look news india
PM Mudra Yojana: The government has doubled the limit of loan given under Pradhan Mantri Mudra Yojana (PMMY) to promote self-employment in the country to Rs 20 lakh. The Finance Ministry said in a statement on Friday, through this increase we want to advance the overall objective of the Mudra Scheme (PM Mudra Yojana). A notification has been issued in this regard.
Finance Minister announced in the budget
While presenting the Union Budget 2024-25 on July 23, 2024, Finance Minister Nirmala Sitharaman had said that the limit under the Pradhan Mantri Mudra Yojana (PMMY) will be increased from the current Rs 10 lakh to Rs 20 lakh.
Presenting the budget in the Lok Sabha, Sitharaman had said, “The limit of Mudra loan will be increased from the existing Rs 10 lakh to Rs 20 lakh for those entrepreneurs who have previously taken a loan under the 'Tarun' category and have successfully repaid it.”
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 applicant must have a bank account for the loan.
- The applicant for 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 government-private bank along with Regional Rural Bank, Small Finance Bank, Non-Financial Company. According to the category, 3 limits of loan amount have been made, which are called Shishu, Kishore and Tarun.
Benefits of PMMY
Through Pradhan Mantri Mudra Yojana, you can take a loan ranging from Rs 50,000 to Rs 20 lakh as per your need. This loan is collateral free and there is no processing fee on it.
The total repayment period of the loan availed under this scheme is 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 Yojana 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.