{"id":4226,"date":"2025-02-26T05:15:28","date_gmt":"2025-02-26T05:15:28","guid":{"rendered":"https:\/\/loanhelpindia.com\/?p=4226"},"modified":"2025-02-26T05:15:28","modified_gmt":"2025-02-26T05:15:28","slug":"pradhan-mantri-mudra-yojana-pmmy-a-complete-guide","status":"publish","type":"post","link":"https:\/\/loanhelpindia.com\/blog\/pradhan-mantri-mudra-yojana-pmmy-a-complete-guide\/","title":{"rendered":"Pradhan Mantri Mudra Yojana (PMMY): A Complete Guide"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Introduction to Pradhan Mantri Mudra Yojana (PMMY)<\/h4>\n\n\n\n<p>Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme launched by the Government of India on April 8, 2015, to provide financial assistance to small and micro-enterprises. Under this scheme, entrepreneurs and small business owners can avail collateral-free loans from banks, Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). The objective of PMMY is to promote self-employment, entrepreneurship, and economic growth by offering easy access to credit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Types of Loans under Pradhan Mantri Mudra Yojana<\/h2>\n\n\n\n<p>PMMY offers three types of loans categorized based on the funding requirements of businesses:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. <strong>Shishu Loan<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan Amount: <strong>Up to \u20b950,000<\/strong><\/li>\n\n\n\n<li>Suitable For: Startups and micro-enterprises in the initial stage.<\/li>\n\n\n\n<li>Best For: Small retailers, artisans, shopkeepers, and service providers.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. <strong>Kishor Loan<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan Amount: <strong>\u20b950,000 to \u20b95 lakh<\/strong><\/li>\n\n\n\n<li>Suitable For: Businesses looking to expand or invest in machinery, tools, and working capital.<\/li>\n\n\n\n<li>Best For: Small businesses, manufacturers, traders, and service sector businesses.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. <strong>Tarun Loan<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan Amount: <strong>\u20b95 lakh to \u20b910 lakh<\/strong><\/li>\n\n\n\n<li>Suitable For: Well-established businesses requiring significant investment for expansion.<\/li>\n\n\n\n<li>Best For: Medium-scale businesses and enterprises planning large-scale growth.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4<strong>. Tarun Plus<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan Amount :<strong> 10 lakh to 20 lakh<\/strong><\/li>\n\n\n\n<li>Candidates who have previously taken loan and paid back on time are eligible.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Eligibility Criteria for PM Mudra Yojana<\/h2>\n\n\n\n<p>To apply for a Mudra loan, applicants must meet the following criteria:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Age Limit:<\/strong> Minimum 18 years, Maximum 65 years.<\/li>\n\n\n\n<li><strong>Business Type:<\/strong> Sole proprietors, partnership firms, MSMEs, traders, service providers, and manufacturers.<\/li>\n\n\n\n<li><strong>Business Sector:<\/strong> Trading, manufacturing, services, agriculture-related activities, and self-employment ventures.<\/li>\n\n\n\n<li><strong>Loan Purpose:<\/strong> Expansion, working capital, purchasing equipment, or starting a new business.<\/li>\n\n\n\n<li><strong>CIBIL Score:<\/strong> While there is no strict requirement, a good credit score enhances approval chances.