The present study examines the impact of beneficiary characteristics such as demographic and socio-economic variables on the loan utilization factors under the Pradhan Mantri Mudra Yojana (PMMY) scheme. For present study It considered on five independent demographic and socio-economic variables of beneficiaries such as “Age, Gender, Education, Occupation and Income. Moreover, it considers following 6 dependent variables of loan utilization such as “Awareness of the scheme, Type of Loan, Type of Bank, Purpose of Loan, Processing Time and Sufficiency of Loan Amount”. The primary objective of study was to assess the impact of select independent factors on their borrowing behaviour and loan experience of beneficiaries under PMMY. To analyze this it adopted a descriptive, analytical methodology framework, based on data collected using primary sources. For the analysis of data, it adopted “Percentage & Chi-square” statistical test at 5 percent level of significance. While the results indicates that the influence of select independent factors on loan utilization is not uniform across all dimensions. The age of beneficiaries shows partial association and it significantly influencing only with the purpose of loan and processing time. While, gender does not exhibit any statistical association with any of the loan utilization variables, indicating uniformity in access and experience for both male and female beneficiaries. In contrast, beneficiary education level emerged as a key determinant, showing significant relationship with all the dimensions of loan utilization. Similarly, beneficiary occupation also significantly influencing awareness, type of bank, purpose of loan, processing time and loan sufficiency, suggesting that employment status shapes the financial exposure and borrowing behaviour. Whereas, beneficiary Income level also demonstrates a significant association with almost all loan utilization variables, except the type of loan, indicating that economic capacity of beneficiary plays an important role in shaping borrowing patterns and loan experience. Overall, these findings suggest that beneficiary socio-economic factors such as education, occupation and income-levels have a stronger influence on PMMY loan utilization compared to their demographic characteristics like age and gender. Finally, it concludes that by improving the financial literacy, strengthening awareness programs and simplifying loan procedures for beneficiary will essentially enhance the effectiveness of the PMMY.