PMMY (Mudra Loan): Who Qualifies and What You Get
Learn how small business owners can access loans up to ₹10 lakh to fund business expansion and equipment.
The PMMY (Mudra Loan) is a government initiative designed to provide credit to small business owners and self-employed individuals to help them grow their ventures.
Who it's for
This scheme is designed for small business owners or anyone who is self-employed and looking to fund their work.
What you get
You can access loans to help with business expansion. These loans can be as high as ₹10 lakh.
What it costs you
The interest rates are not fixed and will vary depending on which bank you use. If you qualify for the Shishu category, there is no processing fee.
The catch to know
While these loans are intended to be collateral-free, you may find that some banks still ask you to provide collateral.
How to apply
- Determine the amount of funding your business needs.
- Visit your preferred bank to discuss the different loan categories.
- Prepare your business plan and necessary documentation.
- Submit your application through the official portal or at a bank branch.