Pradhan Mantri MUDRA Yojana (PMMY)
Pradhan Mantri MUDRA Yojana (PMMY) was launched with prime objective to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them.
PMMY consists of non-farm enterprises in manufacturing, trading and services whose credit needs are upto Rs.10.00 lakh. The loans to be given to this segment for income generation
“Activities allied to Agriculture” e.g. pisciculture, bee-keeping, poultry, livestock, rearing, grading, sorting, aggregation agro industries, dairy, fishery, Agri-clinics and Agribusiness centers, Food & Agro-Processing, etc. (excluding crop loans, land improvement such as canals, irrigation, wells) and services supporting these, which promote livelihood or are income generating shall be eligible for coverage under PMMY.
Eligible borrowers: Individuals, Proprietary concern, Partnership Firm, Private Ltd. Company, Public Company & Any other legal forms fulfilling the eligibility criteria under the different schemes covered under Pradhan Mantri MUDRA Yojana.
PMMY is categorized in three categories :
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Category
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Stipulated Credit limits
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SHISHU
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Loans sanctioned under the scheme up to Rs.50000
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KISHORE
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Loans sanctioned under the scheme from Rs.50001 to Rs.5.00 lacs
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TARUN
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Loans sanctioned under the scheme from Rs.5,00,001 to Rs.10.00 lacs
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Rate of interest (RoI) in PMMY is Linked to Float Rate.
- Check list of documents under different categories of Pradhan Mantri Mudra Yojana (PMMY)
CHECK LIST : SHISHU
- Proof of identity - Self certified copy of Voter’s ID card/Driving License/PAN Card/Aadhar Card/Passport /Photo IDs issued by Govt. authority etc.
- Proof of Residence - Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), Voter’s ID card, Aadhar Card & Passport of Individual/Proprietor/Partners, Bank Passbook or latest account statement duly attested by Bank officials, Domicile certificate, Certificate issued by Govt. authority/Local Panchayat/Municipality etc.
- Applicant’s recent Photograph (2 copies) not older than 6 months.
- Quotation of Machinery/other items to be purchased.
- Name of supplier/details of machinery/price of machinery and /or items to be purchased.
- Proof of identity/Address of the Business Enterprise – Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity and address of business unit, if any
- Proof of category like SC/ST/OBC/Minority etc.
NOTE :
- No processing fee
- No collateral
- Repayment period of loan is extended up to 5 years.
- Applicant should not be defaulter of any Bank/Financial institution.
CHECK LIST : KISHORE TARUN
- Proof of identity - Self certified copy of Voter’s ID card/Driving License/PAN Card/Aadhar Card/Passport.
- Proof of Residence - Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), Voter’s ID card, Aadhar Card and Passport of Proprietor/Partners/Directors.
- Proof of SC/ST/OBC/Minority if applicable.
- Proof of Identity/Address of the Business Enterprise -Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity and address of business unit.
- Applicant should not be defaulter in any Bank/Financial institution.
- Statement of accounts (for the last six months), from the existing banker, if any
- Last two years balance sheets of the units along with income tax/sales tax return etc. (Applicable for all cases from Rs.2 Lacs and above).
- Projected balance sheets for one year in case of working capital limits and for the period of the loan in case of term loan (Applicable for all cases from Rs.2 Lacs and above).
- Sales achieved during the current financial year up to the date of submission of application.
- Project report (for the proposed project) containing details of technical & economic viability
- Memorandum and articles of association of the company/Partnership Deed of Partners etc.
- In absence of third party guarantee, Asset and Liability statement from the borrower including Directors and Partners may be sought to know the net-worth.
- Photos (two copies) of Proprietor/Partners/Directors.
- (The check list is only indicative and not exhaustive and depending upon the local requirements at different places addition could be made as per necessity)