Pradhan Mantri Mudra Loan Scheme was launched by the Prime Minister of our country Shri Narendra Modi in the year 2015, under this scheme people of the country are being provided loans up to Rs 10 lakh to start their own small business. If any person wants to pursue his business, then he can also take loan under this scheme. Dear friends, today we are going to provide you all the information related to this Pradhan Mantri Mudra Loan Scheme 2020 like application process, documents, eligibility etc. through our article. So read our article till the end. Go through the complete post to know in detail: Pradhan Mantri Mudra Yojana.
Also Read:
Objective of Pradhan Mantri Mudra Yojana Loan Scheme 2020
The main objective of this scheme is that there are many people in the country who want to start their own business but cannot start due to lack of money, the Central Government has started this scheme for such people. Under 2020, beneficiaries can start their own small business by taking Mudra loans. And to provide loans to people under this scheme in a very easy way. Through Pradhan Mantri Mudra Loan Scheme 2020, to realize the dreams of the people of the country and make them self-reliant and empowered.
Prime Minister’s Currency Scheme 2020
Let us tell you that a budget of 3 lakh crore rupees was prepared by the central government for Mudra loan, out of which loans of Rs. 1.75 lakh crore have been distributed so far. Under the Pradhan Mantri Mudra Loan Yojana 2020, those who want to take loans, will not have to pay any processing charges for taking loans. Under this scheme the repayment period has been extended by 5 years. People of the country are given a Mudra Card to take a Mudra loan under this Pradhan Mantri Mudra Loan Scheme 2020.
Benefits of Pradhan Mantri Mudra Yojana
- Loans are given without Guarantee.
- No Fees for Loan Processing are charged.
- Its Repayment Period has been extended by 5 years.
- Your loan can be removed easily by Mudra Card.
Mudra scheme qualification
- Any Indian citizen or firm which is associated with any other type of business except farming – can apply in Mudra Scheme.
- With this, those traders who want to carry on their existing business, they can fulfill financial needs up to 20 lakhs under this scheme.
Types of Mudra Loans
Pradhan Mantri Mudra Yojana loan is divided into three parts.
- Shishu Loan: Up to 50,000 / –
- Kishor Loan: Loans ranging from Rs. 50,000 / –
- Tarun Loan: loans ranging from 5 lakh to 10 lakhs are available
At least 60% of the loans under Mudra Yojana will be given in the form of child loans.
Subsidy on interest rates
- There is no fixed interest rate under PM Mudra Loan.
- These may vary depending on the bank, business risk and loan amount.
- Interest rates of Mudra Loan are around 9% to 12% per year.
- Also, no subsidy is given by the government.
How to apply for Mudra scheme online?
Now let’s talk about how you can apply online in PM Mudra Yojana and what is the process of taking Mudra Loan.
Choose the right bank
- There is no facility to apply online in Mudra Yojana.
- Like normal loan process, it also has loan processing.
- The loan is given by the bank keeping in view the business ideas of the person.
- Therefore, contact the bank with your business plan and proper documents.
- And complete information about the loan process and interest rate will have to be collected.
- To get a loan, you have to fill the application form and submit it.
List of lending institutions shortlisted to be partners of Mudra Loan
Sr No | Partner Institutions | Nos |
1 | Public Sector Banks | 27 |
2 | Private Sector Banks | 18 |
3 | Regional Rural Banks (RRBs) | 31 |
4 | Co-operative Banks | 14 |
5 | MFI-NBFC | 47 |
6 | MFI | 26 |
7 | NBFC | 31 |
| TOTAL | 194 |
Institutions of Public Sector Banks shortlisted to be partners of Mudra Loan
Public Sector Banks | |
Sr No | Name of the Banks |
1 | Bank Name |
2 | State Bank of India |
3 | State Bank of Bikaner & Jaipur |
4 | State Bank of Travancore |
5 | Bank of Baroda |
6 | Bank of India |
7 | Bank of Maharashtra |
8 | Canara Bank |
9 | Corporation Bank |
10 | Dena Bank |
11 | IDBI Bank Ltd. |
12 | Indian Bank |
