PRADHAN MANTRI MUDRA YOJANA (PMMY), a flagship scheme of Government of India, was launched on 8th April, 2015 by the Hon’ble Prime Minister to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them.
Eligibility:
- All “Non farm enterprises”
- under “Micro Enterprises” and “Small Enterprises” segment
- engaged in “income generating activities”
- engaged in “manufacturing, trading and services“ and
- whose “credit needs are up to Rs.10.00 lacs”
Credit Facilities:
- Any type of Fund Based or Non Fund Based facility.
- No Minimum amount. Maximum Amount - Rs.10.00 lacs.
Categorization of MUDRA Loans:
| Category | Stipulated Credit limits |
| SHISHU | Loans sanctioned under the scheme up to Rs.50000 |
| KISHORE | Loans sanctioned under the scheme from Rs.50001 to Rs.5.00 lacs |
| TARUN | Loans sanctioned under the scheme from Rs.5,00,001 to Rs.10.00 lacs |
Rate of Interest:
| Limits | Micro Enterprises | Small Enterprises |
| Up to Rs.50000/- | Base Rate | Base Rate+0.50% |
| Above Rs.50000/- to Rs.2.00 lacs | Base Rate+0.50% | Base Rate+1.00% |
| Above Rs.2.00 lacs to Rs.10.00 lacs | Base Rate+1.00% | Base Rate+1.25% |
Processing Charges: Nil
Security:
Assets created out of the Bank’s finance.
No collateral security.
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