Pradhan Mantri Mudra Yojana
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Pradhan Mantri Mudra Yojana

Pradhan Mantri Mudra Loan Scheme was launched by the Prime Minister of our country Shri Narendra Modi in the year 2015, under this scheme people of the country are being provided loans up to Rs 10 lakh to start their own small business. If any person wants to pursue his business, then he can also take loan under this scheme. Dear friends, today we are going to provide you all the information related to this Pradhan Mantri Mudra Loan Scheme 2020 like application process, documents, eligibility etc. through our article. So read our article till the end. Go through the complete post to know in detail: Pradhan Mantri Mudra Yojana.

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Objective of Pradhan Mantri Mudra Yojana Loan Scheme 2020

The main objective of this scheme is that there are many people in the country who want to start their own business but cannot start due to lack of money, the Central Government has started this scheme for such people. Under 2020, beneficiaries can start their own small business by taking Mudra loans. And to provide loans to people under this scheme in a very easy way. Through Pradhan Mantri Mudra Loan Scheme 2020, to realize the dreams of the people of the country and make them self-reliant and empowered.

Prime Minister’s Currency Scheme 2020

Let us tell you that a budget of 3 lakh crore rupees was prepared by the central government for Mudra loan, out of which loans of Rs. 1.75 lakh crore have been distributed so far. Under the Pradhan Mantri Mudra Loan Yojana 2020, those who want to take loans, will not have to pay any processing charges for taking loans. Under this scheme the repayment period has been extended by 5 years. People of the country are given a Mudra Card to take a Mudra loan under this Pradhan Mantri Mudra Loan Scheme 2020.

Benefits of Pradhan Mantri Mudra Yojana

  • Loans are given without Guarantee.
  • No Fees for Loan Processing are charged.
  • Its Repayment Period has been extended by 5 years.
  • Your loan can be removed easily by Mudra Card.

Mudra scheme qualification

  • Any Indian citizen or firm which is associated with any other type of business except farming – can apply in Mudra Scheme.
  • With this, those traders who want to carry on their existing business, they can fulfill financial needs up to 20 lakhs under this scheme.

Types of Mudra Loans

Pradhan Mantri Mudra Yojana loan is divided into three parts.

  • Shishu Loan: Up to 50,000 / –
  • Kishor Loan: Loans ranging from Rs. 50,000 / –
  • Tarun Loan: loans ranging from 5 lakh to 10 lakhs are available

At least 60% of the loans under Mudra Yojana will be given in the form of child loans.

Subsidy on interest rates

  • There is no fixed interest rate under PM Mudra Loan.
  • These may vary depending on the bank, business risk and loan amount.
  • Interest rates of Mudra Loan are around 9% to 12% per year.
  • Also, no subsidy is given by the government.
If the applicant has applied for subsidy in any other scheme like Sukanya scheme, that subsidy can be linked to Mudra Loan.

How to apply for Mudra scheme online?

Now let’s talk about how you can apply online in PM Mudra Yojana and what is the process of taking Mudra Loan.

Choose the right bank

  • There is no facility to apply online in Mudra Yojana.
  • Like normal loan process, it also has loan processing.
  • The loan is given by the bank keeping in view the business ideas of the person.
  • Therefore, contact the bank with your business plan and proper documents.
  • And complete information about the loan process and interest rate will have to be collected.
  • To get a loan, you have to fill the application form and submit it.

List of lending institutions shortlisted to be partners of Mudra Loan

Sr No

Partner Institutions

Nos

1

Public Sector Banks

27

2

Private Sector Banks

18

3

Regional Rural Banks (RRBs)

31

4

Co-operative Banks

14

5

MFI-NBFC

47

6

MFI

26

7

NBFC

31

 

TOTAL

194

Institutions of Public Sector Banks shortlisted to be partners of Mudra Loan

Public Sector Banks

Sr No

Name of the Banks

1

Bank Name

2

State Bank of India

3

State Bank of Bikaner & Jaipur

4

State Bank of Travancore

5

Bank of Baroda

6

Bank of India

7

Bank of Maharashtra

8

Canara Bank

9

Corporation Bank

10

Dena Bank

11

IDBI Bank Ltd.

12

Indian Bank

13

Oriental Bank of Commerce

14

Punjab National Bank

15

Syndicate Bank

16

UCO Bank

17

Union Bank of India

18

Vijaya Bank

19

Allahabad Bank

20

Andhra Bank

21

Bhartiya Mahila Bank

22

Central Bank of India

23

Indian Overseas Bank

24

Punjab & Sind Bank

25

State Bank of Hyderabad

26

State Bank of Mysore

27

State Bank of Patiala

28

United Bank of India

Institutions of Private Sector Banks shortlisted to be partners of Mudra Loan

Private Sector Banks

Sr No

Name of the Banks

1

Axis Bank Ltd.

