Explore the transformative journey of Pradhan Mantri Mudra Yojana (PMMY), launched in 2015 to provide collateral-free loans up to INR 10 lakhs to non-corporate micro-enterprises in the non-farm sector. Learn how this initiative is fostering entrepreneurship and supporting small businesses across India.
Discover the eligibility criteria for availing Mudra loans under PMMY, catering to a diverse range of entities such as individuals, proprietary concerns, partnership firms, private and public limited companies, and other legal forms. Ensure a smooth application process by understanding these essential requirements.
Uncover the step-by-step guide on how to apply for a Mudra loan under PMMY. From visiting authorized banks, NBFCs, or approved microfinance institutions to filling out application forms and submitting necessary documents, this page provides insights into the application process, empowering aspiring entrepreneurs.
Delve into the interest rates offered by leading banks under the PM Mudra Yojana. Get a comprehensive overview of rates from HDFC Bank, State Bank of India, Punjab National Bank, ICICI Bank, and Indian Bank. Make informed decisions for your micro-enterprise with insights into interest rate structures. Page 5: Conclusion
HDFC Bank: Starting from 10% and going up to 22.5% pa. State Bank of India: Interest rate linked to MCLR/EBLR. Punjab National Bank: APR starting from 9.40% for a loan up to INR 5 lakhs, going up to 14.94% for a maximum loan of INR 5 crores (for credit rating B3 and below). ICICI Bank: Starting from 16% pa. Indian Bank: Linked to MCLR/TBLR/Repo Rate.
Wrap up your journey through Pradhan Mantri Mudra Yojana by recognizing its significant influence on micro-enterprises. Gain empowerment by understanding eligibility criteria and interest rates, positioning yourself to uplift your business. Embrace the opportunities that PMMY unfolds in the dynamic landscape of small businesses in India.