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The Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched by the Government of India to provide financial assistance to micro-enterprises and small businesses.

Pradhan Mantri Mudra Loan

"Mudra" stands for Micro Units Development and Refinance Agency. The primary objective of this scheme is to facilitate loans up to Rs. 10 lakh to non-corporate, non-farm small/micro-enterprises.

These loans are categorized into three categories under the PMMY:

  • Shishu: Loans up to Rs. 50,000
  • Kishor: Loans ranging from Rs. 50,001 to Rs. 5 lakh
  • Tarun: Loans ranging from Rs. 5,00,001 to Rs. 10 lakh
    • Get a Quote

Pradhan Mantri Mudra Loan-

For an Inquiry

Occupation
Nature of Loan
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Following are the procedure steps:

1. Business Plan Preparation:

Prepare a detailed business plan outlining your business idea, projected income, expenses, and repayment strategy.

2. Choose Loan Category:

Decide which category of Mudra loan (Shishu, Kishor, or Tarun) suits your funding requirements.

3. Select a Lending Institution:

Approach participating financial institutions such as banks (public sector banks, private sector banks, regional rural banks), microfinance institutions, or NBFCs (Non-Banking Financial Companies) that offer Mudra loans.

4. Application Form:

Obtain the Mudra loan application form from the selected financial institution or download it from their website.

5. Documentation:

Gather necessary documents such as identity proof, address proof, business proof (if existing), business plan, income tax returns, bank statements, etc.

The specific documents required may vary depending on the lending institution.

6. Loan Application Submission:

Fill out the application form with accurate details and submit it along with the required documents to the chosen financial institution.

7. Loan Processing and Approval:

The financial institution will review your application, assess your eligibility, and evaluate the feasibility of your business plan. If satisfied, they will approve the loan.

8. Loan Disbursement:

Upon approval, the loan amount will be disbursed to your bank account. Ensure to maintain transparency in the utilization of the loan amount for business purposes.

9. Repayment:

Repay the loan as per the agreed repayment schedule. The repayment period and terms may vary based on the category of the Mudra loan and the policies of the lending institution.

10. Monitoring and Support:

Some financial institutions provide monitoring and support services to help borrowers manage their businesses effectively and ensure timely repayment.

Why choose Livanity for Pradhan Mantri Mudra Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Pradhan Mantri Mudra Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Pradhan Mantri Mudra Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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