2

Catholic Syrian Bank Ltd. 

3

City Union Bank Ltd.

4

DCB Bank Ltd.

5

Federal Bank Ltd.

6

HDFC Bank Ltd.

7

ICICI Bank Ltd.

8

Indus Ind Bank Ltd.

9

Jammu & Kashmir Bank Ltd.

10

Karnataka Bank Ltd.

11

Karur Vysya Bank Ltd.

12

Kotak Mahindra Bank Ltd.

13

Nainital Bank Ltd.

14

South Indian Bank

15

Tamilnad Mercantile Bank Ltd.

16

The Ratnakar Bank Ltd.

17

Yes Bank Ltd.

18

IDFC Bank Ltd

Institutions of RRBs shortlisted to be partners of Mudra Loan

Regional Rural Banks (RRBs)

Sr No

Name of the Banks

1

Andhra Pragathi Grameena Bank

2

Chaitanya Godavari Grameena Bank

3

Deccan Grameena Bank

4

Saptagiri Grameena Bank

5

Bihar Gramin Bank

6

Madhya Bihar Gramin Bank

7

Uttar Bihar Gramin Bank

8

Baroda Gujarat Gramin Bank

9

Dena Gujarat Gramin Bank

10

Saurashtra Gramin Bank

11

Kaveri Grameena Bank

12

Karnataka Vikas Grameena Bank

13

Pragathi Krishna Gramin Bank

14

Kerala Gramin Bank

15

Maharashtra Gramin Bank

16

Meghalaya Rural Bank

17

Puduvai Bharathiar Grama Bank

18

Malwa Gramin Bank

19

Punjab Gramin Bank

20

Sutlej Gramin Bank

21

Marudhara Gramin Bank

22

Pallavan Grama Bank

23

Pandyan Grama Bank

24

Tripura Gramin Bank

25

Baroda Uttar Pradesh Gramin Bank

26

Prathama Gramin Bank

27

Sarva UP Gramin Bank

28

Narmada Jhabua Gramin Bank

29

Sarva Haryana Gramin Bank

30

Kaveri Grameena Bank

31

Baroda Rajasthan Kshetriya Gramin Bank

Institutions of Co-operative Banks shortlisted to be partners of Mudra Loan

Co-operative Banks

Sr No

Name of the Banks

1

Gujarat State Co-op Bank Ltd

2

Mehsana Urban Co-op Bank

3

Rajkot Nagarik Sahhakari Bank

4

Kalupur Commercial Co-op Bank

5

Bassein Catholic Co-op Bank

6

TJSB Sahakari Bank Ltd

7

Jalgaon Janata Sahakari Bank Ltd

8

Nutan Nagrik Sahakari Bank Ltd

9

Ahmedabad Mercantile Co-op Bank ltd

10

Surat People Co-op Bank ltd

11

Dombivali Nagari Sahakari Bank Ltd

12

Citizen Credit Co-op Bank Ltd

13

Tamil Nadu Apex State Co-op Bank Ltd

14

AP State Apex Co-op Bank Ltd.

Institutions of MFIs shortlisted to be partners of Mudra Loan

Micro Finance Institutions (MFIs)

Sr No

MFI-NBFC

States

1

S V Creditline Pvt. Ltd.

New Delhi

2

Margdarshak Financial Services Ltd.

Uttar Pradesh

3

Madura Micro Finance Ltd.

Tamil Nadu

4

ESAF Micro Finance & Investments P. Ltd

Kerala

5

Fusion Micro Finance P. Ltd.

New Delhi

6

Ujjivan Financial Services P. Ltd

Karnataka

7

Future Financial Services Ltd.

Karnataka

8

SKS Microfinance Ltd.-

Telangana

9

Utkarsh Micro Finance P. Ltd

Uttar Pradesh

10

Equitas Micro Finance Ltd

Tamil Nadu

11

Sonata Finance Pvt. Ltd

Uttar Pradesh

12

Saija Finance Private Ltd

Bihar

13

Arth Micro Finance Pvt. Ltd.

Rajasthan

14

Shikhar Microfinance Pvt. Ltd.

New Delhi

15

Navachetana Microfin Services Pvt. Ltd

Karnataka

16

Samasta Microfinance Ltd.

Bangalore

17

Satin Credit Care Network Ltd.

New Delhi

18

Sahyog Microfinance Ltd.

