On April 8, 2015 the Hon’ble Prime Minister launched the Pradhan Mantri MUDRA Yojana (PMMY) with a mission to create an inclusive, sustainable and value based entrepreneurial culture.
The scheme aims at providing loans to Small Business activities under Manufacturing, Service, Small Business and Trade (non-farm enterprises) & covered under the following three sub-categories based on loan limit:
Category |
Loan Limit |
Key Feature |
Shishu |
Up to Rs 50000/- |
|
Kishore |
Rs 50001 to Rs 5 lakh |
|
Tarun |
Above Rs 5 lakh & up to Rs 10 lakh |
Margins | Shishu Loan : Not Applicable Kishore and Tarun Loans : 10% |
Rate of Interest |
Interest will be charged at prevailing rate on daily reducing balance at monthly rest. |