How to Get a Loan of Up to 10 Lakh Rupees Under Pradhan Mantri MUDRA Yojana in 2023

Are you a micro-entrepreneur or a small business owner who needs financial assistance to start or expand your venture? If yes, then you might be interested in the Pradhan Mantri MUDRA Yojana (PMMY), a flagship scheme of the Government of India that provides loans of up to 10 lakh rupees to micro-units or enterprises.

The PMMY was launched in 2015 with the aim of facilitating access to institutional finance for new and existing micro-units or enterprises, especially those belonging to the underprivileged sections of the society. The scheme offers loans under three categories: Shishu (up to 50,000 rupees), Kishore (from 50,000 to 5 lakh rupees) and Tarun (from 5 lakh to 10 lakh rupees).

The PMMY has been a huge success in empowering micro-entrepreneurs and creating employment opportunities at the grassroots level. In the financial year 2022-23, the scheme has sanctioned over 6.23 crore loans, providing credit support to various sectors such as agriculture, manufacturing, services, trading, etc.

If you want to avail the benefits of the PMMY and get a loan of up to 10 lakh rupees for your micro-enterprise, then you need to follow some simple steps. In this blog, we will tell you how to apply for the PMMY loan in 2023 and what are the eligibility criteria, documents required, interest rates and repayment options. We will also provide you with some useful links to download the application form and check the status of your loan.

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To be eligible for the PMMY loan, you need to meet the following criteria:

  • You should be an Indian citizen and above 18 years of age.
  • You should have a business plan or project report for your micro-unit or enterprise.
  • You should not have any default or bad credit history with any bank or financial institution.
  • You should not have availed any loan under any other government scheme for the same purpose.
  • You should have a valid Aadhaar card, PAN card and bank account.

Documents Required

To apply for the PMMY loan, you need to submit the following documents along with your application form:

  • Self-attested copy of Aadhaar card
  • Self-attested copy of PAN card
  • Self-attested copy of proof of address (such as ration card, voter ID card, electricity bill, etc.)
  • Self-attested copy of proof of identity (such as passport, driving license, etc.)
  • Self-attested copy of proof of business existence (such as GST registration certificate, trade license, etc.)
  • Self-attested copy of proof of income (such as income tax return, bank statement, etc.)
  • Business plan or project report
  • Passport size photograph
  • Any other document as required by the lending institution