There’s good news for small business owners and people who want to start their own work. The government has made a big change to the PM Mudra Loan Yojana. In the 2024 budget, they said the loan limit is now Rs 20 lakh instead of Rs 10 lakh. This means more money for people who need it to grow their small businesses.
The PM Mudra Loan Yojana helps people who want to work for themselves. It gives them easy loans to start or grow their small businesses. This plan covers different kinds of work like making things, selling things, and providing services. It’s not for farming work, though.
The government started this plan on April 8, 2015. Since then, it has helped many people. By 2024, more than 41 crore people have gotten loans. The total money given out is over Rs 23 lakh crore. Now that people can borrow more money, it should help create even more jobs and businesses in India.
Types of Loans Under PM Mudra Yojana
The PM Mudra Loan Yojana has three different kinds of loans. Each one is for businesses at different stages. Let’s look at them so you can see which one fits you best.
- Shishu Loan: This is for people just starting out. You can get up to Rs 50,000. It’s good for small shops, street sellers, or businesses you run from home.
- Kishore Loan: If your business is a bit bigger, you can get between Rs 50,000 and Rs 5 lakh. This money can help you make your business grow, buy more things to sell, or get better tools.
- Tarun Loan: Here’s the big news – now you can get up to Rs 20 lakh! This is a lot of money that can really change your business. You could open new shops, buy big machines, or hire more people to help you.
These loans are like steps. You can start small with Shishu and then move up as your business gets bigger. The government wants to help you at every step of your business journey.
Eligibility Criteria for PM Mudra Loan
Want to know if you can get a PM Mudra Loan? Here’s what you need:
- You must be at least 18 years old. But there’s no oldest age, so it’s never too late to start a business!
- Only Indian citizens can apply. This plan is to help businesses in our country.
- You need a business idea. The loan is for making things, selling things, or doing services. It’s not for farming.
- It’s good if you’ve paid back loans before. But don’t worry if you haven’t – Mudra loans are made to help new people too.
- Get your papers ready. You’ll need to show who you are, where you live, and what your business plan is.
There’s extra good news for women, SC/ST people, and minority groups – you might get better interest rates or faster help. The government wants to make sure everyone gets a fair chance to succeed.
How to Apply for PM Mudra Loan
Ready to get your PM Mudra Loan? Here’s what you do:
- Step 1: Go to the Mudra website or your nearby bank. You can choose whichever is easier for you.
- Step 2: Pick which loan you want – Shishu, Kishore, or Tarun. Think about how much money you need and can pay back.
- Step 3: Get the form to fill out. Be careful to fill it in right – all the details are important!
- Step 4: Get your papers together. You need to show who you are, where you live, and what your business plan is. Check you have everything so you don’t have to wait longer.
- Step 5: Give in your form and wait. The bank will look at what you wrote and tell you what happens next. Keep hoping for the best!
Want to do it online? You can! Just go to the Mudra website and follow what it says there. It’s quick and easy, and you can do it from your home. Remember, your business dream is just a few steps away!
Key Features and Benefits of PM Mudra Loan
The PM Mudra Loan Yojana is not just another government plan – it’s really good for small businesses. Here’s why it’s so helpful:
- You don’t need to give anything as security. Your good business idea is enough.
- The interest rates are low. They’re made to help you, not make things hard for you.
- You can pay back the loan in a way that fits your business. We know that when you start a business, you might not always have the same amount of money coming in.
- The government backs these loans. This makes banks more willing to give money to new business owners.
- There’s extra help for women who want to start businesses. They can get even better interest rates!
These things mean you can focus on making your business bigger, instead of worrying about hard loan rules. It’s like having someone who believes in your dream as much as you do.
Impact and Achievements of PM Mudra Yojana
The PM Mudra Loan Yojana has done really well. Look at these big numbers:
| Year | Number of Loans Given | Total Money Given |
|---|---|---|
| 2015-2023 | 41 crore | Rs 23,00,000 crore |
That’s a lot of people’s dreams coming true! This plan isn’t just about giving money – it’s about making jobs, helping local areas grow, and letting people be their own bosses. It’s helping make India a country full of business owners.
Frequently Asked Questions
Is there any extra money (subsidy) given with PM Mudra Yojana?
No, there’s no extra free money. But don’t feel bad! The interest rates are very low and the rules are easy, so the loan is still very affordable. It’s made to help you do well, not to make things hard for you.
What’s the most money you can get with PM Mudra Yojana?
There’s good news! Now you can borrow up to Rs 20 lakh in the Tarun type of loan. That’s twice as much as before, so you can do even more with your business.
Do I need to give something valuable to get a Mudra loan?
Not at all! That’s one of the best things about Mudra loans. You don’t need to promise your house or car to get the loan. Your good business idea and your hard work are all you need.
How long do I have to pay back Mudra loans?
You have plenty of time. You can take up to 5 years to pay back Mudra loans. This gives your business time to grow and get steady before you need to pay all the money back. It’s all about helping you do well for a long time.