Mudra Loan has been announced by Finance Minister during budget session and PMMY Mudra Bank scheme had launched by PM on April, 8, 2015 to provide loans upto Rs 10 Lakhs to non corporate and small & micro enterprise. These kinds of loans will be provided under PMMY Mudra Loan Scheme.
Mudra bank is a virtual bank and it is seeding all commercial banks, Rural Regional banks, Small Financial Banks, Cooperative Bank, MFIs and NBFCs to disburse mudra loan under PMMY Pradhan Mantri Mudra Yojana i.e. PMMY Mudra Loan.
Under Mudra loan govt. of India segregated in three categories, Shishu, Kishor and Tarun. There is different process, Policy and procedure for all three loans. All loans are collateral free, means there is no need to submit any bank guarantee. It is best for young entrepreneurs, new startups and fund seekers.
For mudra loan, the loan applicant can approach at any bank or financial institution for mudra loan. Bank will check the application, project report & record before approval of mudra loan. So your application & project report should be accurate & error free. The Mudra loan limit of all three categories is
Shishu:- Under Mudra Bank Shishu scheme, the loan applicant will get upto 50,000 as Mudra Loan.
Kishor:- Under Mudra Bank Kishor Scheme, the loan applicant will get between 50,001 to 5,00,000 as Mudra Loan.
Tarun:- Under Mudra Bank Tarun Scheme, the loan applicant will get between 5,00,001 to 10,00,000.
For more details you can mail us on info at mudrabank.com