The PNB Mudra Loan 2024 offers significant support for individuals aiming to launch new startups, as it is provided by reputable banks in India in accordance with the Government of India’s guidelines. Beneficiaries can receive a maximum loan amount of 10 lakh Rupees under this scheme.
If you are interested in obtaining a PNB Mudra Loan, you can conveniently apply online through the Punjab National Bank’s e-Mudra loan scheme for 2023. This article outlines the eligibility criteria and essential instructions for the online application process for the PNB e-Mudra loan. To learn more about the PNB Mudra Loan, we encourage you to stay with us and read the entire article.
PNB 3 Lakh Mudra Loan 2024
The PNB Mudra Loan 2024 program, launched by the central government in 2015, offers financial support of up to 10 lakh rupees through various participating banks, including Punjab National Bank. Under the PNB Mudra Loan 2024, borrowers can choose from three types of Mudra loans: the Shishu Mudra loan, which offers up to 50,000 rupees; the Kishor Mudra loan, ranging from 50,000 to 5 lakh rupees; and the Tarun Mudra loan, providing up to 10 lakh rupees.
| Scheme Name | PNB Mudra Loan 2024 |
| Initiated by | Central Government of India |
| Eligibility | Must have savings or current account in Punjab National Bank |
| Type of Loan | Business (for small startups only) |
| Application Process | Visit nearest branch and complete bank formalities |
| Total Amount of Loan Disbursement | 3 Lakh |
| Official Website | https://www.pnbindia.in/ |
For the PNB Mudra Loan 2024, Punjab National Bank sets the interest rates at RLLR+BSP+0.15%. Borrowers have the flexibility to repay the PNB Mudra Loan 2024 over a maximum period of 7 years and can make a one-time payment during the repayment period.
To apply for the PNB Mudra Loan 2024, you can request up to 50,000 rupees online. For amounts greater than this, a visit to a branch is required.
Eligibility Criteria for PNB Mudra loan 2024
To apply for a Mudra loan from Punjab National Bank, applicants must meet the following criteria:
- Citizenship: The applicant must be a citizen of India.
- Bank Account: The applicant should have a savings or current account with Punjab National Bank for at least 6 months.
- Age: Applicants must be between 18 and 60 years old.
- Business Registration: The applicant’s business must be registered with the Udyam portal of the Government of India and have an Udyam registration number.
- Collateral Requirements:
- Primary Collateral: Hypothecation of assets created with the bank’s finance.
- Additional Collateral: Guarantee coverage under the Credit Guarantee Fund for Micro Units (CGFMU) must be obtained.
Required Documents for PNB Mudra Loan 2024
- Aadhar card
- Pan card
- Address proof
- Documents of the business
- Udyam registration details
- GST number and details
- Bank statement for the last 6 months
Different Schemes Under the PNB Mudra Loan 2024
Shishu Scheme:
- Loan Amount: Up to ₹50,000
- Suitable For: Budding entrepreneurs or startup enterprises
Kishore Scheme:
- Loan Amount: ₹50,000 to ₹5 lakh
- Eligibility: For business owners who have already started a new enterprise and need further funds for expansion
- Bank Evaluation: The bank will assess the applicant’s credit history to determine the interest rate and repayment period.
Tarun Scheme:
- Loan Amount: Up to ₹10 lakh
- Eligibility: For established businesses seeking additional funds
- Bank Evaluation: The bank will review the applicant’s credit history to set the interest rate and repayment terms.
Steps to apply online for PNB Mudra Loan 2024
To apply for a Mudra loan online from Punjab National Bank, follow these steps:
- Visit the Official Website: Go to Punjab National Bank’s official website.
- Access Online Services: On the dashboard, click on “Online Services” and then select the “Instant Loan” link.
- Select e-Mudra Loan: On the new page, choose the e-Mudra loan section.
- Read Terms and Conditions: Review the terms and conditions displayed on the website. Click “Continue” to proceed to the application page.
- Enter Details: Provide your customer ID, account number, or mobile number linked with Punjab National Bank.
- Verify OTP: You will receive an OTP for verification. Enter it as prompted.
- Loan Calculation: The bank will automatically calculate your banking history and offer a Mudra loan amount based on your category and conditions.
- Submit Personal and Business Details: Agree to the conditions, then fill in your personal details and provide business-related information.
- Complete KYC: Submit your Aadhar card number and Udyam registration number. You will receive an OTP for verification.
- Finalize Application: Choose the loan amount and repayment terms that suit you. Once everything is completed, submit your application.
The bank will verify your details and, upon approval, provide you with the loan amount directly to your bank account.
FAQs on PNB Mudra Loan Scheme 2024
To apply for a PNB Mudra Loan 2024, you must be an Indian citizen involved in trading, manufacturing, or services. Your business should be categorized as a Micro, Small, or Medium Enterprise (MSME). Also, businesses in non-agricultural areas like fish farming or beekeeping are eligible for the Mudra loan 2024.
Applicants can receive a maximum loan of Rs. 10 lakh through the PNB Mudra Loan, and there is no minimum limit on the loan amount.
To get a Mudra loan, applicants must download the form from the internet and go to the nearest bank branch to complete the necessary banking steps.
As the editor and quality checker at Radiance College, Shravya P. Charu ensures all content meets our high standards. With 10 years of blogging experience and a background in BA Hons English from Delhi University, she meticulously refines each piece to ensure accuracy and clarity.