Under Pradhan Mantri Mudra Yojana, loan is given to the small businesses and Mudra loan is categories under three stages, named as Shishu, Kishor and Tarun. The stages and loan amount given to each stage are as follows:
| Stages | Maximum Amount | Details |
|---|---|---|
| Shishu | Rs. 50,000/- | In this stage, entrepreneurs who are in their initiative period of starting a business or who are in need of small amount to start off or expand their business are get benefited. |
| Kishor | Rs. 5 lakh | This stage of MUDRA loan facilitates the entrepreneurs who need loan amount ranging from Rs. 50,000/- to Rs. 5 lakh to start of their business or accelerate the existing one. |
| Tarun | Rs. 10 lakh | This is the highest level of loan amount given to any entrepreneur under MUDRA Loan. If anyone meets the eligibility criteria, he/she can apply under this category. |
Corporate bank charges very nominal interest rate on its mudra loan. Proposed interest rate of Corporation Bank under Pradhan Mantri Mudra Yojana (PMMY) is 9.90% p.a. onwards. In this case, MUDRA or RBI or the Government of India doesn’t have any control over the interest rate decided by any lenders.
Also Know: What Is The Mudra Loan Rate of Interest Charged by Top Banks
