Outlook Money
This is a flagship initiative for financial inclusion and for forming self-help groups with the primary objective of promoting employment and entrepreneurial abilities among people within the country.
The Micro Units Development and Refinance Agency (MUDRA) is a financial organization that was set up by the Government of India under the Pradhan Mantri Mudra Yojana to offer financial support to small enterprises.
Under the Mudra scheme, loan facilities are provided to small manufacturing units, service sectors, traders, artisans, and self-employed individuals.
Any Indian citizen who has a non-agricultural business plan can apply for this scheme.
Some of the main features of this flagship initiative are collateral-free loans, reasonable interest rates, flexible repayment tenure and free processing fees.
The following are the steps for applying for PMMY. The first step is to select a loan category, followed by selecting a lending institution.
After selecting the lending institution, one should fill in an application form, and submit the required documents like an Aadhaar card, PAN card, etc. After this, the loan is approved and disbursed directly into the applicant's bank account.