13 | Oriental Bank of Commerce |
14 | Punjab National Bank |
15 | Syndicate Bank |
16 | UCO Bank |
17 | Union Bank of India |
18 | Vijaya Bank |
19 | Allahabad Bank |
20 | Andhra Bank |
21 | Bhartiya Mahila Bank |
22 | Central Bank of India |
23 | Indian Overseas Bank |
24 | Punjab & Sind Bank |
25 | State Bank of Hyderabad |
26 | State Bank of Mysore |
27 | State Bank of Patiala |
28 | United Bank of India |
Institutions of Private Sector Banks shortlisted to be partners of Mudra Loan
Private Sector Banks | |
Sr No | Name of the Banks |
1 | Axis Bank Ltd. |
2 | Catholic Syrian Bank Ltd. |
3 | City Union Bank Ltd. |
4 | DCB Bank Ltd. |
5 | Federal Bank Ltd. |
6 | HDFC Bank Ltd. |
7 | ICICI Bank Ltd. |
8 | Indus Ind Bank Ltd. |
9 | Jammu & Kashmir Bank Ltd. |
10 | Karnataka Bank Ltd. |
11 | Karur Vysya Bank Ltd. |
12 | Kotak Mahindra Bank Ltd. |
13 | Nainital Bank Ltd. |
14 | South Indian Bank |
15 | Tamilnad Mercantile Bank Ltd. |
16 | The Ratnakar Bank Ltd. |
17 | Yes Bank Ltd. |
18 | IDFC Bank Ltd |
Institutions of RRBs shortlisted to be partners of Mudra Loan
Regional Rural Banks (RRBs) | |
Sr No | Name of the Banks |
1 | Andhra Pragathi Grameena Bank |
2 | Chaitanya Godavari Grameena Bank |
3 | Deccan Grameena Bank |
4 | Saptagiri Grameena Bank |
5 | Bihar Gramin Bank |
6 | Madhya Bihar Gramin Bank |
7 | Uttar Bihar Gramin Bank |
8 | Baroda Gujarat Gramin Bank |
9 | Dena Gujarat Gramin Bank |
10 | Saurashtra Gramin Bank |
11 | Kaveri Grameena Bank |
12 | Karnataka Vikas Grameena Bank |
13 | Pragathi Krishna Gramin Bank |
14 | Kerala Gramin Bank |
15 | Maharashtra Gramin Bank |
16 | Meghalaya Rural Bank |
17 | Puduvai Bharathiar Grama Bank |
18 | Malwa Gramin Bank |
19 | Punjab Gramin Bank |
20 | Sutlej Gramin Bank |
21 | Marudhara Gramin Bank |
22 | Pallavan Grama Bank |
23 | Pandyan Grama Bank |
24 | Tripura Gramin Bank |
25 | Baroda Uttar Pradesh Gramin Bank |
26 | Prathama Gramin Bank |
27 | Sarva UP Gramin Bank |
28 | Narmada Jhabua Gramin Bank |
29 | Sarva Haryana Gramin Bank |
30 | Kaveri Grameena Bank |
31 | Baroda Rajasthan Kshetriya Gramin Bank |
Institutions of Co-operative Banks shortlisted to be partners of Mudra Loan
Co-operative Banks | |
Sr No | Name of the Banks |
1 | Gujarat State Co-op Bank Ltd |
2 | Mehsana Urban Co-op Bank |
3 | Rajkot Nagarik Sahhakari Bank |
4 | Kalupur Commercial Co-op Bank |
5 | Bassein Catholic Co-op Bank |
6 | TJSB Sahakari Bank Ltd |
7 | Jalgaon Janata Sahakari Bank Ltd |
8 | Nutan Nagrik Sahakari Bank Ltd |
9 | Ahmedabad Mercantile Co-op Bank ltd |
10 | Surat People Co-op Bank ltd |
11 | Dombivali Nagari Sahakari Bank Ltd |
12 | Citizen Credit Co-op Bank Ltd |
13 | Tamil Nadu Apex State Co-op Bank Ltd |
14 | AP State Apex Co-op Bank Ltd. |
Institutions of MFIs shortlisted to be partners of Mudra Loan
Micro Finance Institutions (MFIs) | ||
Sr No | MFI-NBFC | States |
1 | S V Creditline Pvt. Ltd. | New Delhi |
2 | Margdarshak Financial Services Ltd. | Uttar Pradesh |
3 | Madura Micro Finance Ltd. | Tamil Nadu |
4 | ESAF Micro Finance & Investments P. Ltd | Kerala |
5 | Fusion Micro Finance P. Ltd. | New Delhi |
6 | Ujjivan Financial Services P. Ltd | Karnataka |
7 | Future Financial Services Ltd. | Karnataka |
8 | SKS Microfinance Ltd.- | Telangana |
9 | Utkarsh Micro Finance P. Ltd | Uttar Pradesh |
10 | Equitas Micro Finance Ltd | Tamil Nadu |
11 | Sonata Finance Pvt. Ltd | Uttar Pradesh |
12 | Saija Finance Private Ltd | Bihar |
13 | Arth Micro Finance Pvt. Ltd. | Rajasthan |
14 | Shikhar Microfinance Pvt. Ltd. | New Delhi |
15 | Navachetana Microfin Services Pvt. Ltd | Karnataka |
16 | Samasta Microfinance Ltd. | Bangalore |
17 | Satin Credit Care Network Ltd. | New Delhi |
18 | Sahyog Microfinance Ltd. | Madhya Pradesh |
19 | Arohan Financial Services P. Ltd | West Bengal |
20 | Suryodaya Microfinance Ltd | Maharashtra |
21 | Belstar Investment & Finance P. Ltd | Tamil Nadu |
22 | Jagaran Microfin P. Ltd | West Bengal |
23 | Digamber Capfin Ltd | Rajasthan |
24 | Midland Microfin Ltd. | Punjab |
25 | RGVN (North East) Microfinance Ltd. | Guwahati Assam |
26 | Grameen Development & Finance P. Ltd. | Assam |