Madhya Pradesh

19

Arohan Financial Services P. Ltd

West Bengal

20

Suryodaya Microfinance Ltd

Maharashtra

21

Belstar Investment & Finance P. Ltd

Tamil Nadu

22

Jagaran Microfin P. Ltd

West Bengal

23

Digamber Capfin Ltd

Rajasthan

24

Midland Microfin Ltd.

Punjab

25

RGVN (North East) Microfinance Ltd.

Guwahati Assam

26

Grameen Development & Finance P. Ltd.

Assam

27

Hindustan Microfinance Private Limited

Maharashtra

28

Namra Finance Ltd

Gujarat

29

Muthoot Fincorp Limited

Kerala

30

Sambandh Finserve Pvt Ltd

Bhuvaneshwar

31

IDF Financial Services Pvt Ltd

Bangalore

32

Nightingale Finvest Pvt Ltd

West Bengal

33

Asirvad Microfinance Private Limited

Chennai

34

Village Financial Services Pvt Limited

Kolkatta

35

Janalakshmi Financial Services Pvt Ltd

Bangalore

36

YVU Financial Services Private Ltd

Guwahati

37

Disha Microfin Private Ltd

Ahmedabad

38

Smile Microfinance Limited

Chennai

39

Light Micro Finance Ltd

Ahmedabad

40

Uttarayan Financial Services Pvt Ltd

Kolkatta

41

Unacco Financial Services Private Limited

Guhawati, Assam

42

Varam Capital

Chennai

43

Vedika Credit Capital Ltd

Ranchi

44

MSM Microfinance Limited

Chennai

45

M Power Micro Finance Private Ltd

Vadodara Gujarat

46

Navachetana Microfin Services Pvt. Ltd.

Bangalore

47

Intrepid Finance and leasing Pvt. Ltd.

Mumbai

Institutions of MFI-NBFC shortlisted to be partners of Mudra Loan

MFIS

Sr No

MFI-NBFC

States

1

Bhartiya Micro Credit (Sec 8 Company)

Lucknow

2

Sakhi Samudaya Kosh (Sec 8 Company)

Maharashtra

3

Cashpor Micro Credit (Sec 8 Company)

Lucknow

4

CDOT ( MFI Registered as a Society under Indian Societies Act)

Bihar

5

Mahana Foundation (MFI Registered as a Trust under Trust Act 1882)

Orissa

6

IRCED (MFI Registered as a Society and Trust)

Maharashtra

7

NEED

Lucknow

8

Community Collective Society for Integrated Develpoment (MFI Registered as a Society)

New Delhi

9

Swayam Micro Services(Sec 8 Company)

Ahmedabad

10

Chanura Microfin Manipur

Manipur

11

Humana People to People India

New Delhi

12

Disha India Micro Credit (Sec 25 Company)

Saharanpur

13

Annapurna Mahila Multistate Co-op Credit Society(Co-op Society and MFI)

Pune

14

Prayas (Organisation for Sustainable Development) (MFI Registered as a Society and Trust)

Ahmedabad

15

Dhosa Chandaneshwar Bratyajana Samity (DCBS) (Society)

Kolkata

16

Seba Rahara (Society)

Kolkata

17

Belghoria Janakalyan Samity (Society)

Kolkata

18

Gram Bikash Kendra

Kolkata

19

Shakti Mahila Sangh Bahu Uddeshya Sahkari Maryadit (Society)

Jabalpur, MP

20

Mahasemam Trust (Society)

Madurai, Tamilnadu

21

Sampurna Training and Entrepreneurship Programme (STEP) (Section 25 Company)

Kolkata, West bengal

22

Life Foundation (MFI and Trust)

Kerala

23

Sanghmitra Rural Financial Services (Sec 8)

Mysore

24

Pahal Financial Services Pvt Ltd

Ahmedabad

25

Blaze trust(MFI registered as trust)

Coimbatore(Tamil Nadu)

26

Mahashakti Foundation (MFI Registered as a Trust under Trust Act 1882)

Odisha

Institutions of Mainline NBFCs shortlisted to be partners of Mudra Loan

Mainline NBFCs

Sr No

Mainline NBFCs

1

Reliance Capital Ltd.

2

Fullerton India Credit Co. Ltd.

3

Shriram Transport Finance Co. Ltd.

4

SREI Equipment Finance Ltd.

5

Magma Fincorp Ltd.

6

Religare Finvest Ltd.

7

Shriram City Union Finance Ltd.

8

Equitas Finance P. Ltd.

9

India Infoline Ltd.

