment generated by establishments owned by MUDRA beneficiaries. Kishore (19%) and Tarun (15%) categories were next in the line.
