Pradhan Mantri Mudra yojana (PMMY) Scheme for Regional Rural Banks

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Pradhan Mantri Mudra yojana (PMMY) Scheme for
Regional Rural Banks
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• The Pradhan Mantri Mudra Yojana (PMMY) is a
  program Presented by the Indian government to
  provide finance to the unfunded" by bringing such
  firms into the proper financial system and
  providing them affordable credit. It allows a
  small borrower to borrow from all public sector
  banks such as PSU banks, regional rural banks and
  cooperative banks, private sector banks, foreign
  banks, microfinance institutions (MFIs) and
  non-bank financial corporations (NBFCs) for
  loans of up to Rs 10 hundreds of thousands of
  income-generating non-agricultural assets. The
  scheme was launched on April 8, 2015 by Prime
  Minister. (BBGV51220)
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• Eligibility Any Indian resident who has a
  business plan for a non-farm income-generating
  business like manufacturing, processing, trade or
  service sector and whose credit requirement is
  less than Rs 10 lakh can go to a bank , an MFI or
  a NBFC to avail of Loans from Micro Units
  Development Refinance Agency Ltd. (MUDRA)
  underPradhanMantriMudraYojana(PMMY).Types of
  loans disbursed under the auspices of Pradhan
  Mantri MUDRA Yojana, MUDRA has already created
  the following products / schemes. Shishu loan
  coverage up to 50,000 / -, Kishor covers loans
  over 50,000 / - and up to 5 lakhs,Tarun covers
  loans of more than 5 lakh and up to 10 lakh. They
  have been named 'Shishu', 'Kishor' and 'Tarun' to
  indicate the growth / development stage and
  funding needs of the recipient micro unit /
  entrepreneur and also provide a point of
  reference for the next graduation / growth phase
  to look forward to. Sixty percent of credit goes
  to the Shishu category units and the balance to
  the Kishor and Tarun categories.There is no
  grant for the loan granted under PMMY. But, if
  the loan scheme is linked to some government
  proposal, where the government provides a capital
  grant, it will also be eligible under PMMY.

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• Sectors covered To maximize beneficiary coverage
  and tailor products to meet the requirements of
  specific business activities, sector / business
  focused programs would be introduced. To begin
  with, on the basis of a greater concentration of
  companies in certainactivities/
  sectors,schemesareproposedfor Land transport
  sector / activity - Which among other things will
  support units for the purchase of transport
  vehicles for goods and personal transport such as
  auto rickshaws, small goods vehicles, 3 wheels,
  electric rickshaws, passenger cars, taxis ,
  etc. this scheme provides loan for
  Community, social and personal service activities
  - like salons, beauty salons, gyms, boutiques,
  tailor shops, dry cleaning, bicycle and
  motorcycle repair shop, DTP and photocopy
  services, medicine shops, couriers, etc. .
  Food sector - Support would be available for
  activities such as papad, achaar, jams / jellies
  production, agricultural product storage at rural
  level, candy shops, small service food stalls and
  daily catering / canteen of cold vehicles, cold
  rooms, ice production units, ice cream, biscuit,
  bread and sandwich production units, etc.
  Textile sector gives support for several
  activities such as hand loom, electric loom,
  chikan work, zari and zardozi work, traditional
  embroidery and hand work, traditional dyeing and
  printing, apparel design, etc
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• How to apply Borrowers, who want to get benefit
  of Pradhan Mantri MUDRA Yojana (PMMY), can go to
  the local branch of any financial institution in
  their region PSU banks, regional rural banks and
  cooperative banks, private sector banks, foreign
  banks, micro finance Institutions (MFIs) and
  Non-bank financial corporations (NBFC). The
  sanction of the assistance must comply with the
  eligibility rules of the respective credit
  institution.Checklist (documents to be
  submitted with the application) Proof of
  Identity - Self-certified copy of voter's ID card
  / driver's license / PAN card / Aaadhaar card /
  passport / government issued photo ID.
  authorities etc. Proof of residence recent
  phone bill / electricity bill / property tax
  receipt (no older than 2 months) / voter ID card
  / Aaadhar card / natural person's passport /
  holder / bank book partner or last account
  statement duly certified by the bank / domain
  officials
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• Checklist (documents to be submitted with the
  application) Proof of Identity - Self-certified
  copy of voter's ID card / driver's license / PAN
  card / Aaadhaar card / passport / government
  issued photo ID. Authorities etc,
• Proof of residence recent phone bill /
  electricity bill / property tax receipt (no older
  than 2 months) / voter ID card / Aaadhar card /
  natural person's passport / holder / bank book
  partner or latest account statement duly
  certified by bank / domicile officials
  Certificate / Certificate issued by Govt. Local
  Authority / Panchayat / Municipality etc.

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• Recent photograph of the applicant (2 copies)
  no older than 6 months. Estimate of Machinery /
  other items to purchase, supplier / particulars
  of machinery / cost of machinery and / or items
  to be purchased.
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• Proof of identity / business address - Copies of
  licenses / registration certificates / other
  relevant documents relating to ownership,
  identity of business unit address, if any, Proof
  of category such as SC / ST / OBC / Minority etc.
• Note For all PMMY loans, this should be noted.
  No processing fees is needed , No guarantee, The
  loan repayment period is extended up to 5 year,
  The applicant must not be in default of any bank
  / financial institution
• I think what ever have discussed about Pradhan
  Mantri MUDRA Yojana would be beneficial for you
  so those who are in need of funds just try
  these stps and certainly it will be helpful
  for you all.
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