Are you bored working under others and now want to start your own work? Or are you bored of doing a job and now want to start working at home.
Everyone wants that he has his own work, in which he can get more benefits than he invests. But the problem comes when money is the biggest problem in how to start such work. Many people are unable to start their work due to money. But the government has started a scheme for such people, under which anyone can start their own work, industry or employment by taking loans. Let us know what is this plan and how can you take advantage of it-
Pradhan mantri Mudra Yojna – PMMY
The government has launched the Pradhan Mantri Mudra Yojana to provide financial assistance to small entrepreneurs and ventures. The scheme was launched in April 2015. Under this scheme, people are given small loans to start their business. The government thinks that self-employment can be encouraged to provide easy loan to the people.
How much loan can be taken under PMMY
Under this scheme, you can take a loan up to a maximum of Rs 10 lakh. If you want to start your own business or want to expand your existing business, then you can apply for a loan of up to Rs 10 lakh.
Type of PMMY loan
- Tarun Loans: Loans ranging from 5 lakh to 10 lakh are given under Tarun loan.
- Shishu Loans: Loans up to Rs 50,000 are given under Shishu Loans.
- Kishore Loans: Under this, loans ranging from 50 thousand to 5 lakh are given.
- How much interest will be paid on the loan under PMMY
There is no fixed interest rate under the Pradhan Mantri Mudra Yojana. Different banks charge different interest rates for Mudra loans. The interest rate depends on the nature of the loan borrower’s business and the risk involved. Generally, the minimum interest rate on a Mudra loan is 10 to 12% per annum. Loans are provided without guarantee under the Mudra scheme. Apart from this, no processing charge is also charged for the loan. Under the Mudra scheme, the repayment period can be extended up to 5 years. The borrower gets a currency card. With the help of which the business need can be spent.
Who can take a Mudra loan
Anyone who wants to start their own business or wants to grow the existing business can take a loan under PMMY.
How can you take loan under PMMY
To take a loan under PMMY, you have to apply to a government bank or bank branch. If you want to start your own business, then you have to give information about the ownership of the house or other documents including rental documents, work related information, Aadhaar and PAN card. You can visit http://www.mudra.org.in/ to know more about PMMY .
- After taking the online form from the official website, you will have to fill this form
- Then go to any public or private bank and deposit it. During this time you will have to submit all the necessary papers. After verification, your loan will be passed in due time.
After applying, the branch manager of the bank takes information about your work. On that basis, PMMY approves the loan. Depending on the nature of the work, the bank manager may ask you to make a project report.
Documents required for money loan
- Application Form
- 2 passport size photos
- Holographic project plan
- Proof of identity
- Passport
- Voter ID
- driving license
- pan card
- Aadhar card