27 | Hindustan Microfinance Private Limited | Maharashtra |
28 | Namra Finance Ltd | Gujarat |
29 | Muthoot Fincorp Limited | Kerala |
30 | Sambandh Finserve Pvt Ltd | Bhuvaneshwar |
31 | IDF Financial Services Pvt Ltd | Bangalore |
32 | Nightingale Finvest Pvt Ltd | West Bengal |
33 | Asirvad Microfinance Private Limited | Chennai |
34 | Village Financial Services Pvt Limited | Kolkatta |
35 | Janalakshmi Financial Services Pvt Ltd | Bangalore |
36 | YVU Financial Services Private Ltd | Guwahati |
37 | Disha Microfin Private Ltd | Ahmedabad |
38 | Smile Microfinance Limited | Chennai |
39 | Light Micro Finance Ltd | Ahmedabad |
40 | Uttarayan Financial Services Pvt Ltd | Kolkatta |
41 | Unacco Financial Services Private Limited | Guhawati, Assam |
42 | Varam Capital | Chennai |
43 | Vedika Credit Capital Ltd | Ranchi |
44 | MSM Microfinance Limited | Chennai |
45 | M Power Micro Finance Private Ltd | Vadodara Gujarat |
46 | Navachetana Microfin Services Pvt. Ltd. | Bangalore |
47 | Intrepid Finance and leasing Pvt. Ltd. | Mumbai |
Institutions of MFI-NBFC shortlisted to be partners of Mudra Loan
MFIS | ||
Sr No | MFI-NBFC | States |
1 | Bhartiya Micro Credit (Sec 8 Company) | Lucknow |
2 | Sakhi Samudaya Kosh (Sec 8 Company) | Maharashtra |
3 | Cashpor Micro Credit (Sec 8 Company) | Lucknow |
4 | CDOT ( MFI Registered as a Society under Indian Societies Act) | Bihar |
5 | Mahana Foundation (MFI Registered as a Trust under Trust Act 1882) | Orissa |
6 | IRCED (MFI Registered as a Society and Trust) | Maharashtra |
7 | NEED | Lucknow |
8 | Community Collective Society for Integrated Develpoment (MFI Registered as a Society) | New Delhi |
9 | Swayam Micro Services(Sec 8 Company) | Ahmedabad |
10 | Chanura Microfin Manipur | Manipur |
11 | Humana People to People India | New Delhi |
12 | Disha India Micro Credit (Sec 25 Company) | Saharanpur |
13 | Annapurna Mahila Multistate Co-op Credit Society(Co-op Society and MFI) | Pune |
14 | Prayas (Organisation for Sustainable Development) (MFI Registered as a Society and Trust) | Ahmedabad |
15 | Dhosa Chandaneshwar Bratyajana Samity (DCBS) (Society) | Kolkata |
16 | Seba Rahara (Society) | Kolkata |
17 | Belghoria Janakalyan Samity (Society) | Kolkata |
18 | Gram Bikash Kendra | Kolkata |
19 | Shakti Mahila Sangh Bahu Uddeshya Sahkari Maryadit (Society) | Jabalpur, MP |
20 | Mahasemam Trust (Society) | Madurai, Tamilnadu |
21 | Sampurna Training and Entrepreneurship Programme (STEP) (Section 25 Company) | Kolkata, West bengal |
22 | Life Foundation (MFI and Trust) | Kerala |
23 | Sanghmitra Rural Financial Services (Sec 8) | Mysore |
24 | Pahal Financial Services Pvt Ltd | Ahmedabad |
25 | Blaze trust(MFI registered as trust) | Coimbatore(Tamil Nadu) |
26 | Mahashakti Foundation (MFI Registered as a Trust under Trust Act 1882) | Odisha |
Institutions of Mainline NBFCs shortlisted to be partners of Mudra Loan
Mainline NBFCs | |
Sr No | Mainline NBFCs |
1 | Reliance Capital Ltd. |
2 | Fullerton India Credit Co. Ltd. |
3 | Shriram Transport Finance Co. Ltd. |
4 | SREI Equipment Finance Ltd. |
5 | Magma Fincorp Ltd. |
6 | Religare Finvest Ltd. |
7 | Shriram City Union Finance Ltd. |
8 | Equitas Finance P. Ltd. |
9 | India Infoline Ltd. |
10 | ECL Finance Ltd. |
11 | AU Financiers India Ltd. |
12 | SE Investments Ltd. |
13 | Electronica Finance Ltd. |
14 | MAS Financial Services Ltd. |
15 | IKF Finance Ltd. |
16 | Intec Capital Ltd. |
17 | Sakthi Finance Ltd. |
18 | Esskay Auto Finance Ltd. |
19 | Bansal Credits Ltd. |
20 | Five Star Business Credits Ltd. |
21 | Indiabulls Financial Services Ltd. |
22 | Vistaar Financial Services P. Ltd. |
23 | Shriram Finance Corporation Pvt Ltd (SRFCL) |
24 | India Infoline Finance Ltd (IIFL) |
25 | Mahindra & Mahindra Financial Services Ltd |
26 | Pudhuaaru Financial Services Pvt Limited (PFSPL) |
27 | Nabard Financial Services Ltd (NABFINS) |
28 | Maanaveeya Development & Finance Private Ltd |
29 | Jumbo Finvest (India) Limited (JFIL) |
30 | Ananya Finance for Inclusive Growth Pvt. Ltd. |
31 | Capital First Limited(CFL) |
Important documents
Depending on the loan amount, business and bank rules, the number of documents can be small.
