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Nature of Loan:
Term Loan,Working Capital and Overdraft
Types of Mudra Schemes:
Shishu,Kishor, and Tarun
Loan Amount:
Under Shishu Scheme: Up to Rs. 50,000
Under Kishor Scheme: Rs. 50,001 - Rs. 5,00,000
Under Tarun Scheme: Rs. 5,00,001 - Rs. 10,00,000
Margin (%):
Upto Rs. 50,000/- Nil
Rs. 50,001 to Rs. 10 lacs: 10%
Interest Rates:
The Pradhan Mantri Mudra Yojana allows eligible applicants to borrow funds up to ₹10 Lakhs. The interest rate on the Mudra loan varies depending upon the applicant’s profile and business requirements as well as the discretion of the lending institution.
Processing Charges:
Nil for Shishu and Kishore to MSE Units:
No processing fee is applicable on a Mudra loan for amounts up to ₹50,000.
For Tarun: 0.50%(plus applicable tax) of Loan amount)
Collateral/Security:
No collateral security required for loans under credit Guarantee for Micro Units (CGFMU)
Not required to submit any collateral or security with any financial institution to avail Mudra loan
Guarantee:
The loans under Mudra Scheme are guaranteed by Credit Guarantee for Micro Units (CGFMU) and the same is provided through National Credit Guarantee Trustee Company (NCGTC).
Repayment Tenure:
WC/TL: in 3 - 5 yrs including a moratorium of upto 6 months depending on the activity/ income generation
Foreclosure Charges:
No Pre closure charges for loans under Mudra
Insurance:
Life insurance is not mandatory for loans under PMMY
Subsidy:
There is no subsidy for the loan given under PMMY
Benefits of Mudra Loan:
Collateral-free loans - No collateral or security is required by the banks/NBFCs
Low-interest rates with even Nil to nominal processing fees.
Concessional interest rates for women entrepreneurs.
Loans covered under Credit Guarantee Schemes from Govt. of India. So, no guarantee required.
Can be used as Term loans, Working capital loans, and Overdraft facilities.
All Non-farm enterprises, i.e. Small or Micro firms engaged in income-generating activities can avail Mudra loans.
Mudra loans can also be availed by people belonging to SC/ ST/ Minority category at special interest rates.
Insurance not required under this loan.
No pre closure charges.
No Margin amount required.
Documents required:
Duly filled application,
passport-sized photographs
KYC documents of Applicant and Co-applicants: Passport, Voter’s ID card, Aadhar Card, Driving License, PAN card, Utility Bills
Proof of belonging to a special category, such as SC/ ST/ OBC/ Minority, etc. (if applicable)
Last 6 months’ bank statement
Business address and tenure proof, if applicable
Any other documents required by the bank or NBFC
List of Businesses covered under Mudra Scheme:
1)Commercial Vehicle:
Mudra finance for machinery and equipment can be used to purchase commercial transport vehicles like tractors, auto-rickshaws, taxis, trollies, tillers, goods transports vehicles, 3-wheelers, e-rickshaws, etc.
2)Service Sector Activities:
Starting businesses of salons, gyms, tailoring shops, medical shops, repair shops, and dry cleaning and photocopying shops, etc.
3)Food and Textile Product Sector Activities:
Various activities involved in the respective sector, such as papad, achaar, ice cream, biscuits, jam, jelly, and sweets marking
4)Business activities for Traders and Shopkeepers:
Setting up shops, service enterprises, trading and business activities, and non-farm income-generating activities
5)Equipment Finance Scheme for Micro Units:
Maximum loan up to Rs. 10 lakh
6)Agri-allied Activities:
Activities related to businesses poultry farming, pisciculture, beekeeping, sorting, livestock-rearing, grading,dairy, fishery, etc.
The lending institutions that offer Mudra loans:
All public, private, and regional rural banks are eligible to provide Mudra Loan. Given below are the lending institutions that offer Mudra loans:
Non-Banking Financial Companies (NBFC)
Public and Private Sector Banks
Micro Finance Institutions (MFI)
Regional Rural Banks (RRB)
Small Finance Banks (SFB)
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