PM MUDRA Yojana (PMMY): There are many schemes of the Narendra Modi government of the Center through which people get the arrangement of funds to do business. One of these is also Pradhan Mantri Mudra Yojana. Under this scheme, people will get a loan of up to Rs 20 lakh to do business. These loans are given through banks, non-banking financial institutions (NBFCs), MFIs and other financial institutions. Let us know about this scheme in detail.
Features Of The Scheme
Pradhan Mantri Mudra loans are now available in four categories. These four categories are Shishu, Kishor, and Tarun, and the newly added category is Tarun Plus. Loans up to Rs 50,000/- are given under the Shishu category. Apart from this, loans of more than Rs 50,000/- and up to Rs 5 lakh are given for the Kishor category. Loans of more than Rs 5 lakh and up to Rs 10 lakh are given in the Tarun category. Apart from this, loans ranging from Rs 10 lakh to Rs 20 lakh are provided under the Tarun Plus category.
Loan For What Purpose
These loans meet the needs of term funding and working capital in the manufacturing, trade, and service sectors, including agriculture-related activities such as poultry, dairy, and beekeeping. The Reserve Bank’s guidelines govern their interest rate, which includes flexible repayment terms for working capital facilities.
How Many Loans Were Distributed Under The Scheme
Under the Pradhan Mantri Mudra Yojana, Mudra loans worth more than Rs 33.65 lakh crore have been given through 52.37 crore accounts during the last 10 years. Rs 8.49 lakh crore was distributed under the Shishu category, Rs 4.90 lakh crore under the Kishore category and Rs 0.85 lakh crore under the Tarun category.
