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Pradhan Mantri Mudra Yojana Scheme for Women

  • 30-Mar-2022
Pradhan Mantri Mudra Yojana Scheme for Women

Mudra Yojana was launched in 2015 by the Indian government, the Pradhan Mantri Mudra Yojana (PMMY) provides financial assistance to encourage entrepreneurs looking to start up businesses.   

Mudra Yojana Scheme for Women  

Most of the lending institutions also extend mudra loans for women to aspire first-time entrepreneurs in the country.   

Banks and financial institutions are offering mudra loans to women who have the aim to initiate their own businesses. Moreover, Mudra loans can be opted by anyone looking to launch, expand, support or modernize their own SMEs. In 4 years of PMMY's existence, nearly 70% of mudra loans are sanctioned to women entrepreneurs.  

Women entrepreneurs can avail of loans up to 10 lakh under mudra yojana loans from 27 Government Bank, 17 Private Bank, 31 Gramin Bank,36 Micro Finance Institute and 25 NBFCs.  

Since the mudra women, loan scheme has launched, the Indian government are more interested to provide business loan for women as the higher number of queries are rising from female entrepreneurs.  

Types of Mudra Loan Yojana for Women  

These loans are categorized into 3 categories, namely:  

Shishu Loan- With the Shishu loan, entrepreneurs can avail of a loan up to Rs.50,000  

Kishor Loan- Under Kishor loan, business owners can avail of a business loan up to Rs.5 lakh.  

Tarun Loan- Under Tarun scheme, female entrepreneurs can get a business loan ranging from Rs. 5 lakhs to Rs.10 lakh.  

To get qualify for the mudra loan scheme for women, businesswomen will have to fulfill mudra yojana loan eligibility. If you are looking for quick loan disbursal, opt for a business loan for women, financeseva is offering a business loan up to Rs.75 lakh without collateral within 5-7 working days.  

Mudra Loan for Women's Eligibility  

  • To avail mudra yojana loans, businesswomen need to meet a certain set of eligibility criteria. The following are some of the common requirements asked by lenders:
  • Loan requirements should not exceed more than 10 lakhs
  • Applicant must have a good repayment record and be free of loan defaults
  • The loan can be availed by new and existing MSME units
  • No collateral or third-party security is required to obtain a mudra scheme
  • Female entrepreneurs engaged in production and manufacturing businesses are eligible to avail of PMMY loan
  • Female entrepreneurs who aim to start, expand, modernize businesses offering services such as tailoring, service centers, event planning, auto-repairing, beauty parlor services and much more can avail of such loans.

Also Read:- Know all about Mudra Loan Eligibility for New Business

Preference is given under Mudra Scheme  

  • Group or cluster of artisans
  • Self-help groups formed by artisans
  • Artisans registered under the development commission (handicrafts)
  • Female entrepreneurs who have procured training at R-SETIS or other prescribed institutions

The following individuals will not be eligible to receive such loans:  

  • Recipients of any other government schemes are not taken into consideration for this particular program
  • Women entrepreneurs especially those engaged in retail trade do not qualify for the mudra scheme

Document Required for Mudra Loan Application  

The list of documents required for mudra yojana application is given below:  

KYC Documents 

Any one of the following as KYC proof:  

  • Aadhaar Card  
  • PAN Card  
  • Utility Bill  
  • Passport  
  • Voter ID  
  • Driving License 
Special Identity Documents Caste Certificate in case you belong to the SC/ST category or any other special category 
Business Proof for New Units A self-written business plan (in case you are a new start-up business) 
Business Proof for Existing Units A proof of establishment of your business, address proof and income proof of business (in case you are already running an enterprise) 
Income Proof 

Your bank statements for at least the last 6 months  

Your ITR along with computation of income for the last 2 years 

 How to Apply for Mudra Loan for Women Online?  

Step 1: - Get your eligibility checked for a business loan before approaching any lender. Choose any eligible lending institution from which you would like to avail of mudra loans.  

Step 2: - Visit the official bank website where you will be asked to mention some basic details such as your name, mobile number, nature of business, income details and other information.  

Step 3: - After submitting the basic details, a dedicated representative will get in touch with you to get further information and evaluate your application with a certain set of parameters to know your eligibility.  

Step 4: - If your loan application gets satisfied with bank terms, shortly sanction letter will be shared to the registered email address and within working days credit disbursed to your mentioned bank account.  

Women entrepreneurs seeking to finance their small or medium-sized corporates can avail these types of loans. If you are looking for more options for funding your business, choose Financeseva to get customized credit solutions. 

 Also Read:- How to apply for Mudra Loan Online/Offline?

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