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Interest Rates for Mudra Loan<\/h2>\n\n\n\n<p>Interest rates for Mudra loans vary based on the lender and applicant&#8217;s profile. Generally, the rates are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Shishu Loan:<\/strong> 8% to 12% per annum<\/li>\n\n\n\n<li><strong>Kishor Loan:<\/strong> 10% to 16% per annum<\/li>\n\n\n\n<li><strong>Tarun Loan:<\/strong> 11% to 20% per annum<\/li>\n<\/ul>\n\n\n\n<p><em>Note:<\/em> Interest rates are subject to change based on RBI guidelines and lender policies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Documents Required for PM Mudra Loan<\/h2>\n\n\n\n<p>Applicants need to submit the following documents:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Identity Proof:<\/strong> Aadhaar Card, PAN Card, Voter ID, Passport<\/li>\n\n\n\n<li><strong>Address Proof:<\/strong> Electricity bill, Passport, Ration Card, Rent Agreement<\/li>\n\n\n\n<li><strong>Business Proof:<\/strong> Business registration certificate, Trade License, GST registration<\/li>\n\n\n\n<li><strong>Bank Statements:<\/strong> Last 6 months\u2019 bank statement<\/li>\n\n\n\n<li><strong>Income Proof:<\/strong> Income Tax Returns (if applicable)<\/li>\n\n\n\n<li><strong>Loan Application Form:<\/strong> Duly filled form with passport-size photographs<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How to Apply for Mudra Loan?<\/h2>\n\n\n\n<p>You can apply for a Mudra Loan through both <strong>online<\/strong> and <strong>offline<\/strong> methods.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Online Application Process:<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Visit the official website of Mudra Yojana or the chosen bank\/NBFC.<\/li>\n\n\n\n<li>Select the loan category (Shishu, Kishor, Tarun) based on your requirement.<\/li>\n\n\n\n<li>Fill in the loan application form with personal and business details.<\/li>\n\n\n\n<li>Upload the necessary documents and submit the application.<\/li>\n\n\n\n<li>Wait for the bank\u2019s verification and approval process.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Offline Application Process:<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Visit any public or private sector bank, MFIs, or NBFCs participating in PMMY.<\/li>\n\n\n\n<li>Collect the <strong>Mudra Loan Application Form<\/strong> and fill in the details.<\/li>\n\n\n\n<li>Attach the required documents and submit them to the bank official.<\/li>\n\n\n\n<li>The bank will assess the application and disburse the loan upon approval.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">List of Banks &amp; NBFCs Offering Mudra Loans in India<\/h2>\n\n\n\n<p>Several financial institutions offer Mudra loans under PMMY. Some of the key banks and NBFCs include:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Public Sector Banks:<\/strong><\/h4>\n\n\n\n<p>1 State Bank of India<br>2 State Bank of Bikaner &amp; Jaipur<br>3 State Bank of Travancore<br>4 Bank of Baroda<br>5 Bank of India<br>6 Bank of Maharastra<br>7 Canara Bank<br>8 Corporation Bank<br>9 Dena Bank<br>10 IDBI Bank Ltd.<br>11 Indian Bank<br>12 Oriental Bank of Commerce<br>13 Punjab National Bank<br>14 Syndicate Bank<br>15 UCO Bank<br>16 Union Bank of India<br>17 Vijaya Bank<br>18 Allahabad Bank<br>19 Andhra Bank<br>20 Bhartiya Mahila Bank<br>21 Central Bank of India<br>22 Indian Overseas Bank<br>23 Punjab &amp; Sind Bank<br>24 State Bank of Hyderabad.