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PM Mudra Yojana Online Application: The first budget of the third term of the Modi government was presented by Finance Minister Nirmala Sitharaman on 23 July. In which a big announcement has been made regarding the PM Mudra Loan Scheme. Under the Pradhan Mantri Mudra Yojana, the loan limit without guarantee has been increased from Rs. 10 lakh to Rs. 20 lakh. Let us know how to apply for this scheme and its benefits…
Start a Business through Pradhan Mantri Mudra Yojana
The government launched the Pradhan Mantri Mudra Yojana (PMMY) in 2015. This scheme is especially beneficial for those who cannot start their own business due to financial challenges. The government wants to promote employment opportunities in the country by giving loans to people under this scheme. Everyone in India can take this loan, but some conditions have to be followed.
You will get a loan of Rs. 20 lakh
There are three categories of loans under PM Mudra Yojana, Shishu, Kishor and Tarun. Under Shishu loan, loans up to Rs. 50 thousand are given. Under Kishor loan, loans ranging from Rs. 50 thousand to Rs. 5 lakh were given and under Yuva loan, loans ranging from Rs. 5 lakh to Rs. 10 lakh were given, which has now been increased to Rs. 10 lakh. 20 lakh has been made.
Ability
The applicant should be above 18 years of age. Should not have defaulted in any bank or financial institution and should have a good credit track record. The applicant should have the requisite skills/experience/knowledge to start the proposed activity. Educational qualification should be based on the proposed activity and its requirement. This loan should be used for business purposes only.
How to apply online
Follow the below steps to apply online under PM Mudra Loan Scheme.
1. First of all visit the official website www.mudra.org.in.
2. On the home page, you will find three options of Shishu, Adolescent and Teenager. Choose any one option as per your requirement.
3. Later click on the relevant application loan link.
4. Download the application form and take its printout.
5. Fill all the required information asked in the form carefully.
6. Attach copies of required documents with the application form.
7. After filling the complete form, submit this application form to your bank.
8. After getting bank approval, you will be given the benefit of Mudra Loan.
Interest Rates of PM Mudra Loan
The interest rates on loans under PM Mudra Yojana may vary from bank to bank. The interest rate also depends on the borrower's occupation and the risk involved. Usually, the interest rate of PM Mudra Yojana ranges between 8 to 12 percent. The interest rate varies depending on the category.
