PMMY helping aspiring entrepreneurs in Varanasi in getting loans to start their businesses

Varanasi, April 7: The Pradhan Mantri Mudra Yojana (PMMY) is set to celebrate its tenth anniversary on April 8, having transformed the lives of countless individuals across the country, including many in Prime Minister Narendra Modi's parliamentary constituency, Varanasi. The scheme has been a beacon of hope for aspiring entrepreneurs, especially the youth, by providing easy access to credit for small businesses.

IANS spoke with several beneficiaries in Varanasi who shared how the PMMY has positively impacted their lives.

Dilip Rathore, a local business owner, recalled: "I contacted the bank for a Mudra loan around April 2024. We wanted to start a new business and needed some capital. After completing the paperwork, I successfully secured a loan in my name."

He emphasised the significance of the scheme, saying: "The first requirement for starting a business is money. This scheme has been incredibly beneficial for us. If it hadn't been launched, small businessmen like us would have struggled to get financial support. I received a loan of Rs 8 lakh through the PMMY, which is much cheaper than loans from private banks."

Another beneficiary, Abhishek Upadhyay, shared his experience. "It's been two years since I took a loan from the PMMY. The process was straightforward, and I received the loan within a day. I used the funds to start a mobile business. I encourage others to apply as well because the paperwork is minimal, and it's a great opportunity for those in need."

Vishal Gupta, who also benefited from the scheme, said: "I took a loan of Rs 10 lakh from the PMMY to open a cyber shop. When I couldn't secure a loan elsewhere, the PMMY proved to be my lifeline. With the loan, I was able to purchase printer machines and set up my business. I am deeply grateful to PM Modi for this initiative, which has been a game-changer for many like me."

As the PMMY approaches its 10th anniversary on April 8, it has facilitated over 52 crore loans, transforming the entrepreneurial landscape across India. The scheme offers three categories of loans: Shishu (up to Rs 50,000), Kishore (above Rs 50,000 and up to Rs 5 lakh), and Tarun (above Rs 5 lakh and up to Rs 10 lakh). The recently introduced Tarun Plus category provides loans ranging from Rs 10 lakh to Rs 20 lakh for beneficiaries who have successfully repaid previous loans.

Launched on April 8, 2015, the PMMY has played a pivotal role in empowering non-corporate, non-farm small and micro enterprises. Notably, women constitute 68 per cent of all Mudra beneficiaries, highlighting the scheme's role in advancing women-led enterprises. The programme has significantly boosted employment generation, especially through women-led MSMEs, reinforcing the importance of financial inclusion in enhancing economic empowerment and labor force participation.

Finance Minister Nirmala Sitharaman had announced an increase in the loan limit to Rs 20 lakh during the Union Budget 2024-25, effective from October 24, 2024, further strengthening support for entrepreneurs.

Reader Comments

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Rahul K.

This is such an inspiring initiative! My cousin in Varanasi got a loan last year to start a small grocery store and it's doing really well now. More power to PMMY 👏

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Priya S.

Love seeing how this scheme is empowering women entrepreneurs! 68% women beneficiaries is impressive. My sister wants to apply next month for her tailoring business.

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Amit G.

While the scheme is great, I wish the application process was more digital. Had to visit the bank 3 times for paperwork. Still, worth it for the low interest rates!

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Sunita M.

My husband got a ₹5L loan under Kishore category for our tea stall. Business has doubled since we could buy better equipment. Thank you PMMY! ❤️

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Vikas P.

The 10 lakh limit was good but 20 lakh under Tarun Plus is game-changing! Planning to expand my auto parts shop next year with this.

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Neha T.

Does anyone know if there's financial literacy training included with these loans? Would help first-time entrepreneurs manage their businesses better.

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