<br>25 State Bank of Mysore<br>26 State Bank of Patiala<br>27 United Bank of India<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Private Sector Banks<\/h4>\n\n\n\n<p>1 Axis Bank Ltd.<br>2 Catholic Syrian Bank Ltd.<br>3 City Union Bank Ltd.<br>4 DCB Bank Ltd.<br>5 Federal Bank Ltd.<br>6 HDFC Bank Ltd.<br>7 ICICI Bank Ltd.<br>8 Indus Ind Bank Ltd.<br>9 Jammu &amp; Kashmir Bank Ltd.<br>10 Karnataka Bank Ltd.<br>11 Karur Vysya Bank Ltd.<br>12 Kotak Mahindra Bank Ltd.<br>13 Nainital Bank Ltd.<br>14 South Indian Bank<br>15 Tamilnad Mercantile Bank Ltd.<br>16 The Ratnakar Bank Ltd.<br>17 Yes Bank Ltd.<br>18 IDFC Bank Ltd.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">REGIONAL RURAL BANKS (RRBs)<\/h4>\n\n\n\n<p>1 Andhra Pragathi Grameena Bank<br>2 Chaitanya Godavari Grameena Bank<br>3 Deccan Grameena Bank<br>4 Saptagiri Grameena Bank<br>5 Bihar Gramin Bank<br>6 Madhya Bihar Gramin Bank<br>7 Uttar Bihar Gramin Bank<br>8 Baroda Gujarat Gramin Bank<br>9 Dena Gujarat Gramin Bank<br>10 Saurashtra Gramin Bank<br>11 Kaveri Grameena Bank<br>12 Karnataka Vikas Grameena Bank<br>13 Pragathi Krishna Gramin Bank<br>14 Kerala Gramin Bank.<br>15 Maharashtra Gramin Bank<br>16 Meghalaya Rural Bank<br>17 Puduvai Bharathiar Grama Bank<br>18 Malwa Gramin Bank<br>19 Punjab Gramin Bank<br>20 Sutlej Gramin Bank<br>21 Marudhara Gramin Bank<br>22 Pallavan Grama Bank.<br>23 Pandyan Grama Bank<br>24 Tripura Gramin Bank<br>25 Baroda Uttar Pradesh Gramin Bank<br>26 Prathama Gramin Bank<br>27 Sarva UP Gramin Bank<br>28 Narmada Jhabua Gramin Bank<br>29 Sarva Haryana Gramin Bank<br>30 Kaveri Grameena Bank<br>31 Baroda Rajasthan Kshetriya Gramin Bank<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Co-operative Banks<\/h4>\n\n\n\n<p>32 Gujarat State Co-op Bank Ltd<br>33 Mehsana Urban Co-op Bank<br>34 Rajkot Nagarik Sahhakari Bank<br>35 Kalupur Commercial Co-op Bank<br>36 Bassein Catholic Co-op Bank<br>37 TJSB Sahakari Bank Ltd<br>38 Jalgaon Janata Sahakari Bank Ltd<br>39 Nutan Nagrik Sahakari Bank Ltd<br>40 Ahmedabad Mercantile Co-op Bank ltd<br>41 Surat People Co-op Bank ltd<br>42 Dombivali Nagari Sahakari Bank Ltd<br>43 Citizen Credit Co-op Bank Ltd<br>44 Tamil Nadu Apex State Co-op Bank Ltd<br>45 AP State Apex Co-op Bank Ltd.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Micro Finance Institutions (MFIs)<\/h4>\n\n\n\n<p>1 S V Creditline Pvt. Ltd. New Delhi<br>2 Margdarshak Financial Services Ltd. Uttar Pradesh<br>3 Madura Micro Finance Ltd. Tamil Nadu<br>4 ESAF Micro Finance &amp; Investments P. Ltd Kerala<br>5 Fusion Micro Finance P. Ltd. New Delhi<br>6 Ujjivan Financial Services P. Ltd Karnataka<br>7 Future Financial Services Ltd. Karnataka<br>8 SKS Microfinance Ltd.- Telangana<br>9 Utkarsh Micro Finance P. Ltd Uttar Pradesh<br>10 Equitas Micro Finance Ltd Tamil Nadu<br>11 Sonata Finance Pvt. Ltd Uttar Pradesh<br>12 Saija Finance Private Ltd Bihar<br>13 Arth Micro Finance Pvt. Ltd. Rajasthan<br>14 Shikhar Microfinance Pvt. Ltd. New Delhi<br>15 Navachetana Microfin Services Pvt. Ltd Karnataka<br>16 Samasta Microfinance Ltd. Bangalore<br>17 Satin Credit Care Network Ltd- New Delhi<br>18 Sahyog Microfinance Ltd. Madhya Pradesh<br>19 Arohan Financial Services P. Ltd West Bengal<br>20 Suryodaya Microfinance Ltd Maharashtra<br>21 Belstar Investment &amp; Finance P. Ltd Tamil Nadu<br>22 Jagaran Microfin P. Ltd West Bengal<br>23 