The PM MUDRA Yojana has completed 8 years of its inception on April 8, 2023. Around Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts under Pradhan Mantri MUDRA Yojana since its inception back in 2015.
There are three types of Mudra loans depending on the loan amount:
- Shishu: Loans sanctioned under the PMMY scheme up to Rs. 50,000
- Kishore: Loans sanctioned under the PMMY scheme from Rs. 50,001 up to Rs.5 Lakhs
- Tarun: Loans sanctioned under the PMMY scheme Rs. 5,00,001 up to Rs. 10 Lakhs
- While there is no minimum loan amount under the Mudra loan scheme, the maximum loan amount that can be taken under the PMMY is Rs. 10 Lakhs.
- Borrowers don’t need to pay processing charges or offer collateral if they avail a Mudra loan.
- As per the PMMY scheme, the Mudra loan can not only be offered to enterprises in the non-farm sector but also can include those engaged in allied agricultural activities, such as horticulture and fisheries.