Pradhan Mantri Mudra Yojana (PMMY): Who Qualifies and What You Get
Learn how to access collateral-free business loans up to ₹10 lakhs to expand your small business or startup.
This government scheme provides loans to small business owners who need capital to expand their existing operations or start something new.
Who it's for
This scheme is designed for small business owners who require funding to grow their business or launch a new venture.
What you get
You can access loans without needing to provide any collateral (security or assets) to the lender. The total loan amount available can go up to ₹10 lakhs.
What it costs you
While there is no collateral required, you will need to pay interest on the money you borrow. The specific interest rate depends on the bank you choose. You will also need to prepare and present a clear business plan to show how you intend to use the funds.
The catch to know
Some banks may be hesitant to approve loans for freelancers if you cannot demonstrate a strong, consistent business track record.
How to apply
- Prepare a detailed business plan for your venture.
- Visit your preferred bank or financial institution to discuss your needs.
- Submit the required documentation and your business plan for review.
- Visit the official portal for more details: https://www.mudra.org.in/