Government Schemes: Pradhan Mantri Mudra Yojana Completes 10 Years, Everything You Need to Know About PMMY

Pradhan Mantri Mudra Yojana: The Pradhan Mantri Mudra Yojana (PMMY), an initiative designed to empower small business owners and satisfy entrepreneurial dreams, has completed ten years. On this historic day, Prime Minister Narendra Modi addressed the country, emphasizing the scheme’s transformative influence on the lives of lakhs of people. PMMY was established with the goal of giving financial help to people planning to start small businesses, thereby reducing their reliance on informal sources of finance. Originally granting loans up to Rs 10 lakh, the maximum credit amount has now been raised to Rs 20 lakh. The initiative has mostly benefited women and young entrepreneurs.

PMMY Details

PMMY loans are divided into three categories: Shishu (up to Rs 50,000), Kishore (up to Rs 5 lakh), and Tarun (up to Rs 10 lakh). An additional Tarun Plus category now provides loans of up to Rs 20 lakh. Before approving the loan, banks check the applicant’s credit history to ensure there have been no prior defaults. Applicants can apply online by visiting the official PM Mudra website and using the Udyam Mitra portal. ID, address proof, a passport-sized photograph, and a signature are all necessary. To finish the application procedure, candidates must fill out their personal information and authenticate their identity using an OTP after selecting their applicant type (new entrepreneur, existing entrepreneur, or self-employed professional).