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Modi Launches Pradhan Mantri Mudra Yojna – Loan Facility For It’s Citizen
BJP Government is quite famous since they came in power in central government in the year 2014. In order to promote Skill India, Prime Minister Shri Narendra Modi launched a program named Pradhan Mantri Mudra Yojna (PMMY) beneath Micro Units Development and Refinance Agency.
PMMY came into existence for the expansion & finance against activities concerning with micro units. It mainly focused on those people who are entrepreneurs and want to make something big but can’t start their own business due to non-availability of investment. Finance Minister announced PMMY scheme in Union Budget of 2016.
Vision Behind PMMY
Prime Minister’s vision behind PMMY is to make small entrepreneurs come ahead as a job provider, not job seekers. Under this scheme, a person will get a loan upto prescribed limit with low-interest rates. Indian youths are more focused on doing jobs, reason is mainly that they don’t have sufficient fund to start a business. So to decrease this difference between youth’s dreams & aspirations, PMMY will make a difference by providing them startup money for their business.
Why PMMY Came Into Existence?
The main motive behind PMMY was to uplift those people whose main occupation is farming and earns less than required for livelihood. By the Census of 2013, it came to knowledge that farmers used to start their business with the earning of their field or by taking a loan from money lenders. These money lenders lend money on high-interest rates and due to the non recovery of these interests these money lenders used to acquire their farms. So to stop this monopoly of money lenders, central government took the initiative of providing loans to those people who have ideas for businesses and can provide work to other youngsters also.
Under this scheme, loan are classified into three subgroups:
- Under Shishu Yojna, a person can avail loan up to 50 thousand.
- In Kishore Yojna, a person can have a loan amount of up to 50 thousand to 5 lakhs.
- Tarun Yojna provides loan amount of above 5 lakhs to under 10 Lakhs.
Any interested person can avail these loan amounts by affiliated banks of Micro-Units Development and Refinance Agency Banks. This initiative started encouraging the expansion of micro & small scale ventures.
Objectives of PMMY
- Weaker section of society like women, people who belong to SC/ST will get encouraged with Pradhan Mantri Mudra Yojna.
- Encourage small business units & entrepreneurs, so that they can enhance their capabilities & make them regulators for Micro-Finance Institutions.
- Mudra Bank will refinance Micro-investment organizations via Pradhan Mantri Mudra Yojana.
- To aid easy access to finance for unbanked & also help in decreasing the cost of business.
- Lower Income group people can set up their own business.
Who can apply for PMMY Loan?
Well, Mudra loan is not available for any special or single bank. Various banks have given the responsibility of providing the loan to people. If anyone wants to get loan under PMMY scheme, they must have to prepare a business plan. Mudra Yojna has set eligibility criteria for those aspirants who wants loan under PMMY scheme.
What Documents do you need to bring for Mudra Yojana?
- Identity proof (self attested) with 2 passport size photo.
- Quotation of articles & equipment which are going to purchased.
- Supplier & Machinery Detail.