PM Mudra Loan Yojana | Benefits, Status, Eligibility, Apply Online | PMMY Application Form 2022-23

PM Mudra Loan Yojana|Benefits, Status, Eligibility, Apply Online|PMMY Application Form 2022-23

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon'ble Prime Minister on 8th April 2015 to provide loans of up to 10 lakh to non-corporate, non-agricultural small and micro businesses. 

PM Mudra Loan Yojana|Benefits, Status, Eligibility, Apply Online|PMMY Application Form 2022-23
PMMY 2022-23

PMMY Apply online

PM Mudra loans are extended for various purposes which provide income and job creation. This loan is mainly extended for Micro Unit Transport Vehicle Loan by Mundra Loan Yojana 2022 Cards Equipment Finance for Business Loan for Vendors, Traders, Shoppers and other service sector activities.

How to apply for a Mudra loan?

Step 1: Make sure the necessary documents are ready.  The main documents you will need are your proof of identification, proof of address, and proof of business.

Step 2: Approach a lender who is enrolled in the MUDRA scheme and complete the application form.

Step 3: Submit the necessary documents.

Documents Required for Pradhan Mantri Mudra Yojana (PMMY)

  • Mudra application form
  • Vehicle loan application form
  • 2 passport size colour photographs
  • Photo Identity proof
  • Address proof
  • Income proof
  • Bank statement (last 6 months)

PMMY interest rate

MUDRA loan is offered by banks to help non-agricultural and non-corporate sector income-generating micro-enterprises that require credit below Rs.10 lakh. MUDRA loan interest rates start at a rate of 7.30% p.a.  and the repayment term of the loan ranges from 1 year to 7 years.

PMMY Application status

All banks have different policies. Few banks provide online services to check mudra loan status. Through SBI e Mudra you can get a loan online and check the status instantly. Visit the bank's website to check the status of the e-mudra loan application.

Pradhan Mantri Mundra Yojana 2022-23: 

PMMY Vision:

To be a provider of integrated financial and support services par excellence, referenced with the best practices and global standards for the universe of the base of the pyramid for its comprehensive economic and social development.

PMMY Mission:

Create an inclusive, sustainable and values-based business culture, in collaboration with our partner institutions to achieve economic success and financial security.

PM Mudra Loan Amount

Shishu: Covering Loans Up To 50,000/-

Kishor: Covering Loans Above 50,000/- And Up To 5 Lakh

Tarun: Covering Loans Above 5 Lakh And Up To 10 Lakh

Loan up to ₹ 50,000 is provided under Shishu Mudra Loan. Loan above ₹ 50000 and upto ₹ 500000 is provided under  Kishor Mudra Loan. Loan abovr ₹ 500000 and upto 1000000 is provided under Tarun Mudra Loan.

PM Mudra Loan Eligibility Criteria

This loan is for small business owners only. There is no exact criteria as such.  But one thing is for sure: you won't get a loan if you have a high turnover.  

One more thing, this loan is not for educational purposes, you cannot get this loan to buy a house. You can get a vehicle loan to buy a business vehicle but not a personal one.  As such, everyone over the age of 18 can apply for the Mudra Loan.

PMMY Application form PDF

  • The mudra loan form for the Kishor and Tarun scheme is common, while the form for the Shishu scheme is different.  
  • PMMY application form contains information such as bank details, personal details, address details, business details, contact details and loan details, and statement among others.

Important Links:

Pradhan Mantri MUDRA Yojana (PMMY) Official Link

The borrower can apply online through this portal Under the auspices of PMMY, MUDRA has created three products namely 'Shishu', 'Kishore' and 'Tarun' to indicate the stage of growth/development and financing needs of the beneficiary microunit/entrepreneur and also provide a point of reference for the next phase of graduation/growth.

FAQS for Pradhan Mantri MUDRA Yojana (PMMY)

How can I get a PMMY loan?

For a loan under Mudra Yojana 2022 (PMMY), you have to apply at a government or bank branch.  If you want to start your own business, you need to provide home ownership or rent documents, work related information, support, page number and many more.

What is the interest rate on PMMY Loan?

Interest rates are unregulated and banks have been advised to charge reasonable interest rates within general RBI guidelines.

Who are the eligible for PMMY Loan?

Anyone including women, owner companies, associated companies, limited liability companies or any other entity are eligible applicants for PMMY loans, the loan requirement of which is up to 10 lakh.

How many schemes are available under Mudra Yojana?

Three types of loans are given under this scheme. Pradhan Mantri Mudra Yojana (PMMY) 2022 which is Shishu Mudra Loan, Kishor Mudra Loan and Tarun Mudra Loan.