{"id":984,"date":"2024-05-06T00:00:00","date_gmt":"2024-05-06T00:00:00","guid":{"rendered":"https:\/\/rize.blog.razorpay.in\/pradhan-mantri-mudra-yojana-pmmy\/"},"modified":"1970-01-01T00:00:00","modified_gmt":"1970-01-01T00:00:00","slug":"pradhan-mantri-mudra-yojana-pmmy","status":"publish","type":"post","link":"https:\/\/razorpay.com\/rize\/blogs\/pradhan-mantri-mudra-yojana-pmmy\/","title":{"rendered":"Pradhan Mantri Mudra Yojana (PMMY) for Startups | Razorpay Rize"},"content":{"rendered":"<h2 id=\"\">Eligibility<\/h2>\n<ul id=\"\">\n<li id=\"\">Must have business plans for service sector activities or trading or manufacturing activities.<\/li>\n<li id=\"\">In the case of an individual applicant, the age range must be between 18 and 65 years.<\/li>\n<li id=\"\">Must be a non-corporate and non-farm small and micro-enterprise.<\/li>\n<\/ul>\n<h2 id=\"\">Documents Required for the PMMY Scheme<\/h2>\n<ul id=\"\">\n<li id=\"\"><strong id=\"\">Proof of identity <br \/>\u200d<\/strong>Self-attested copy of Voter&#8217;s ID card\/Driving Licence\/PAN Card\/AadhaarCard\/Passport\/Photo IDs issued by Govt. authority etc.<\/li>\n<li id=\"\"><strong id=\"\">Proof of Residence<br \/>\u200d<\/strong>Recent telephone bill\/electricity bill\/property tax receipt (not older than 2 months) \/ Voter&#8217;s ID card \/ Aadhaar Card \/ Passport of Individual \/ Proprietor\/Partners\/Bank passbook or latest account statement duly attested by Bank officials\/Domicile certificate\/certificate issued by Govt. authority\/Local panchayat\/Municipality etc.<\/li>\n<li id=\"\"><strong id=\"\">Applicant&#8217;s Recent Photograph (2 copies) <\/strong>6 months or older.<\/li>\n<li id=\"\"><strong id=\"\">Proof of Identity\/Address of the Business<br \/>\u200d<\/strong>Copies of relevant licenses\/registration certificates\/other documents pertaining to the ownership, identity, and address of the business unit, if any<\/li>\n<\/ul>\n<p id=\"\">Other relevant documents, like proof of category, quotation, etc., are also required during the application process.<\/p>\n<h2 id=\"\">Application procedure<\/h2>\n<p id=\"\">If you are eligible, applying for a MUDRA loan is relatively easy and can be done both online &amp; offline.<\/p>\n<h3 id=\"\"><strong id=\"\">Online<\/strong><\/h3>\n<ul id=\"\">\n<li id=\"\">Visit the official website of the PMMY-authorized financial institution from which you wish to avail of the Mudra loan.<\/li>\n<li id=\"\">Download the <a id=\"\" href=\"https:\/\/www.mudra.org.in\/Default\/DownloadFile\/Common_loan_Application_form.pdf\" target=\"_blank\" rel=\"noopener\">relevant form<\/a> depending on the type of loan (Sishu, Kishore, and Tarun).<\/li>\n<li id=\"\">Fill out all the personal and business details and then \u201cSubmit\u201d the form.<\/li>\n<li id=\"\">Once received, the application form is verified and processed accordingly. Following the verification, the loan amount is approved and disbursed.<\/li>\n<li id=\"\">The loan amount can be withdrawn with the help of a MUDRA card issued after the loan approval.<\/li>\n<\/ul>\n<figure id=\"\" class=\"w-richtext-figure-type-image w-richtext-align-center\" data-rt-type=\"image\" data-rt-align=\"center\">\n<div id=\"\"><img decoding=\"async\" id=\"\" alt=\"Application procedure \" src=\"https:\/\/cdn.prod.website-files.com\/652f7edfbfa272ea310aba7c\/68726b80df78367eea05a8f3_663dcc42c69b4b071e7f9793_PPMMY2.webp\" width=\"auto\" height=\"auto\" loading=\"auto\"><\/div>\n<\/figure>\n<h3 id=\"\"><strong id=\"\">Offline<\/strong><\/h3>\n<ul id=\"\">\n<li id=\"\">Visit a PMMY-authorized bank or NBFC of your choice.<\/li>\n<li id=\"\">Fill out the<a id=\"\" href=\"https:\/\/www.mudra.org.in\/Default\/DownloadFile\/Common_loan_Application_form.pdf\" target=\"_blank\" rel=\"noopener\"> MUDRA loan application form<\/a> with the required details.<\/li>\n<li id=\"\">Submit the application form with a self-written business plan and other documents to substantiate those details.<\/li>\n<li id=\"\">After successful document verification, the loan will get approved, and the desired amount will be credited.<\/li>\n<li id=\"\">Must have the required infrastructure and targeted acceleration programs.<\/li>\n<\/ul>\n<h2 id=\"\">Benefits of the PMMY Scheme<\/h2>\n<ul id=\"\">\n<li id=\"\">MUDRA loans can be taken for small amounts at affordable interest rates; also, the credit guarantee is borne by the Government.<\/li>\n<li id=\"\">This scheme could be availed without any collateral or security.<\/li>\n<li id=\"\">The Mudra loan scheme in collaboration with the \u201cMake In India\u201d campaign, helps in fostering innovation, facilitating investment, and improving skill development.<\/li>\n<li id=\"\">Women Borrowers can avail this scheme with discounted interest rates.<\/li>\n<li id=\"\">Relief of up to 1500 Crore will be provided to the Borrowers as Interest Subsidy under the Mudra Shishu Category.<\/li>\n<\/ul>\n<h2 id=\"\">Achievements Under PMMY Scheme<\/h2>\n<p id=\"\">Here\u2019s a table to highlight the achievements under the PMMY scheme in the last 3 years.<\/p>\n<div data-rt-embed-type='true'>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><strong>No. of PMMY loans sanctioned<\/strong><\/th>\n<th><strong>Amount sanctioned<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>FY 23\u201324<\/strong><\/td>\n<td>66777013<\/td>\n<td>INR 541012.86 Crores<\/td>\n<\/tr>\n<tr>\n<td><strong>FY 22\u201323<\/strong><\/td>\n<td>62310598<\/td>\n<td>INR 456537.98 Crores<\/td>\n<\/tr>\n<tr>\n<td><strong>FY 21\u201322<\/strong><\/td>\n<td>53795526<\/td>\n<td>INR 339110.35 Crores<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 id=\"\">Frequently Asked Questions<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Read about the PMMY scheme which empowers small businesses in India with easy access to finance and MUDRA loans.<\/p>\n","protected":false},"author":1,"featured_media":985,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts\/984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/comments?post=984"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts\/984\/revisions"}],"predecessor-version":[{"id":1302,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts\/984\/revisions\/1302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/media\/985"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/media?parent=984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/categories?post=984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/tags?post=984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}