PM Mudra Loan 2024 : The Pradhan Mantri Mudra Yojana (PMMY) is an initiative by the Government of India aimed at empowering small businesses with easy access to financial resources through collateral-free loans. This scheme, available in 2024, provides micro, small, and medium enterprises (MSMEs) with the funds they need to grow and succeed.
PM Mudra Loan 2024
- Shishu: Loans up to ₹50,000 for businesses at the initial stage.
- Kishore: Loans between ₹50,001 and ₹5 lakhs for businesses seeking expansion.
- Tarun: Loans ranging from ₹5 lakhs to ₹10 lakhs for well-established enterprises.
Eligibility Criteria
To avail a Mudra loan under PMMY in 2024, the applicant must be:
- A small business owner, MSME entrepreneur, or self-employed individual.
- Aged 18 years or above with a viable business plan.
Key Features
No collateral required: Making it accessible to a wide range of entrepreneurs.
Low-interest rates: Typically ranging from 8% to 12%, depending on the bank.
Flexible repayment: Loan tenures up to 5 years based on the loan amount and institution.
How to Apply for PM Mudra Loan in 2024
Online Application: Apply through the Mudra portal or the bank’s website.
Offline Application: Visit any participating banks such as public sector banks, private banks, and regional rural banks to apply directly.
Documents Required: Submit ID proof, business plan, and bank statements as needed.
Benefits of PM Mudra Loans
Financial Inclusion: The loan provides access to credit for individuals without traditional banking assets.
Boosting MSMEs: It helps entrepreneurs grow their businesses, fostering job creation and economic development.
Direct Benefit Transfer (DBT): Ensures quick disbursement of loans directly into the applicant’s bank account.
Success of PMMY
Since its launch, PMMY has approved over 40 crore loans, providing a massive boost to the MSME sector. In 2024, the government aims to scale this further to promote more job creation and entrepreneurial growth across India.
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