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The PM Mudra Yojana (PMMY) seeks to foster entrepreneurship and create livelihood opportunities across all sections, including OBC, SC, and ST communities.
Shishu Loan: For loans sanctioned up to Rs 50,000 under this category, budding entrepreneurs in their early stages are offered support.
This category allows loans ranging from Rs 50,001 to Rs 5 lakh which is repayable in a maximum period of 60 months in EMIs.
All loans ranging from Rs 5 lakh to Rs 10 lakh repayable within a maximum of 84 months are offered in this category.
Applying for Mudra loans is easy, with borrowers having the option to apply online through the Udyamitra portal. Alternatively, mudra loans can also be availed from nearby branch offices of a bank, NBFC, MFIs, etc.
Under any of the loan categories, no collateral is required for loans up to Rs 10 lakh.
Compiled by Syed Muskan