PradhanMantri MUDRA Yojana (PMMY)
Posted on : 13 Dec 2019Views: 159
- PradhanMantri Mudra Yojana (PMMY) is a flagship scheme of Government of India to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them.
- It enables a small borrower to borrow from all Public Sector Banks such as PSU Banks, Regional Rural Banks and Cooperative Banks, Private Sector Banks, Foreign Banks, Micro Finance Institutions (MFI) and Non-Banking Finance Companies (NBFC) for loans uptoRs 10 lakhs for non-farm income generating activities.
- The scheme was launched on 8th April, 2015 by the Hon'ble Prime Minister.
- Any Indian Citizen who has a business plan for a non-farm sector income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than Rs 10 lakh.
- The citizen can approach either a Bank, MFI, or NBFC for availing of Micro Units Development & Refinance Agency Ltd. (MUDRA) loans under PradhanMantri Mudra Yojana (PMMY).
Types of loans provided
Under the aegis of PradhanMantri MUDRA Yojana, MUDRA has already created the following products / schemes.
- Shishu : covering loans upto 50,000/-
- Kishor : covering loans above 50,000/- and upto 5 lakh
- Tarun : covering loans above 5 lakh and upto 10 lakh
Article Related Questions
Consider the following statements regarding Pradhan Mantri MUDRA Yojana (PMMY).
1.The loan under PMMY can be availed for both farm and non-farm sector income generating activity.
2.There is no subsidy for the loan given under PMMY.
Which of the following statement is/are correct?
3.Both 1 and 2
4.Neither 1 nor 2
Right Ans : 2 only