Pradhan Mantri Mudra yojana (PMMY) Scheme for Regional Rural Banks

 

The Pradhan Mantri Mudra Yojana (PMMY) is a program Presented by the Indian government to provide finance to the unfunded" by bringing such firms into the proper financial system and providing them affordable credit. It allows 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, microfinance institutions (MFIs) and non-bank financial corporation’s (NBFCs) for loans of up to Rs 10 hundreds of thousands of income-generating non-agricultural assets. The scheme was launched on April 8, 2015 by Prime Minister.

 

·         Eligibility: Any Indian resident who has a business plan for a non-farm income-generating business like manufacturing, processing, trade or service sector and whose credit requirement is less than Rs 10 lakh can go to a bank , an MFI or a NBFC to avail of Loans from Micro Units Development & Refinance Agency Ltd. (MUDRA) under Pradhan Mantri Mudra Yojana (PMMY).

Types of loans disbursed Under the auspices of Pradhan Mantri MUDRA Yojana, MUDRA has already created the following products / schemes. Shishu: loan coverage up to 50,000 / -, Kishor: covers loans over 50,000 / - and up to 5 lakhs,Tarun: covers loans of more than 5 lakh and up to 10 lakh. They have been named 'Shishu', 'Kishor' and 'Tarun' to indicate the growth / development stage and funding needs of the recipient micro unit / entrepreneur and also provide a point of reference for the next graduation / growth phase to look forward to. Sixty percent of credit goes to the Shishu category units and the balance to the Kishor and Tarun categories.

There is no grant for the loan granted under PMMY. But, if the loan scheme is linked to some government proposal, where the government provides a capital grant, it will also be eligible under PMMY.

 

·         Sectors covered: To maximize beneficiary coverage and tailor products to meet the requirements of specific business activities, sector / business focused programs would be introduced. To begin with, on the basis of a greater concentration of companies in certain activities / sectors, schemes are proposed for:

• Land transport sector / activity - Which among other things will support units for the purchase of transport vehicles for goods and personal transport such as auto rickshaws, small goods vehicles, 3 wheels, electric rickshaws, passenger cars, taxis , etc.

•  this scheme  provides loan for Community, social and personal service activities -  like salons, beauty salons, gyms, boutiques, tailor shops, dry cleaning, bicycle and motorcycle repair shop, DTP and photocopy services, medicine shops, couriers, etc. .

• Food sector - Support would be available for activities such as papad, achaar, jams / jellies production, agricultural product storage at rural level, candy shops, small service food stalls and daily catering / canteen of cold vehicles, cold rooms, ice production units, ice cream, biscuit, bread and sandwich production units, etc.

• Textile sector gives support for several activities such as hand loom, electric loom, chikan work, zari and zardozi work, traditional embroidery and hand work, traditional dyeing and printing, apparel design, etc

 

·         How to apply :Borrowers, who want to get benefit of Pradhan Mantri MUDRA Yojana (PMMY), can go to the local branch of any financial institution in their region: PSU banks, regional rural banks and cooperative banks, private sector banks, foreign banks, micro finance Institutions (MFIs) and Non-bank financial corporation’s (NBFC). The sanction of the assistance must comply with the eligibility rules of the respective credit institution.

Checklist: (documents to be submitted with the application)
• Proof of Identity - Self-certified copy of voter's ID card / driver's license / PAN card / Aaadhaar card / passport / government issued photo ID. authorities etc.
• Proof of residence: recent phone bill / electricity bill / property tax receipt (no older than 2 months) / voter ID card / Aaadhar card / natural person's passport / holder / bank book partner or last account statement duly certified by the bank / domain officials

 

·         Checklist: (documents to be submitted with the application) : Proof of Identity - Self-certified copy of voter's ID card / driver's license / PAN card / Aaadhaar card / passport / government issued photo ID. Authorities etc,

·        
• Proof of residence: recent phone bill / electricity bill / property tax receipt (no older than 2 months) / voter ID card / Aaadhar card / natural person's passport / holder / bank book partner or latest account statement duly certified by bank / domicile officials Certificate / Certificate issued by Govt. Local Authority / Panchayat / Municipality etc.

·        
• Recent photograph of the applicant (2 copies) no older than 6 months. Estimate of Machinery / other items to purchase, supplier / particulars of machinery / cost of machinery and / or items to be purchased.

 

·         Proof of identity / business address - Copies of licenses / registration certificates / other relevant documents relating to ownership, identity of business unit address, if any, Proof of category such as SC / ST / OBC / Minority etc.

·        
Note: For all PMMY loans, this should be noted. No processing fees is needed , No guarantee, The loan repayment period is extended up to 5 year, The applicant must not be in default of any bank / financial institution

I think what ever have discussed about Pradhan Mantri MUDRA Yojana would be beneficial for you so those  who are  in need of funds  just  try these  stps  and  certainly it  will be  helpful for you all.

CONTACT: Unit No.450, Mastermind One - IT Park, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, Maharashtra 400065Ph:+91 8097027355, +91 9137256150, +91 9222086563 or visit http://franchisebirbal.com/

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