Types of loans provided under PMMY
Under PMMY scheme, the following products have been created:
- Shishu: covering loans upto Rs. 50,000. The Interest rate can start from as low as 1% per month i.e. 12% annually
- Kishor: covering loans above Rs. 50.000 and upto Rs. 5 Lakh. The rate of interest will depend on the bank and the credit worthiness of the borrower.
- Tarun: covering loans above Rs. 5 Lakh and upto Rs. 10 Lakh. The rate of interest to these loans also depends on Banks.
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