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News India Live, Digital Desk: Pradhan Mantri Mudra Yojana: In today’s era, every youth dreams of starting their own business, but often the lack of capital and the problems faced by the bank, the problems faced by this dream. It is very difficult for new entrepreneurs and small businesses to take a loan by pledging a property from banks. In such a situation, an ambitious scheme of the Government of India has given millions an opportunity to fulfill their dreams. This is the Pradhan Mantri Mudra Yojana, under which you can take a commercial loan of up to Rs 10 lakh without any guarantee. The biggest feature of this scheme is that it gives loans without any property or security, which has proved to be a boon for small and micro entrepreneurs. The main objective of this scheme is to provide financial assistance to small traders, self-employers, artisans, vendors and new start-ups so that they can establish their business, expand it or fulfill their daily needs. This scheme has started millions of small and medium businesses across the country, which have not only worked up their work, but have also given employment to many people. Under the Mudra scheme, three major types of loans are provided, which are based on the need and phase of business: baby loans: It is for the smallest businesses. Under this, a loan of up to Rs 50,000 is provided without any guarantee. It is best for those who want to start a new small enterprise, such as a tea shop, a street vendor business or any domestic business. Kishore loan: For medium-sized businesses, this loan can range from Rs 50,000 to Rs 5 lakh. This is for those whose business is already running and they want to increase it slightly, or who have a moderate level of business idea. Tarun Loan: This is the biggest category and it gets a loan ranging from Rs 5 lakh to Rs 10 lakh. It is ideal for businesses that need large expansion, or they want to invest in large machines or inventory. The interest rates on these loans depend on various banks, but they are generally cheap, which reduces financial burden on entrepreneurs. These loans are given by banks and financial institutions, and these institutions do not require any ‘collateral’ to issue this loan, as the government itself guarantees it. The way to take advantage of this scheme is also very simple. You will have to contact any government or private bank near you who give loans under the Mudra Yojana. Some necessary documents will be required for the application, such as identification proof (Aadhaar card, PAN card), proof of address, business related documents and income certificates. The entire process can be done in both online and offline methods. The Pradhan Mantri Mudra Yojana is truly giving a new direction to small businesses, giving them an opportunity to realize their dreams and contribute to the country’s economy.