Draft:PM Mudra Yojana

Pradhan Mantri Mudra Yojana (PMMY) aims to provide loans up to Rs 10 lakh to micro enterprises. It was launched by the Prime Minister Narendra Modi on 8 April 2015. If data is to be believed, till now it is estimated that loans worth Rs 18.60 lakh crore have been given to small and micro entrepreneurs in the country. According to Moneycontrol, about 1,65,000 people have availed the benefits under this scheme. The government has raised USD $157,400,000 for this scheme since 1 September 2015.

Features
There are three categories
 * SHISHU
 * KISHORE
 * TARUN

In Shishu, loan provide under this category up to Rs.50,000 and Loans from Rs.50,001 to Rs.500,000 are categorised as KISHORE as well Loans from Rs.500,001/- to Rs.10,00,000/- are categorised as TARUN

Processing Fee Nil for Shishu and Kishore to MSE Units and For Tarun: 0.50% of Loan amount

Benefits

 * No securities or collateral required to be provided
 * No processing fee
 * For fund or non-fund based requirements
 * Loans can be used for various purposes
 * No minimum loan amount