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Pradhan Mantri Mudra Loan Yojana Scheme : Online Application Form For New Small Business

Mudra Bank Loan Yojana For New / Small Business Startup

Mudra is nothing but a short form which is used for the term ‘Micro Units Development and Refinance Agency”(Full Form Of Mudra). It was after the success of the movement “PM Jan DhanYojana,” the Prime Minister of India, Narendra Modi, built a strong endeavor of bringing those people not connected with the terms of banking to be connected with the terms of banking. Loan is for the people and entrepreneur who wants to start their small & new business startup and frustrated because the lack of funding. This was the main concept behind the start of the Mudra Bank Loan Yojana For business startup, which highly supports the unbanked people to come ahead and join the mainstream group of banked people. The main slogan which was issued behind the Mudra Bank Loan Yojana is “Fund the Unfunded.”

Mudra Loan Yojana

The need of microfinance in order to facilitate the business is mostly required amongst the small business owners. The Mudra Bank Loan Yojana would thus help in facilitating the concept of microcredit, which is an amount of Rs. 10,00,000 to these small owners of the business.

Mudra Loan yojana for small business startup

Information About Pradhan Mantri Mudra Bank Loan Yojana (Scheme)

Parameters Details
Name of the scheme PradhanMantri Mudra Bank Loan Yojana or the Modi Loan Scheme
The last date No announcement of the last date yet
Amount of loan From an amount of Rs. 50,000 to an amount of Rs. 10,00,000
The various scopes of schemes All across India
Date of launching 8th of April 2015
The targeted audience Small Owners of Business / New Business Startup
The various scheme stages Shishu (of amount Rs. 50,000), Kishor (of amount Rs. 5,00,000) and Tarun (of amount Rs. 10,00,000)
Launched By Prime Minister Narendra Modi – Pradhan mantri

This entire concept of the Mudra Bank Loan Yojana will be a two ways procedure. This two ways procedure includes the entrepreneurs as well as the bank. On the one hand, the entrepreneurs will be facilitated by sufficient and needed facility of credit. On the other hand, a recovery method will be initiated for the various banks, which will be an accurate and also an effective method. Thus, if anyone is taking up a loan in the scheme of the Mudra Bank Loan Yojana, then according to the rules, the loan will have to be paid by between the time periods of 5 years to 7 years.

 

Details of the Presence of the Various Schemes Along with the Corresponding Loan Amount

As earlier mentioned in the above portion, there are three different schemes of the Mudra Bank Loan Yojana. These schemes are the Shishu, the Kishor,and the Tarun.

  • Shishu: At this stage, the total loan amount will be an amount of 50,000. This is the stage which mainly attracts the small entrepreneurs, who are initiating the business with a small fund or who are at the early stages of his or her business.
  • Kishor: At this stage, the total loan amount will be an amount of 5,00,000. To come into the proper range, the appropriate range of the loan amount will be between Rs. 50,000 and Rs. 5, 00,000. This is the stage which mainly attracts those entrepreneurs, who have already started or initiated their business and now require many funds to extend the business, or those entrepreneurs, who are looking for a larger amount of funds to start up the business.
  • Tarun: At this stage, the total loan amount will be an amount of 10, 00,000. Again, coming into the proper range, the range will be between amounts of rs. 5, 00,000 tors. 10,00,000. There is no branch of entrepreneurs in this margin as this will be the highest margin of loan that any entrepreneur can apply or under the Mudra Bank Loan Yojana.

 

Why To Go For PMMY Mudra Loan Instead of any other loan scheme for business startup ?

  • The PradhanMantri Mudra Bank Loan Yojana is one such sector built, which is calculated to cater more than a 120 million in numbers, which will be extracted mostly from those sectors of the society, who are less privileged. This will in turn help to benefit around 58 million owners of a small business in our country.
  • There is a huge number of small business owners in our country, who restrict themselves to get involved with the process of banking, due to legal problems like funds. Now, through the initiation of this PM Mudra Bank Loan Yojana, these small business owners can now start to get involved with the process of banking, being free about their different financial problems.
  • There was a lot of inadequate corpus and also the presence of the management which was unorganized in terms of credit facility, especially for the small entrepreneurs. These problems are now being started to look upon through the different schemes, rules,and regulations of the Pradhan Mantri Mudra Bank Loan Yojana.
  • There was always a concern regarding the financial institutions, who was really unable to provide the adequate funds which were required by these small business owners, only due to the problem of “repayment.” With the start of this PradhanMantri Mudra Bank Loan Yojana, it has been promised that this issue will now be looked upon.

