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Pradhan Mantri Mudra Yojana (PMMY) is a government scheme launched by the Government of India to provide financial assistance to micro and small businesses and budding entrepreneurs. MUDRA stands for Micro Units Development and Refinance Agency.

The scheme was launched on 8th April 2015 by Prime Minister Narendra Modi with the aim of providing loans up to Rs. 10 lakh to micro and small businesses in the manufacturing, trading, and services sectors. These loans are provided by banks, Non-Banking Financial Companies (NBFCs), Microfinance Institutions (MFIs), and other financial institutions that are registered under the scheme.

PMMY scheme also aims to promote entrepreneurship among women, SC/ST, and other marginalized communities by providing special incentives and support.

What is a Mudra Loan ?

The scheme was launched on 8th April 2015 by Prime Minister Narendra Modi with the aim of providing loans up to Rs. 10 lakh to micro and small businesses in the manufacturing, trading, and services sectors.

The PMMY scheme has three categories of loans – Shishu, Kishor, and Tarun. The Shishu category provides loans up to Rs. 50,000, the Kishor category provides loans between Rs. 50,001 to Rs. 5 lakh, and the Tarun category provides loans between Rs. 5,00,001 to Rs. 10 lakh.

Shishu Loans : This type of loan is designed for small and new businesses that need a small amount of capital to get started. Shishu loans are available for up to Rs. 50,000.

Kishor Loans : This type of loan is suitable for businesses that have been in operation for a while and need more capital to expand or diversify their operations. Kishor loans are available for loan amounts between Rs. 50,001 to Rs. 5 lakhs.

Tarun Loans : This type of loan is designed for established businesses that require a larger amount of capital to fund their growth plans. Tarun loans are available for loan amounts between Rs. 5 lakhs to Rs. 10 lakhs.