PMEGP Loan Scheme – A Comprehensive Guide
Published: 2024-02-08 18:39:38

What is the PMEGP loan scheme?

 In a country as diverse and dynamic as India, there are millions of individuals who possess great ideas and aspirations, but often lack the necessary financial assistance to turn their dreams into reality. Recognizing this, the Government of India launched the Pradhan Mantri Mudra Yojana (PMMY) in April 2015, with the aim of providing financial support to micro and small business enterprises. This initiative has played a pivotal role in transforming lives and empowering individuals to become successful entrepreneurs. [Read more blog](https://www.naukri925.com/pradhan-mantri-mudra-yojana)

So, what exactly is the Pradhan Mantri Mudra Yojana? It is a flagship scheme of the Government of India, set up to help financially backward sections of society gain access to funds for starting or expanding their businesses. “Mudra” stands for Micro Units Development and Refinance Agency Ltd., which serves as the nodal agency for implementing this program.

Under PMMY, loans of up to Rs. 10 lakh (depending on the category) are provided to small businesses, startups, and individuals for income generating activities. The scheme has been divided into three categories, namely Shishu (covering loans up to Rs. 50,000), Kishore (covering loans between Rs. 50,000 to Rs. 5 lakh), and Tarun (covering loans between Rs. 5 lakh to Rs. 10 lakh), catering to the diverse needs and aspirations of the beneficiaries.

One of the most notable aspects of PMMY is its simplicity and ease of accessibility. Through this scheme, funds are made available to borrowers by a wide network of banks, Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs) across the country. Moreover, the process of applying for a loan under PMMY is hassle-free, with minimal documentation requirements. This ensures that individuals from far-flung areas and those who have little to no previous banking experience can also avail the benefits of this scheme.

One of the primary goals of PMMY is to promote entrepreneurship among women and those belonging to historically marginalized communities. Recognizing the importance of inclusive growth, the scheme offers special incentives and lower interest rates for these individuals. This has not only empowered women and minorities but has also contributed to financial inclusion and gender equality in the country.
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