प्रधानमंत्री मुद्रा योजना

There are three types of Mudra loans depending on the loan amount:

• Shishu: Loans sanctioned under the PMMY scheme up to Rs. 50,000
• Kishore: Loans sanctioned under the PMMY scheme from Rs. 50,001 up to Rs.5 Lakhs
• Tarun: Loans sanctioned under the PMMY scheme Rs. 5,00,001 up to Rs. 10 Lakhs

• While there is no minimum loan amount under the Mudra loan scheme, the maximum loan amount that can be taken under the PMMY is Rs. 10 Lakhs.
• Borrowers don’t need to pay processing charges or offer collateral if they avail a Mudra loan.
• As per the PMMY scheme, the Mudra loan can not only be offered to enterprises in the non-farm sector but also can include those engaged in allied agricultural activities, such as horticulture and fisheries.
• The interest rate on Mudra loans is determined by the marginal cost of lending rate or MCLR, which is calculated according to the RBI guidelines.

• All non-farm enterprises
• Under micro enterprises and small enterprises segment
• Engaged in income generating activities
• Engaged in manufacturing, trading and services
• Whose credit needs are up to Rs. 10 lakhs
• Now allied agriculture activities have also been included under PMMY scheme w.e.f. 01/04/2016.

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Maximum Limit

Rs. 10 lakhs (for all categories)

Repayment Period

Maximum 60 months

Margin

Bureau Score validation

Minimum bureau score cut off as per Bank’s guidelines or other banks

Age

Minimum: Borrower - 21 years, Co-applicant- 18 years

Maximum: Age of the applicant/co-applicant/guarantor + repayment period should not exceed 70 years

Security

Hypothecation of vehicle financed

Insurance

Comprehensive Insurance of the vehicle with Bank’s clause

Pre-closure charges

Nil

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