Digamber Capfin Ltd Rajasthan<br>24 Midland Microfin Ltd. Punjab<br>25 RGVN (North East) Microfinance Ltd. Guwahati Assam<br>26 Grameen Development &amp; Finance P. Ltd. Assam<br>27 Hindustan Microfinance Private Limited Maharashtra<br>28 Namra Finance Ltd Gujarat<br>29 Muthoot Fincorp Limited Kerala<br>30 Sambandh Finserve Pvt Ltd Bhuvaneshwar<br>31 IDF Financial Services Pvt Ltd Bangalore<br>32 Nightingale Finvest Pvt Ltd West Bengal<br>33 Asirvad Microfinance Private Limited Chennai<br>34 Village Financial Services Pvt Limited Kolkatta West Bengal<br>35 Janalakshmi Financial Services Pvt Ltd Bangalore<br>36 YVU Financial Services Private Ltd Guwahati<br>37 Disha Microfin Private Ltd Ahmedabad<br>38 SMILE Microfinance Limited Chennai<br>39 Light Micro Finance Ltd Ahmedabad<br>40 Uttarayan Financial Services Pvt Ltd Kolkatta West Bengal<br>41 Unacco Financial Services Private Limited Guhawati, Assam<br>42 Varam Capital Chennai<br>43 Vedika Credit Capital Ltd Ranchi<br>44 MSM Microfinance Limited Chennai<br>45 M Power Micro Finance Private Ltd Vadodara Gujarat<br>46 Navachetana Microfin Services Pvt. Ltd. Bangalore<br>47 Intrepid Finance and leasing Pvt. Ltd. mumbai<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">MFIS<\/h4>\n\n\n\n<p>1 Bhartiya Micro Credit (Sec 8 Company) Lucknow<br>2 Sakhi Samudaya Kosh (Sec 8 Company) Maharashtra<br>3 Cashpor Micro Credit (Sec 8 Company) Lucknow<br>4 CDOT ( MFI Registered as a Society under Indian<br>Societies Act)<br>Bihar<br>5 Mahana Foundation (MFI Registered as a Trust under<br>Trust Act 1882)<br>Orissa<br>6 IRCED (MFI Registered as a Society and Trust) Maharashtra<br>7 NEED Lucknow<br>8 Community Collective Society for Integrated<br>Develpoment (MFI Registered as a Society)<br>New Delhi<br>9 Swayam Micro Services(Sec 8 Company) Ahmedabad<br>10 Chanura Microfin Manipur Manipur<br>11 Humana People to People India New Delhi<br>12 Disha India Micro Credit (Sec 25 Company) Saharanpur<br>13 Annapurna Mahila Multistate Co-op Credit Society(Co-op<br>Society and MFI)<br>Pune<br>14 Prayas (Organisation for Sustainable Development) (MFI<br>Registered as a Society and Trust)<br>Ahmedabad<br>15 Dhosa Chandaneshwar Bratyajana Samity (DCBS)<br>(Society)<br>Kolkata<br>16 Seba Rahara (Society) Kolkata<br>17 Belghoria Janakalyan Samity (Society) Kolkata<br>18 Gram Bikash Kendra Kolkata<br>19 Shakti Mahila Sangh Bahu Uddeshya Sahkari Maryadit<br>(Society)<br>Jabalpur, MP<br>20 Mahasemam Trust (Society) Madurai, Tamilnadu<br>21 Sampurna Training and Entrepreneurship Programme<br>(STEP) (Section 25 Company)<br>Kolkata, West bengal<br>22 Life Foundation (MFI and Trust) Kerala<br>23 Sanghmitra Rural Financial Services (Sec 8) Mysore<br>24 Pahal Financial Services Pvt Ltd Ahmedabad<br>25 Blaze trust(MFI registered as trust) Coimbatore(Tamil Nadu)<br>26 Mahashakti Foundation (MFI Registered as a Trust under<br>Trust Act 1882)<br>OdishaJ<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Mainline NBFCs<\/h4>\n\n\n\n<p>1 Reliance Capital Ltd.<br>2 Fullerton India Credit Co. Ltd.<br>3 Shriram Transport Finance Co. Ltd.<br>4 SREI Equipment Finance Ltd.<br>5 Magma Fincorp Ltd.<br>6 Religare Finvest Ltd.<br>7 Shriram City Union Finance Ltd.<br>8 Equitas Finance P. Ltd.<br>9 India Infoline Ltd.<br>10 ECL Finance Ltd.<br>11 AU Financiers India Ltd.<br>12 SE Investments Ltd.<br>13 Electronica Finance Ltd.<br>14 MAS Financial Services Ltd.<br>15 IKF Finance Ltd.