To fund the unfunded and to bring the millions of units which are existing outside the formal banking fold and are unable to sustain or grow due to lack of finance or relying on informal channels ,which are expensive or unreliable by bringing such enterprises to the formal financial system and extending affordable credit to them.
Any individual including women, proprietary concern, partnership firm, private limited company or any other entity are eligible applicant under PMMY loans.
For setting up of new/upgrading existing Micro business enterprises in the manufacturing, processing, trading and service sector and carrying out activities allied to agriculture, financing to weavers and artisans (income generating activity).
Term Loan and/or Working Capital up to maximum Rs.10 lakhs under 3 categories
Maximum - 36 months for Demand Loan and 84 months for term loan including moratorium. Interest to be serviced as and when charged.
|upto Rs.50,000||above Rs.50,000 up to Rs.5.00 lakh||above Rs.5.00 lakh up to Rs.10.00 lakh|
All eligible activity would be covered under the guarantee cover of NCGTC under ‘Credit Guarantee Fund for Micro Units’.
[No collateral security/third party guarantee to be obtained].
As prescribed by the Bank from time to time linked to MCLR