Pradhan Mantri Mudra Yojana – Mudra Bank Loan Scheme 2017 Online Form

In recent days, Indian government has introduced many new schemes to help the people who are in need. The scheme named Mudra Loan Yojana is also called as Pradhan Mantri Mudra Yojna (PMMY) was launched on 8th April 2015 by the Indian Prime Minister Narendra Modi.

This scheme aims to provide loans to people, who are in need of financial assistance. The loans are provided to the businessman associated with low interest rate. This scheme provides nearly 10 lakhs of loan amount to the businessman, who are willing to start their business or to promote their business.

Quick Answers to your Queries:

This MUDRA loan is organized by shishu loan, kishore loan and tarun loan and you can refer the application and procedure regarding this scheme from the below information.

Need of Mudra Loan?

Every businessman needs some financial assistance to run their business strongly. But some businessman doesn’t need any money to establish their business. Especially, the startups and entrepreneurs need some help for initiating their business. To create the job opportunities to the youngsters, the government has launched this system.

PMMY Mudra Loan Scheme

Scheme NamePradhan Mantri Mudra Yojana (PMMY)
Launched onApril 8, 2015
Initiative byNarendra Modi
Official Websitewww.mudra.org.in
Scheme StatusActive
Type of LoansShishu, Kishore, Tarun


If the government itself help them to commence their business, then it will be used by all the businessman. In order to improve the business and revenue in India, Prime Minister has introduced this scheme. This loan was initiated to upgrade the life of the people and the loan was sanctioned easily.

There are three stages of Mudra loan available, they are as follows:

LoanAmount issuedDetails
Shishuup to ₹50,000This loan is especially for the startup businessman and entrepreneurs who are in need. This loan is considered to be a initial step of getting a loan under this scheme and the maximum amount the person can get is about Rs.50,000.
Kishore₹50,000 to ₹5 lakhThis stage can be utilized by the entrepreneurs, who need some amount to improve their business. The person who have got the shishu loan can also apply for this loan to move their business. This scheme will provide a loan amount from Rs.50,000 to Rs.5,00,000.
Tarun₹5 lakh to ₹10 lakhIf anyone meets the eligibility conditions, then they can get the loan amount. Rs.10,00,000 was the highest amount issued by the Indian government under this scheme to the entrepreneurs.

Interest rate of Mudra loan Scheme

The Mudra loan amount was used by many businessman, because the interest rate is relatively low. The government tieup with the banks for issuing the loan amount, some subsidy will be given by the government.

The percentage for the loan is not fixed, it depends on the bank and the business issuing. Every bank have their own interest rate and some of the banks didn’t announced their interest rate.

Some of the banks which offer the minimum interest rate Mudra loan are as follows:

BankInterest Rate
United Bank of India9.65%to 11.15%
Union Bank of India9.65%to 11.15%
Corporation Bank11% to 11.9%
Bank of Maharashtra9.7% to 11.7%
Andhra Bank9.75% to 11.5%
Allahabad Bank9.7% to 11.7%

The Mudra scheme also provides the card, which works under the RuPay platform and it is used during shopping. This card can be used for withdrawing the amount, swipe at the point of sale and used as a credit card.

The banks which have issued the credit cards are corporation bank, Punjab national bank, Allahabad bank, Kotak Mahindra bank, Canara bank, Axis bank, State Bank of India and Vijaya Bank.

Eligibility Criteria for getting Mudra loan

While providing loans to women, SC, ST and OBC category people, the government will give them preference. Till now there is no reservation specified for this loan and the application form will be issued by the bank.


This loan concentrates only the small businessman and entrepreneurs and it didn’t specify any criteria. If the businessman has higher turnover, then for sure he will not get the loan under this scheme.

This loan amount is not for education purpose, for buying a house and for buying a vehicle. The person who have completed 18 years of age can apply for this loan.

The person can repay the loan amount within 7 years and the credit limit is fixed before getting the loan. This loan is administered completely by the government and it is the secure loan for business.

How to Apply for Bank Loan under Mudra Yojana? – Online Application Form

In order to apply for a loan amount, the person should be ready with the business idea. The borrower should visit the nearer bank, which is under PMMY to know more about this scheme.

  1. Submit the business idea with the Mudra loan application form, which should also contain identity proof, address proof and passport size photo of the borrower.
  2. Every bank has its own rules and regulations, so the borrower should read those carefully and should sign in the form.
  3. The loan amount will be sanctioned for the borrower, if he satisfies all the condition specified by the bank.
  4. The Mudra loan scheme doesn’t need any collateral for security and processing fee.
  5. The tenure time for repaying the loan amount is 5 years and this application form should not be defaulted by the bank.
  6. In case if the borrower has any doubts or queries, he can clear it with the nearby bank.

The borrower can also complaint about the banks or officers through the complaint office. The government has announced some toll free numbers for clarifying their doubts regarding the Mudra loan they are 1800 180 1111 and 1800 11 0001. Till now, the government has sanctioned ₹112826.37 crore and disbursed ₹110364.21 Crore under this scheme.

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Comments

  1. R Sudha

    I want loan low interest

  2. kamaljeet

    Sir
    I wants to startup my Own business but due to fund problem hard to start.
    Will u plz help me for startup my new business under pradhan mantri yojna, and I m belong to scheduled cast that’s why nobody trying to help me included bank.

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