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PNB Mudra: Get Loan up to Rs. 10 Lakh in One Hour; Complete Details Inside

Pradhan Mantri Mudra Yojana or PMMY is a scheme introduced by Prime Minister on 8th April 2015 with the aim to provide loans up to 10 lakhs to non-corporate, non-farm small/micro-enterprises.

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If you want to start your own business but don’t have sufficient funds for it then don’t worry as the government is providing loans up to Rs. 10 lakhs....

Pradhan Mantri Mudra Yojana or PMMY is a scheme introduced by Prime Minister on 8th April 2015 with the aim to provide loans up to 10 lakhs to non-corporate, non-farm small/micro-enterprises. These loans are known as Mudra loans under PMMY. Commercial Banks, RRBs, Small Finance Banks, MFIs & NBFCs provide these loans. Today in this article we will discuss about the features and benefits of PNB Mudra loan.

Punjab National Bank (PNB) Mudra loan is provided to Micro Small Medium Enterprises (MSMEs) engaged in non-farm-based businesses (manufacturing, trading, service sectors, etc). Furthermore, those involved in non-farm-based activities like animal rearing, and the dairy sector can also take PNB Mudra loan.

PNB Mudra Loan Features & Interest Rate

  • Interest Rate - 9.55 percent p.a. onwards

  • Loan Amount - Min. is no limit while Max. is up to Rs. 10 lakh

  • Repayment Tenure - up to 5 years

  • Collateral / Security - not required

Eligibility Criteria for PNB Mudra Loan

Individuals, Business owners, Entrepreneurs, MSMEs, Private Limited Companies, Sole Proprietorships, Partnership Firms & Limited Liability Partnerships (LLPs) can apply for PNB Mudra Loan.

Businesses for which the loan is required should be in income-generating sectors in the service, manufacturing/trading sectors.

Businesses in agriculture allied activities like fish farming, agri-clinics etc. are also eligible for PNB Mudra Loan.

PNB Mudra Loan Types

There are three financing options available under the PNB Mudra Loan. The category/type/division is based on the growth of the enterprise & the amount of loan needed by the business.

Shishu - Here the applicant is given a maximum amount of Rs. 50,000. It is best for budding businesspersons or start-ups.

Kishore – In this, the applicant can get financial help ranging from Rs. 50,000 - Rs. 5 lakh. The bank will assess the credit history of the person and based on that will decide the rate of interest as well as the repayment period. It is given to those business owners who have already launched a new enterprise and need further assistance for its expansion.

Tarun – Under this, the applicant can get loan up to Rs. 10 lakhs. The bank will check the credit history of the applicant and accordingly set the rate of interest & repayment period.

Documents required for Mudra Yojana

  • Identity Proof -  PAN Card, Aadhaar Card, Passport, Voter’s ID Card, Photo Credit Card, Driving Licence, Central & State Government issued Photo ID Proof, Defence ID Card, etc.

  • Residence / Business Proof - Ration Card, Aadhaar Card, Passport, Voter’s ID Card, Bank Account Statement, Letter from any recognized public authority, Electricity Bill, Water Bill, Telephone Bill,  (not more than three months old), etc.

  • Recent passport-sized photograph

  • Last 6 months’ bank statement

How to apply for PNB Mudra loan

In order to apply for loan, fill in the application form and submit it at your nearest PNB branch.

You can also apply online through the bank's official website.

PNB Customer Care Number

If you have any query or need more details then call at the number given below;

Toll-Free No. 1800-180-2222

Toll-Free No. 1800-103-2222

Landline No. 011-28044907

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