Government will give loan up to Rs 10 lakh for doing business, know the easy way to apply

Government 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 not able to start the business. The solution to this problem of yours can be found through the government's PM Mudra Yojana. The government had started this scheme with the aim of promoting self-employment. Under this scheme, collateral free loan 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 government scheme you can fulfill the need of money and start your own business. Know the special things related to this scheme.

What is the eligibility?

• The person applying for the loan must be a citizen of India.
• The person applying should not have a bank default history.
• The business for which Mudra loan is being taken should not be a corporate entity.
• The person applying for the loan must have a bank account.
• The person applying for the loan must 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 loan in any public-private bank along with Regional Rural Bank, Small Finance Bank, Non-Financial Company. The limit of loan amount has been made according to the category-

Shishu Loan- In this, financial assistance up to Rs 50 thousand is given.

Juvenile Loan- In this, loan up to Rs 5 lakh is given.

Tarun Loan- In this, an amount up to Rs 10 lakh 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 as per your need. This loan is collateral free and there is no processing fee on it.
• The total loan repayment period under this scheme ranges from 12 months to 5 years. But if you are unable to repay it in 5 years, you can extend its tenure up to 5 years.
• The good thing about this loan is that you do not have to pay interest on the entire amount of the sanctioned loan. Interest is charged only on the amount you withdraw and spend through the Mudra Card.
• Even if you are doing any business in partnership, you can take loan through Mudra Yojana. In this you get loan in three categories. Interest rates vary according to category.

how to apply

• First of all go to the official website of Mudra Scheme mudra.org.in.
• The home page will open on which it will be written about three types of loans – Shishu, Kishore and Tarun, choose the category as per 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, the form will ask for photocopies of some documents like Aadhar Card, PAN Card, proof of permanent and business address, copy of Income Tax Return and Self Tax Return and attach passport size photograph etc.
• Submit this application form in 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 be able to login to the Mudra Loan website. You can apply online here.