Check Mudra loan Eligibility
What is The Eligibility Criteria for MUDRA Loan?
PMMY or Pradhan Mantri MUDRA Yojana was launched by the honourable Prime Minister on April 8, 2015. The MUDRA loan scheme was launched with the prime objective of providing easy and quick loans to small and medium enterprises. However, there is a criterion that these enterprises should necessarily be non-corporate and non-farming.
Entrepreneurs who want to apply for the scheme needs to fulfil MUDRA loan eligibility. Depending on the eligibility, the borrower can avail loans up to Rs. 10 lakhs under the following three categories:
Shishu Loan: under this category, an individual can avail a business loan up to Rs. 50,000 to start their business or invest in the early stages of the business operations.
Kishor Loan: Under this category, a business owner can avail Pradhan Mantri loan up to Rs. 5,00,000 (from Rs. 50,000) for business expansion.
Tarun Loan: a fully-established business can avail MUDRA loan ranging from Rs. 5 lakhs to Rs. 10 lakhs under this category.