Mudra loan of Pradhan Mantri Mudra Yojana is a Government of India undertaking designed to meet the financing needs of non-corporate small business units of the country. The idea is to provide financial support for small business which employ majority of the Indian working population.
The banks operating in Jammu & Kashmir have disbursed Rs. 1003 Cr against the target of Rs. 2433 Crore to 41000 beneficiaries till now. J&K Bank alone has disbursed Rs. 788 Crores under the said scheme, he said. A total of 20 lakh PMJDY accounts have been opened in J&K State by all the banks with total deposit of Rs. 650 Crore and out of these, 17 lakh have been opened in rural areas.
Loan under MUDRA
Loan is provided currently under three schemes in Prdhan Mnatri MUDRA Yojana in Jammu and Kashmir. The three schemes are as following:
- Shishu: Loan of upto Rs.50,000/=
- Kishor: Loans of above Rs.50,000 to Rs.5 lakhs.
- Tarun: Loans of above Rs.5 lakhs to Rs.10 lakhs.
MUDRA Loan Eligibility
Any Indian Citizen who has a business plan for a non-farm sector income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than 10 lakh can approach either a Bank, MFI, or NBFC for availing of MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY). The terms and conditions of the lendor would have to be followed for availing of loans under MUDRA. The lending rates are as per the RBI guidelines issued in this regard from time to time. Since, MUDRA is a refinancing institution, loans are not offered directly by MUDRA but through existing NBFCs, Financial Institutions, Banks, Primary Lending Institutions, etc.,
The target audience for MUDRA loans are millions of Proprietorship / Partnership Firms running a small manufacturing unit or service sector unit like shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas.
Where to approach for Loans under Mudra Yojana in Jammu and Kashmir?
Presently loans under Mudra Yojana are offered by:
- 27 Public Sector Banks
- 17 Private Sector Banks
- 31 Regional Rural Banks
- 4 Co-operative banks
- 36 Microfinance Institutions
- 25 Non-Banking Financial Institutions
To obtain MUDRA loan the borrower can approach the branch of a bank or financial institution providing MUDRA in Jammu & Kashmir loan with the following documents and information.
- MUDRA Loan Application
- Business plan
- Proof of Identity like PAN / Drivers License / Aadhaar Card / Passport and more.
- Residence proof like recent telephone bill / electricity bill or property tax receipt and more.
- Applicant’s recent photograph less than 6 months old
- Quotation of machinery or other items to be purchased
- Name of supplier or details of machinery or prices of machinery
- Proof of identity / address of the business like tax registration, business license and more.
- Proof of category like SC/ST/OBC/Minority, if applicable
It is important to note that there is no processing fee or collateral requirement for obtaining MUDRA loan.