Government has launched the PM Mudra Yojana with the aim of promoting self-employment. If you want to start your own business, then through this scheme you can arrange up to Rs 10 lakh for your business.
Govt Loan: There are many people who want to get rid of the hassles of job and start their own business, but due to lack of funds, they are unable to start the business. The solution to your problem can be found through the government’s PM Mudra Yojana. The government started this scheme with the aim of promoting self-employment. Under this scheme, a collateral free loan of up to Rs 10 lakh can be taken. However, this loan is given for non-corporate and non-agricultural work. If you want to start such a business, then through this scheme of the government, you can fulfill your need for money and start your own work. Know the special things related to this scheme.
What is the eligibility
- The person applying for the loan should be a citizen of India.
- The person applying should not have a bank default history.
- The business for which Mudra loan is to be taken should not be a corporate entity.
- The person applying for the loan must have a bank account.
- The person applying for the loan should be above 18 years of age.
Loans are available in three categories
If you want to take a loan through Pradhan Mantri Mudra Yojana, then you can apply for a loan in any government-private bank along with regional rural bank, small finance bank, non-financial company. Loan amount limits have been made according to the category-
Shishu Loan- In this, financial assistance of up to 50 thousand rupees is given.
Kishor Loan- In this, loan up to 5 lakhs is given.
Tarun Loan- In this, an amount of up to 10 lakh rupees is given as loan.
Benefits of PMMY
- Through Pradhan Mantri Mudra Yojana, you can take a loan of Rs 50 thousand to Rs 10 lakh according to your need. The loan is collateral free, and there is no processing fee on it.
- The total period of loan repayment under this scheme ranges from 12 months to 5 years. But if you are unable to repay it in 5 years, then you can extend its period by 5 years.
- The good thing about this loan is that you do not have to pay interest on the entire amount of the approved loan. Interest is charged only on the amount that you have withdrawn and spent through the Mudra card.
- If you are doing any business in partnership, then also you can take a loan through the Mudra scheme. In this, you get loans in three categories. The interest rate varies according to the category.
How to apply
- First of all go to the official website of Mudra Yojana mudra.org.in.
- The home page will open on which three types of loans will be written about Shishu, Kishor and Tarun, you choose the category according to your choice.
- A new page will open from here you will have to download the application form, take a print of this application form.
- Fill the application form correctly, photocopies of some documents will be asked in the form like Aadhar card, PAN card, proof of permanent and business address, copy of income tax return and self tax return and attach passport size photo etc.
- Submit this application form to your nearest bank. The bank will verify your application and the loan will be given within 1 month.
- To apply online, you will have to create a user name and password. With its help you will login to the Mudra loan website. You can apply online here.
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