PRIME MINISTER MUDRA YOJANA (PMMY)
- Pradhan Mantri Mudra Yojana was launched on April 8, 2015 by Hon’ble Prime Minister as a new financial entity for development of Micro enterprises in manufacturing, trading and service sectors and refinancing the last mile financial intermediaries like BANKS, NBFC and MFIs etc.
Three categories under this scheme is based on quantum of finance.
Category |
Loan amount |
SHISHU |
Loan upto Rs. 50,000/- |
KISHORE |
Loan Amount from 50,001 to 5,00,000/- |
TARUN |
Loan Amount from 5,00,001 to 10,00,000/- |
FEATURES OF MUDRA SCHEME:
1. Existing customers with satisfactory track record for last 2 years (both conduct of account with financing branch and financials of the applicant unit)
2. New customers subject to satisfactory OPL from their existing bankers
3. New units subject to satisfactory market opinion on the promoters
4. Only Individuals/Proprietorships/partnerships/SHGs are eligible for finance under the scheme.
a. Private limited company, HUF and Trusts are not eligible.
b. Units whose Risk rating is High and/or grading as per scoring norms is Higher/Highest are not eligible.
Up to Rs.25000/- |
Nil |
Above
Rs.25000/- |
15 to 25% (30% margin in case of book debt held as prime security) |
Term Loan |
Repayable in maximum of 5-7 years in suitable monthly/equated monthly installments. Repayment holiday of 2 to 3 months may be permitted wherever necessary.
|
Working capital |
As per prevailing Guidelines |
Prime security |
Assets created out of loan - Hypothecation of moveable assets and/or Mortgage of immovable property and Existing business assets of the borrower only. |
Collateral security/
Third party guarantee |
NIL
All such eligible loans to be mandatorily covered under Credit Guarantee Fund Scheme for Micro and Small Enterprises.
Note: As per prevailing guidelines loans/advances to traders, educational institutions are not eligible for cover under CGMSE. |
Processing
Charges / Upfront fee
|
Upto Rs.5 lakhs |
Nil |
Above Rs.5 lakhs |
As per prevailing guidelines |
As per prevailing guidelines on interest rate for loans under MSME.
Applicant is required to fill the application as per Banks Performa and apply at the nearest Bank Branch with the required documents as per the check list.