PM Modi Mudra Loan scheme information

The Interest Rate for Pradhan Mantri Mudra Bank Loan Yojana

After alot of questions regarding the interest rates for the PM MODI Mudra Bank Loan Yojana, it is still not clear about the interest rates which are being provided. Only one such information has been gathered, that all the banks, who are participating under the Mudra Bank Loan Yojana, will have the freedom of choosing their own interest rates, provided that it truly justifies the main scheme and concept of the Mudra Loan scheme for small business startup.

 

How to Apply for the Mudra Bank Loan Yojana (Application Form For Online Apply)

There is no presence of a formal application for the Pradhan Mantri (Modi) Mudra Loan Scheme. If you have to apply for the PMMY Scheme then, then you have to visit Listed banks, which is participating in the schemes of the Mudra Yojana For Business Startup. Plus, if it does appear to be like you already possess a current account in the bank you are thinking of applying for the PM Loan Scheme For Laghu Udyog, then this will act as a catalyst for speeding up your process of application. Also, if you are looking forward to claiming any equipment, which will be needed for your business, you do have to make sure that you carry a valid invoice for the same. do make it a note, that in this consideration, if you possess a good history of your credit, it would be of great help if you are looking forward to applying for a collateral loan.

  • Download the application form (Shishu, Kishor, Tarun)
  • Fill out the form and find the commercial or public sector bank under this scheme.
  • Add Details Of your business plan along with the application form.
  • Complete the formalities asked by the bank.
  • After the completion of the loan process, it’ll be sanctioned.

Mudra loan online application form

 

Now There is no online method to apply for mudra loan and besides of that there are lots of startup straggler or entrepreneurs are not aware about this scheme. Lack of knowledge and no easiness for application of mudra bank loan scheme people are not taking benefits of this scheme. So here is the Diagram or flowchart for the Initial procedure and information about this schem.

After the loan is sanctioned, the borrower gets the Mudra bank ATM from which he can withdraw the money. The money from this loan system is distributed using only the RuPay Mudra card. The ATM card is accepted in every ATM that allows withdrawal through RuPay system.

Mudra ATM Card

Mudra Loan Process Chart

how to apply for mudra loan scheme

For any kind of assistance about this yojana startups and businesses can take assistance from the assistance offices and helpline toll free numbers. The main office is stated at the Mumbai. there are lots of assistance mudra loan regional offices out there in different states. So you can get pradhan mantri mudra yojana application form from there also.

For information on MUDRA products and for any kind of assistance, the borrower can either approach/contact MUDRA office at Mumbai or the identified MUDRA Nodal Officers, whose details (along with contact numbers and mail ids) are made available at MUDRA’s Website. The borrower may also visit MUDRA website, www.mudra.org.in and can send any query/suggestion to help@mudra.org.in.

People can also contact this MFIs for information regarding application procedure and form for mudra loan scheme for small business.

mudra loan office

Helpline Number, Toll-Free Number or Customer Care Number for the PradhanMantri Mudra Loan Yojana

There are two numbers which are provided by the board of officials of the Pradhan Mantri Mudra Yojana Helpline number if you have any query or doubt to solve the same. these two numbers are given below:

  • 1800 180 1111
  • 1800 11 0001

 

The List of All the Banks Who is Participating under the Pradhan Mantri Mudra Bank Loan

Following mentioned is the list of all the banks who are participating under the PradhanMantri Mudra Bank Loan Yojana along with their known or unknown interest rates as mentioned:

Name of Bank Rate of Interest
State Bank of India Not Known
State of Bank of Hyderabad Not Known
State Bank of Bikaner and Jaipur Not Known
State Bank of Mysore Not Known
State Bank of Travancore Not Known
State Bank of Patiala Not Known
United Bank of India 9.65% to 11.15%
UCO Bank Not Known
Punjab and Sind Bank Not Known
Indian Overseas Bank Not Known
Central Bank of India Not Known
Bank of Maharashtra 9.7% to 11.7%
Bank of Baroda Not Known
Andhra Bank 9.75% to 11.5%
ICICI Bank Not Known
Vijaya Bank Not Known
Union Bank of India 9.65% to 11.15%
Syndicate Bank Not Known
Oriental Bank of Commerce Not Known
Corporation Bank 11% to 11.9%
Canara Bank Not Known
Bank of India Not Known
Axis Bank Not Known
Allahabad Bank 9.7% to 11.7%

 

Eligibility Criteria for Applying for the Mudra Bank Loan Scheme (Mudra Loan Eligibility)

The basic criteria of age should be 18 years old. Now, coming to the gist, you can only have a long under the scheme of the Pradhan Mantri Mudra Bank Loan if and only if you are applying it for commercial and business purposes and not for personal purposes. At the most, you can buy a vehicle from this PM Mudra Loan Yojana, given that it is used for commercial purposes. Lastly, this loan under the Mudra Bank Loan Yojana For New business is only applicable for small business owners and obviously, if you have your turnover higher than a bar which is set from before, then you won’t be able to apply.