<br>16 Intec Capital Ltd.<br>17 Sakthi Finance Ltd.<br>18 Esskay Auto Finance Ltd.<br>19 Bansal Credits Ltd.<br>20 Five Star Business Credits Ltd.<br>21 Indiabulls Financial Services Ltd.<br>22 Vistaar Financial Services P. Ltd.<br>23 Shriram Finance Corporation Pvt Ltd (SRFCL)<br>24 India Infoline Finance Ltd (IIFL)<br>25 Mahindra &amp; Mahindra Financial Services Ltd<br>26 Pudhuaaru Financial Services Pvt Limited (PFSPL)<br>27 Nabard Financial Services Ltd (NABFINS)<br>28 Maanaveeya Development &amp; Finance Private Ltd<br>29 Jumbo Finvest (India) Limited (JFIL)<br>30 Ananya Finance for Inclusive Growth Pvt. Ltd.<br>31 Capital First Limited(CFL)<br>Note : The above list is indicative and not exhaustive. The list is periodically revised as and when new<br>institutions are getting added.<br><br>1 PUBLIC SECTOR BANKS 27<br>2 Private Sector Banks 18<br>3 REGIONAL RURAL BANKS (RRBs) 31<br>4 Co-operative Banks 14<br>5 MFI-NBFC 47<br>6 MFI 26<br>7 NBFC 31<br>TOTAL 194<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits of Pradhan Mantri Mudra Yojana<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Collateral-Free Loan:<\/strong> No need to provide security or collateral.<\/li>\n\n\n\n<li><strong>Flexible Repayment Tenure:<\/strong> Loan repayment period of up to 5 years.<\/li>\n\n\n\n<li><strong>Financial Inclusion:<\/strong> Encourages small entrepreneurs and self-employed individuals.<\/li>\n\n\n\n<li><strong>Easy Processing:<\/strong> Minimal paperwork and quick loan approval.<\/li>\n\n\n\n<li><strong>Government-Backed:<\/strong> Loan backed by the Government of India ensures reliability and security.<\/li>\n\n\n\n<li><strong>Boost to Startups &amp; MSMEs:<\/strong> Supports new business ventures and enhances economic growth.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>Pradhan Mantri Mudra Yojana (PMMY) is a significant initiative aimed at empowering small businesses, startups, and self-employed individuals. With its <strong>collateral-free loans, easy repayment options, and government backing<\/strong>, PMMY provides the necessary financial support to fuel entrepreneurial dreams. If you are a small business owner or planning to start your own venture, <strong>Mudra Loans<\/strong> can be your stepping stone to success.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction to Pradhan Mantri Mudra Yojana (PMMY) Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme launched by the Government of India on April 8, 2015, to provide financial assistance to small and micro-enterprises. Under this scheme, entrepreneurs and small business owners can avail collateral-free loans from banks, Non-Banking Financial Companies (NBFCs), and Micro Finance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4226","post","type-post","status-publish","format-standard","hentry","category-govt-scheme"],"_links":{"self":[{"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/posts\/4226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/comments?post=4226"}],"version-history":[{"count":0,"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/posts\/4226\/revisions"}],"wp:attachment":[{"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/media?parent=4226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/categories?post=4226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/loanhelpindia.com\/blog\/wp-json\/wp\/v2\/tags?post=4226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}