Overview

The Pradhan Mantri Mudra Yojana (PMMY) is a government initiative aimed at providing financial support to micro and small enterprises. It is designed for startups, small businesses, shop owners, and self-employed individuals.

Eligibility Criteria

• Small business owners, entrepreneurs, MSMEs, and individuals engaged in trading, manufacturing, and service sectors
• Age: 18 to 65 years
• No prior default history in credit score

Loan Categories

Interest Rates

• Varies from 7.5% to 12% depending on the lender and borrower profile

CIBIL Score Requirement

• Preferably 650+
• No stringent requirement for first-time borrowers

Benefits

• No collateral required
• Lower interest rates for women entrepreneurs
• Encourages small business growth

Documents Required

• KYC documents (Aadhar, PAN, Voter ID)
• Business registration proof
• Bank statements (last 6 months)
• Project report or business plan