10

ECL Finance Ltd.

11

AU Financiers India Ltd.

12

SE Investments Ltd.

13

Electronica Finance Ltd.

14

MAS Financial Services Ltd.

15

IKF Finance Ltd.

16

Intec Capital Ltd.

17

Sakthi Finance Ltd.

18

Esskay Auto Finance Ltd.

19

Bansal Credits Ltd.

20

Five Star Business Credits Ltd.

21

Indiabulls Financial Services Ltd.

22

Vistaar Financial Services P. Ltd.

23

Shriram Finance Corporation Pvt Ltd (SRFCL)

24

India Infoline Finance Ltd (IIFL)

25

Mahindra & Mahindra Financial Services Ltd

26

Pudhuaaru Financial Services Pvt Limited (PFSPL)

27

Nabard Financial Services Ltd (NABFINS)

28

Maanaveeya Development & Finance Private Ltd

29

Jumbo Finvest (India) Limited (JFIL)

30

Ananya Finance for Inclusive Growth Pvt. Ltd.

31

Capital First Limited(CFL)

Important documents

Depending on the loan amount, business and bank rules, the number of documents can be small.

  • Identity Proof
  • Proof of Address (Residence Proof)
  • Business Enterprise Copy
  • Proof of SC / ST / OBC / Minority.
  • Business Plan / Project Report.
  • The applicant should not be a defaulter in any bank.
  • Bank Account Statement (Last 6 months)
  • In Case of Rs.2 Lacs and above in last 2 years balance sheet
  • Two photos (Proprietor / Partners)

Mudra Application Form

For Mudra Loan, you can get the application form from the bank or you can download it online.

Pradhan Mantri Mudra Yojana Form

PM Mudra Loan form: Download

Common Loan Application form for Kishor and Tarun

Download

Application Form for Shishu

Download

Check list for Shishu Application

Download

Processing of Mudra Loan

Processing of Mudra Loan
  1. First of all, write the application form and document.
  2. After that go to your bank and submit the Form + Document.
  3. After which your documents will be verified by the bank.
  4. Banks may also ask for some more documents for satisfaction.
  5. If everything is correct, the bank will accept your application. And
  6. After the loan processing is complete, the bank will provide you the check.
  7. (In many Cases, the amount is directly transferred to the bank account.)
  8. After which you will be able to use that loan.

Who will not get the loan?

Many such situations can occur when the bank rejects the loan application of the applicant.

  • If the applicant does not have proper document.
  • If there are no better prospects in the Project Report.
  • If the applicant has already taken a business loan. or
  • The holder is not able to meet the required qualifications.

What is the limit on the currency card?

Who will not get the loan? The Mudra Card (in the form of Rupay Debit Card) is issued to all applicants taking Mudra loans at the time of grant of loan.

Withdraw Limit is as follows?

  • Shishu Loan – 10,000
  • Kishor Loan – 15,000
  • Tarun Loan – 20,000

PM Mudra Yojana Helpline Number

Complaint on not getting loan under Mudra scheme.

If you face any problem related to the currency scheme then you can contact the given website, mail and phone number.

Mudra Yojana Website Portal: Click Here 
Mail: [email protected]
Helpline Numbers: 1800 180 1111

With this, you can call the number given for the Mudra Yojana according to your state.

Sr No

State

Contact number

1

Maharashtra

18001022636

2

Chandigarh

18001804383

3

Andaman and Nicobar

18003454545

4

Arunachal Pradesh

18003453988

5

Bihar

18003456195

6

Andhra Pradesh

18004251525

7

Assam

18003453988

8

Daman and Diu

18002338944

9

Dadra Nagar Haveli

18002338944

10

Gujarat

18002338944

11

Goa

18002333202

12

Himachal Pradesh

18001802222

13

Haryana

18001802222

14

Jharkhand

18003456576

15

Jammu and Kashmir

18001807087

16

Kerala

180042511222

17

Karnataka

180042597777

18

Lakshadweep

4842369090

19

Meghalaya

18003453988

20

Manipur

18003453988

21

Mizoram

18003453988

22

Chhattisgarh

18002334358

23

Madhya Pradesh

18002334035

24

Nagaland

18003453988

25

NCT of Delhi

18001800124

26

Odisha

18003456551

27

Punjab

18001802222

28

Puducherry

18004250016

29

Rajasthan

18001806546

30

Sikkim

18004251646

31

Tripura

18003453344

32

Tamil Nadu

18004251646

33

Telangana

18004258933

34

Uttarakhand

18001804167

35

Uttar Pradesh

18001027788

36

West Bengal

18003453344

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