The purpose of this loan is to encourage people to start their own business. This loan is given to start non-corporate and non-agricultural business. Under PM Mudra Yojana, three types of loans are given based on the loan amount.
Govt Scheme: Most people want to start their own business, but due to lack of money or loan, they are unable to complete this work. However, you do not need to worry, if you want to start your own business then the government will help you. Actually, the government provides a loan of up to Rs 10 lakh as financial assistance to start a business. Any citizen of India can apply for this.
The purpose of this loan is to encourage people to do their own business. This loan is given to start non-corporate and non-agricultural business. Under PM Mudra Yojana, three types of loans are given on the basis of loan amount. Let us know the specialty of this scheme and how you can take advantage.
This scheme was started in 2015
PM Mudra Yojana was started in the year 2015. In such a situation, if you want to start a business, then you can apply for a loan through this scheme. Let us tell you that earlier a loan of Rs 10 lakh was given through this scheme.
Who will get loan under this scheme?
Under PM Mudra Yojana, the government gives loans in three categories. The first is Shishu loan, the second is Kishor loan and the third is Tarun loan. Through Shishu loan, you can start your business by taking a loan of up to 50 thousand rupees. There is no need for any guarantor for this. Through Kishor loan, you can take a loan of 50 thousand to 5 lakh rupees. Whereas, under Tarun loan, you can start a business by taking a loan of 5 lakh to 10 lakh rupees.
Shishu: Loan up to Rs 50,000
Kishor: Loan from Rs 50,001 to Rs 5 lakh
Tarun: Loan above Rs 5 lakh and up to Rs 10 lakh
You can also take loan for these things
Under this scheme, people taking Mudra loan do not have to pay processing fee. The interest rate on Mudra loan is decided on the basis of Marginal Cost of Lending Rate (MCLR). MCLR is calculated as per the guidelines of the Reserve Bank of India. Under this scheme, people engaged in agriculture related activities like horticulture and fish farming can also take loan.
What is the interest rate on the loan?
If you apply for a loan under PM Shishu Mudra Yojana, then no guarantor will be required for it. No charge is also taken for the processing of this type of loan. But there may be a difference in interest rates in different banks. The interest rate under this scheme is 9 to 12 percent.
Who can apply?
Any citizen of India above 18 years of age can apply for this loan. Apart from this, the applicant should not have any bank default history. There must be an account in the bank to take a loan. Keep in mind that the business for which you are taking the loan should not be a corporate entity.
These documents are required
You will have to provide information about documents like Aadhar Card, PAN Card, Residence Certificate, Passport Size Photo, Business Plan, KYC Document, Income Proof etc.
Where can you apply
You can apply for Mudra Yojana by visiting a nearby bank. Apart from this, you can also apply online. For more information, you can visit https://www.mudra.org.in/.
