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Pradhan Mantri MUDRA Yojana is a scheme that was launched by the Prime Minister of India for providing loans to micro-enterprises. This scheme is aimed to increase the entrepreneurial activities of small businesses. These loans are classified as MUDRA loans and are given by commercial banks, NBFCs, MFIs, etc. To avail of a MUDRA loan, you can approach your lender or you can apply through an online portal called UdyamiMitra. Under PMMY, MUDRA has created three products: Shishu, Kishore, and Tarun.
Loans up to Rs. 10 lakhs are provided to small businesses in need of funds. The Shishu scheme covers loans up to Rs. 50,000. Kishore scheme covers loans above Rs. 50,000 and up to Rs. 5 lakhs, whereas Tarun covers loans above Rs. 5 lakhs and up to Rs. 10 lakhs.