What is Pradhan Mantri MUDRA Yojana (PMMY)?
PMMY is a Government Scheme launched by the Hon’ble Prime Minister on April 8, 2015, for supplying loans up to 10 lakh to non-corporate, non-farm small/micro-enterprises. Such loans are classified as MUDRA loans under PMMY. These loans are awarded by Commercial Banks, RRBs, Little Finance Banks, MFIs, and NBFCs.
Under the aegis of Pradhan Mantri Mudra Yojana loan (PMMY), MUDRA has created goods/schemes. The interventions have been called Shishu, Kishore, and Tarun to signify the stage of expansion/development and financing needs of the beneficiary micro unit/entrepreneur and also provide a reference point for the next phase of cooperation/expansion to look forward to:
- Shishu: covering loans up to 50,000/-
- Kishor: covering loans over 50,000/- and up to 5 lakh
- Tarun: covering loans above 5 lakh and up to 10 lakh
Having an objective to promote entrepreneurship among the new creation aspiring youth, it is guaranteed that more focus is given to Shishu Category Units after which Kishore and Tarun categories.
