Everything you need to know about PM Mudra Yojana 2024. Learn about Shishu, Kishor, and Tarun loan categories, eligibility, documents required, and how to apply online.
PM Mudra Yojana 2024: Your Complete Guide to Mudra Loans
PM Mudra Yojana (PMMY) launched on April 8, 2015, provides micro-credit to small businesses that cannot access credit from mainstream financial institutions. Since its launch, over Rs 23 lakh crore has been disbursed to more than 40 crore accounts.
Three Categories of Mudra Loans
1. Shishu - Up to Rs 50,000
- For businesses in early stages or yet to start
- No collateral required
- Repayment: Up to 5 years
- Best for: Street vendors, small shopkeepers, artisans
2. Kishor - Rs 50,001 to Rs 5 Lakh
- For established businesses seeking expansion
- Interest Rate: 8% to 14% per annum
- Best for: Small grocery shops, tailoring units, food stalls
3. Tarun - Rs 5 Lakh to Rs 10 Lakh
- For well-established businesses with expansion plans
- Interest Rate: 10% to 16% per annum
- Repayment: Up to 7 years
- Best for: Established SMEs, service providers, traders
Eligibility
- Indian citizens aged 18 to 65 years
- Self-employed individuals, proprietors, partnership firms
- Business must be in non-farm sector
- 68% of Mudra beneficiaries are women
How to Apply
- Visit mudra.org.in or mudramitra.in
- Find nearest Mudra-empaneled bank or NBFC
- Download and fill Mudra loan application form
- Attach required documents and submit
- Bank processes application within 7-10 working days
Documents Required
- Completed Mudra loan application form
- Identity Proof: Aadhaar, Voter ID, or Passport
- Address Proof: Utility bills or rent agreement
- Passport-size photographs (2 copies)
- Bank statements for last 6 months
- Business registration certificate (if available)
Conclusion
PM Mudra Yojana is one of the most accessible financial inclusion initiatives in India. Visit your nearest bank to begin your application today.