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What is the Eligibility Criteria for Getting a Loan Under PMMY?

What is the Eligibility Criteria for Getting a Loan Under PMMY?

Launched by India’s Prime Minister on April 8, 2015, the Pradhan Mantri Mudra Yojana (PMMY) scheme (or MUDRA loan scheme as popularly called) provides business finance to small businesses. Financial assistance is provided in the form of MUDRA loans through various NBFCs.

Under the PMMY scheme, non-farm, non-cooperate small/micro enterprises can avail of business loans as high as Rs. 10 lakhs.

Besides, a MUDRA loan is essentially a working capital term loan. Borrowers can use the loan for a variety of purposes ranging from capacity expansion to the renovation of business premises. Moreover, the loan can be availed by both new and existing business units.

If you are wondering about the eligibility criteria for a business loan, we have got you covered! Here are the eligibility criteria and documentation necessary to apply for a MUDRA loan under the PMMY scheme.

Who is eligible for the Mudra loan scheme?

  • Applicants belonging to the age group of 18 to 65 years
  • Traders, manufacturers, artisans, retailers etc., who are engaged in manufacturing and trading services
  • Indian citizens having no criminal background
  • Applicants with no loan defaults with any lending institution
  • Applicants with good repayment history
  • Small vendors, shopkeepers, startups, individuals and MSMEs
  • All the non-farm enterprises that are engaged in trading, manufacturing, or the service sectors.
  • Private and Public Limited companies
  • Sole proprietorship firms
  • Organisations based on partnerships
  • LLPs, NGOs, Trusts and Cooperative societies

Loan products under the PMMY scheme

There are three kinds of loan products available under the PMMY scheme: Shishu, Tarun and Kishore. These loan products have different loan terms, including business loan interest rates, tenures, EMI payments, etc. Complete details of all the categories are mentioned below. 


Entrepreneurs looking to start a new business or in the early stages of business operations can borrow loans up to Rs. 50,000.


Through this loan, entrepreneurs needing help with raising working capital and business expansion (for both new and existing units) can avail of a loan amount from Rs. 50,000 to Rs. 5 lakhs.


Loan amounts from Rs. 5 lakhs to Rs. 10 lakhs are offered under this category to any established business to help them manage their cash flow requirements.

Is any collateral required?

There is no need to provide collateral or other third-party security for availing the benefits of concessional business loan interest rates under the PMMY scheme. 

What are the documents required?

  • Identity proof of the applicant
  • His/her residence proof
  • PMMY Application form
  • Passport size photographs of the beneficiary

The bottom line

Launching a business has never been this easy! You can now avail yourself of MUDRA loans at attractive interest rates from any preferred lender. And if you are confused about your EMI burden or budgeting your finances, you can make use of any business loan EMI calculator available online and make accurate estimates.

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