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

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

• 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 corporations (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.

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Introduction
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Eligibility

• 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.

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Sectors covered

• 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

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Land transport sector

• 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. .

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Food sector

• 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
•  

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How to apply

• 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 corporations (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

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Checklist

• 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.

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Recent photograph of the applicant

• 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.
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• 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.

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• 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

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CONCLUSION

• 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.

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Contact us

• CONTACT 450, Mastermind 1, Royal Palms, Aarey
  Colony, Goregaon(E), Mumbai, Maharashtra
  400065Ph91 8097027355, 91 9137256150, 91
  9222086563 or visit http//mbaprojectreports.com/
  email at profprakash_at_mbaprojectreports.com