How and where to get loans under Pradhan Mantri MUDRA Yojana (PMMY)


QuestionsCategory: BusinessHow and where to get loans under Pradhan Mantri MUDRA Yojana (PMMY)
MyIQ Staff Staff asked 2 years ago

What is MUDRA Loan?
Whom to approach for assistance?

1 Answers
MyIQ Education Staff answered 2 years ago

mudra scheme process flow explained

Process flow diagram of Mudra scheme


1- What is MUDRA loan?

  • As per Department of Financial Services, Ministry of Finance, Govt. of India’s letter No.27/01/2015-CP/RRB dated May 14, 2015 loans given to non-farm income generating enterprises in manufacturing, trading and services whose credit needs are below Rs.10 lakh by all the Public Sector Banks, Regional Rural Banks, State Cooperative Banks and Urban Co-operative Banks will be known as MUDRA loans under the Pradhan Mantri MUDRA Yojana (PMMY). All such loans can be covered under refinance and/or credit enhancement products of MUDRA.

 

  • In addition to these Banks, NBFCs and MFIs operating across the country can also extend credit to this segment, for which they can avail financial assistance from MUDRA Ltd., subject to their conforming to the approved eligibility criteria. Eligibility criteria for availing refinance/financial assistance by institutions from MUDRA has been finalized and hosted at MUDRA’s website.

 

  • To begin with, based on eligibility criteria, MUDRA has enrolled 27 Public Sector Banks, 17 Private Sector Banks, 27 Regional Rural Banks and 25 Micro Finance Institutions (MFIs – list as per Annexure I) as partner institutions for channelizing assistance to the ultimate borrower.

2-Whom to approach for assistance under PMMY?
Borrowers, who wish to avail assistance under Pradhan Mantri MUDRA Yojana (PMMY), can approach the local branch of any of the above referred institutions in their region. Sanction of assistance shall be as per the eligibility norms of respective lending institution.
3- Whom to contact for assistance?

  • MUDRA has identified 97 Nodal Officers at various SIDBI Regional offices/Branch Offices to act as “first contact persons” for MUDRA.
  • For information on MUDRA products and for any kind of assistance, the borrower can either approach/contact MUDRA office at Mumbai or the identified MUDRA Nodal Officers, whose details (along with contact numbers and mail ids) are made available at MUDRA’s Website. The borrower may also visit MUDRA website, http://www.mudra.org.in and can send any query/suggestion to help@mudra.org.in.

Annexure-1

Annexure-1


 
Note :
1) These institutions have to submit their latest financial status/position and submit loan application for availing of financial assistance from MUDRA Ltd.
2) The MFIs although registered in a particular centre or a state can also operate in other centres and states, according to their bye laws. Accordingly, these institutions cover most of the States.

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