Mudra Yojana has turned several dreams into reality: PM Modi on 10 years of PM Mudra Yojana

New Delhi: India is celebrating a milestone in its journey of economic inclusion and entrepreneurial empowerment — the 10th anniversary of the Pradhan Mantri Mudra Yojana (PMMY). Launched on April 8, 2015, by Prime Minister Narendra Modi, the scheme was designed to “fund the unfunded” — especially small traders, women entrepreneurs, artisans, and first-time business owners who lacked access to formal credit.

Ten years later, the numbers speak volumes. As shared by PM Modi on the occasion, over ₹33 lakh crore worth of collateral-free loans have been sanctioned since the scheme began. These loans haven’t just helped businesses start or grow — they’ve helped people regain confidence, earn with dignity, and move toward financial independence.

“Every Mudra loan carries with it dignity, self-respect, and opportunity,” said the Prime Minister, during a special interaction with beneficiaries at his Delhi residence. He emphasized that beyond financial support, Mudra has promoted social inclusion and inspired self-employment, turning job seekers into job creators and turned several dreams into reality.”

The Prime Minister also highlighted the role of women and marginalized communities in this success story. “It is particularly heartening that over 70% of Mudra beneficiaries are women,” he said. “And more than half belong to SC, ST, and OBC categories. Women were not only among the top applicants, they also took the highest number of loans and repaid them the fastest.”

A Scheme Built for Every Stage of Growth

Mudra Yojana is unique because it supports businesses at different stages. Loans are categorized into four types:

Shishu – Up to ₹50,000 for small startups or very early-stage businesses

Kishore – ₹50,000 to ₹5 lakh for growing businesses

Tarun – ₹5 lakh to ₹10 lakh for expanding businesses

Tarun Plus – ₹10 lakh to ₹20 lakh for more established enterprises

These loans are provided without any collateral or guarantor, making them accessible to even the most grassroots-level entrepreneur. Banks, NBFCs, and microfinance institutions have all been key partners in reaching beneficiaries across the country.

Different states have actively participated in this change. Tamil Nadu tops the list with over ₹3.23 lakh crore in loans, followed by Uttar Pradesh with ₹3.14 lakh crore, and Karnataka with ₹3.02 lakh crore. West Bengal and Bihar also stand strong with disbursals of over ₹2.8 lakh crore.

How to Apply for a Mudra Loan

If you’re looking to start or grow your business, applying for a Mudra loan is simple and hassle-free. You can:

Visit your nearest bank, NBFC, or microfinance institution

Or apply online at www.udyamimitra.in

Submit basic documents like Aadhaar, PAN, a business plan, and bank statements

There’s no need for a guarantor or collateral, which makes it especially helpful for small entrepreneurs who are just getting started.

Looking ahead the Prime Minister assured that the government is committed to further improving and expanding the scheme, so that more aspiring entrepreneurs can benefit from it in the years to come. The next phase of Mudra Yojana aims to deepen credit access, boost innovation, and further bridge the financial inclusion gap in rural and semi-urban India.

Disclaimer: This summary is for informational purposes and readers should verify specific details through official reports or consult industry professionals for comprehensive insights.