- Identity Proof
- Proof of Address (Residence Proof)
- Business Enterprise Copy
- Proof of SC / ST / OBC / Minority.
- Business Plan / Project Report.
- The applicant should not be a defaulter in any bank.
- Bank Account Statement (Last 6 months)
- In Case of Rs.2 Lacs and above in last 2 years balance sheet
- Two photos (Proprietor / Partners)
Mudra Application Form
For Mudra Loan, you can get the application form from the bank or you can download it online.
PM Mudra Loan form: Download
Processing of Mudra Loan
- First of all, write the application form and document.
- After that go to your bank and submit the Form + Document.
- After which your documents will be verified by the bank.
- Banks may also ask for some more documents for satisfaction.
- If everything is correct, the bank will accept your application. And
- After the loan processing is complete, the bank will provide you the check.
- (In many Cases, the amount is directly transferred to the bank account.)
- After which you will be able to use that loan.
Who will not get the loan?
Many such situations can occur when the bank rejects the loan application of the applicant.
- If the applicant does not have proper document.
- If there are no better prospects in the Project Report.
- If the applicant has already taken a business loan. or
- The holder is not able to meet the required qualifications.
What is the limit on the currency card?
Who will not get the loan? The Mudra Card (in the form of Rupay Debit Card) is issued to all applicants taking Mudra loans at the time of grant of loan.
Withdraw Limit is as follows?
- Shishu Loan – 10,000
- Kishor Loan – 15,000
- Tarun Loan – 20,000
PM Mudra Yojana Helpline Number
Complaint on not getting loan under Mudra scheme.
If you face any problem related to the currency scheme then you can contact the given website, mail and phone number.
Mudra Yojana Website Portal: Click Here
Mail: [email protected]
Helpline Numbers: 1800 180 1111
With this, you can call the number given for the Mudra Yojana according to your state.
Sr No | State | Contact number |
1 | Maharashtra | 18001022636 |
2 | Chandigarh | 18001804383 |
3 | Andaman and Nicobar | 18003454545 |
4 | Arunachal Pradesh | 18003453988 |
5 | Bihar | 18003456195 |
6 | Andhra Pradesh | 18004251525 |
7 | Assam | 18003453988 |
8 | Daman and Diu | 18002338944 |
9 | Dadra Nagar Haveli | 18002338944 |
10 | Gujarat | 18002338944 |
11 | Goa | 18002333202 |
12 | Himachal Pradesh | 18001802222 |
13 | Haryana | 18001802222 |
14 | Jharkhand | 18003456576 |
15 | Jammu and Kashmir | 18001807087 |
16 | Kerala | 180042511222 |
17 | Karnataka | 180042597777 |
18 | Lakshadweep | 4842369090 |
19 | Meghalaya | 18003453988 |
20 | Manipur | 18003453988 |
21 | Mizoram | 18003453988 |
22 | Chhattisgarh | 18002334358 |
23 | Madhya Pradesh | 18002334035 |
24 | Nagaland | 18003453988 |
25 | NCT of Delhi | 18001800124 |
26 | Odisha | 18003456551 |
27 | Punjab | 18001802222 |
28 | Puducherry | 18004250016 |
29 | Rajasthan | 18001806546 |
30 | Sikkim | 18004251646 |
31 | Tripura | 18003453344 |
32 | Tamil Nadu | 18004251646 |
33 | Telangana | 18004258933 |
34 | Uttarakhand | 18001804167 |
35 | Uttar Pradesh | 18001027788 |
36 | West Bengal | 18003453344 |
