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Government Scheme: Most people want to start their own business, but due to lack of money or loan they are not able to complete this work. However, you do not need to worry, the government will help you if you want to start your own business. Actually, the government gives loan up to Rs 10 lakh as financial assistance to start a business. Any citizen of India can apply for this.
The purpose of this loan is to encourage people to start their own business. This loan is given to start non-corporate and non-agricultural businesses. Under PM Mudra Yojana, three types of loans are given on the basis of loan amount. Let us know the features of this scheme and how you can avail the benefits.
This scheme was started in 2015
PM Mudra Yojana was started in the year 2015. In such a situation, if you want to start a business then you can apply for a loan through this scheme. Let us tell you that earlier a loan of Rs 10 lakh was given through this scheme.
Who will get loan under this scheme?
Under PM Mudra Yojana, the government gives loans in three categories. First is Shishu Loan, second is Kishore Loan and third is Tarun Loan. Through Shishu Loan, you can start your business by taking a loan up to Rs 50 thousand. No guarantor is required for this. Through Kishore Loan, you can take a loan ranging from Rs 50 thousand to Rs 5 lakh. Whereas, under Tarun Loan, you can start a business by taking a loan of Rs 5 lakh to Rs 10 lakh.
Baby: Loan up to Rs 50,000
Teen: Loan from Rs 50,001 to Rs 5 lakh
Tarun: Loan above Rs 5 lakh and up to Rs 10 lakh
You can take loan for these things also
People taking Mudra loan under this scheme do not have to pay processing fees. The interest rate on Mudra loan is decided on the basis of Marginal Cost of Lending Rate (MCLR). MCLR is calculated as per the guidelines of the Reserve Bank of India. Under this scheme, people engaged in agriculture related work like horticulture and fish farming can also take loan.
What is the interest rate on the loan?
If you apply for a loan under PM Shishu Mudra Yojana, then no guarantor will be required for it. No charge is taken for processing this type of loan. But there may be difference in interest rates in different banks. The interest rate under this scheme is 9 to 12 percent.
Who can apply?
Any Indian citizen above 18 years of age can apply for this loan. Apart from this, the applicant should not have any bank default history. To take a loan, it is necessary to have a bank account. Keep in mind that the business for which you are taking a loan should not be a corporate entity.
These documents are necessary
You will have to provide information about documents like Aadhar Card, PAN Card, Residence Certificate, Passport Size Photo, Business Plan, KYC Documents, Income Proof etc.
Where can you apply?
You can apply for Mudra Yojana by visiting your nearest bank. Apart from this you can also apply online. For more information you can visit https://www.mudra.org.in/.
