Finance Scheme for the benefit of Entrepreneurs

In continuation to our previous discussion on a recent tie-up named “SEHER” which is for the benefit of women entrepreneurs, here we will discuss a finance related scheme that can benefit all entrepreneurs.

This scheme is named Pradhan Mantri Mudra Yojna. To know how you as a proprietor or a company can get the benefit, read further?

  1. There are three kinds of loan- Shishu – upto Rs. 50,000/-; Kishore- from Rs. 50,000/- to Rs. 5,00,000/- and Tarun- more than Rs. 5,00,000/- and upto Rs. 10,00,000/-. So, first of all one has to decide on how much loan amount one wants and how they are going to utilize it. It is better to make a project report first in which expected investment in next few years along with expected inflow is mentioned.
  2. Any individual, proprietorship, partnership, company can apply for loan provided-
  3. It should not be a defaulter to any bank
  4. It must have the required skills and educational qualification/experience to work in the sector for which they are applying for assistance.
  5. The loan is given by Public Sector Banks, Private Sector Banks, Non-Banking Finance Companies and others as authorized by Reserve Bank of India.
  6. This scheme is for manufacturers, traders as well as service providers in any sector. However, agriculture or farm related activities are not eligible because there are separate schemes for them.
  7. Application Process- All one has to do is to visit the website . Thereafter, create a login for PMMY Portal and then simply apply. The documents required are very basic including PAN, Adhar, photograph of individual, registration certificate of firm/company, quotation for items to be purchased etc.

By now, you must have noticed that this is another financial assistance providing scheme of Government of India, the benefit of which very less number of people are able to get because of lack of awareness. So, stay tuned to know about more such schemes.

Bhavya Taneja
Bhavya Taneja
Bhavya Taneja is a Practicing Company Secretary, speaker on various academic and non-academic topics and a writer. She has an experience of 8 years as a professional and 5 years as a faculty of Economics. She has authored a book of quotes called 'Crisp Talkings' and is actively involved in social welfare activities as well.

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