 

Differences between the Mudra Loan and the Personal Loan (Mudra Loan or Personal Loan)

Mudra Loan Personal Loan
Mudra loan can only be issued by the government, thus making the process safe and secure Personal loan can be given by the government as well as the financial institutions, which are private
A genuine and entire plan for the business has to be shown to be applicable to the Mudra loan What is needed is a justified reason and not the entire business plan to be entitled to a personal loan
Mudra loan will only be issued through the presence of a Mudra credit card, which obviously will be having a limit which will be assigned from before A credit card is not separately issued under a personal loan
The tenure for repayment can go as high as a time period of 7 years The tenure for repayment is less in personal loan

 

Thus, the Pradhan Mantri Mudra Bank Loan Yojana is definitely a very good imitative taken by the government in order to help those small owners of the business. If you have properly gone through all the details, then you can find that this is one such initiative which was needed in our country.

Updated: January 17, 2018 — 10:37 pm

32 Comments

Add a Comment
  1. help plz

    1. How can i help you ?

  2. want to apply for this scheme. pls help

    1. Visit nearest branch or home branch of the listed bank

  3. Im visit state bank of india sbi . No available this scheme. And only respond the higher people ther respond bank employees

    1. They are not providing this loan unless you have contacts with employees. . My personal experience.

  4. Im visit for bank of maharastra but No responce this scheme. And only respond the higher people ther respond bank employees
    and pls.

  5. Jab loan nahi de sakte ho to ye yojna chalate kyu ho pablik ka pagal mat manuo

  6. I want to start a new business of paper plates and cups through PMYY. Can you please give me details.

  7. Mate must loan 1000000/ joiye chhe to support karvanu ?

  8. I have talk to our branch ICICI , he told me contact to head head office in Delhi.

    pls help.

    This scheme are not available in online. I can apply online.

  9. sir how to apply in nainital bank for tarun loan any link

  10. I want to start a new business shopkeeper and new

  11. Alredy have business ..I want to develop the business

    1. ok good

  12. I am visit for Dena bank and ICICI bank but No response this scheme. And only respond the higher people there respond bank employees.

  13. i have visit my nearest bank but the bank employee said that we have provide education loan , personal loan etc. but not this type of loan scheme

    1. which bank did you visit ?

  14. hi sir / madam

    pls i need a mudra loan my condition very poor and this time am very critical condition so pls help me

  15. Simil kumar yadav

    I want loan for business

  16. Shivshankar okar appa walgawkar

    Pmmy skim only online succes.direct to a/c. But first step only 50,000 second step refinance 50,000 to 5,00,000 all branch Bm in pmmy skim no succes. MY EXPiRIANCE. Thanks to comment options

  17. Sir i am a milk man i want to buy buffalo’s so which scheme can i apply for

  18. i want to setup a tea blending and packing unit under pmmy how i can help me

  19. Sir I want start new business, I need help and assistance. My account in Karnataka Bank

  20. Sir iwant start my business how can iIget 300000Rs loan help me

  21. Sir I want start my own business I want to 500000 laks rupees loan help me. My bank yes bankru

  22. SHAMIM RAZA..

    Sir i want to take loan from Pradhan Mantri Mudra Loan Yojna to start my new own business.
    Need kind co-operation to help us please.

  23. I want with my dream I have been opening a small business so anybody can help me ?

  24. Dear sir,
    I want to start tuition classes from 1st to 10th and 11th and 12th Commerce and Arts. Plz help for Rs. 3 lakh for purchasing benches and other material for class.

  25. I would like to start new business,to whom have to contact. Pls guide.

  26. i wants to startup my own business of online work.

  27. Dear sir
    I wants to startup my own business my new company lunch Ac hvac torunky Celine room sarvisece company loan from pradhan mantri mudra yojna plz help 5 lakh rs startup my business

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