Pradhanmantri Mudra Loan Yojana: Many people dream of starting their own business. There are many people who do not like to work under anyone and want to do their own business. But a big problem for such people is money. People who do not have sufficient funds to start their business are not able to make their dream come true. But now you can definitely fulfill this dream of yours. The government is helping you for this.
You can avail the benefits of Prime Minister Mudra Loan Scheme
Let us tell you that the Central Government has brought a scheme for you under which you can start your own business with the help of the government. Under this scheme of the government, you are provided a loan to start your business. By taking advantage of this loan you can fulfill your dreams. We are talking about the government scheme, its name is Pradhan Mantri Mudra Loan Yojana.
You can take a maximum loan of up to Rs 20 lakh
Micro Units Development and Refinance Agency (MUDRA) Loan Scheme under the Pradhan Mantri Mudra Yojana (PMMY) is an initiative of the Government of India to provide loans to individuals, SMEs and MSMEs. There are 3 loan schemes offered under MUDRA which include Shishu, Kishore and Tarun. Maximum Rs 20 lakh under Mudra Loan Scheme. Loan amount up to Rs. To take Mudra loan, the applicant is not required to deposit any security with banks or loan institutions. The payment period of this loan is up to 5 years, which means you get up to 5 years to repay the loan.
Who can take loan under Mudra Loan Scheme
- Individuals, non-employed professionals and startups
- MSME
- Shopkeepers, street vendors, retailers, traders, small manufacturers and artisans
- Sole Proprietorship, Partnership Firm, Limited Liability Partnership (LLP), and other business entities.
प्रधानमंत्री फ्री आवास योजना
Various benefits of Mudra Loan Scheme
- This is a collateral-free loan. There is no need to deposit any collateral or security to banks/NBFCs to avail this.
- Zero or nominal processing fees and low interest rates are available.
- There is a discount in interest rates for women entrepreneurs.
- Loans are covered under credit guarantee schemes from the Government of India.
- This can be used as term loan, working capital loan and overdraft facilities.
- All non-farm enterprises, i.e. small or micro firms can take Mudra Loan.
- People belonging to Scheduled Caste/Scheduled Tribe/Minority category can take Mudra loan at special interest rates.
Documents required to take loan
- passport size photo
- completed application form
- KYC documents of applicant and co-applicants Passport, Voter ID Card, Aadhar Card, Driving License, PAN Card, Utility Bill (Water/Electricity Bill)
- If the applicant belongs to any special category i.e. SC/ST/OBC/Minority, proof of the same (if applicable)
- Bank statement of last 6 months
- Proof of business address and number of years in operation, if applicable
- Any other required document from the bank or NBFC
How to apply for Pradhan Mantri Mudra Loan Scheme
- To apply for Pradhan Mantri Mudra Loan Scheme, first of all you have to official website will go on.
- After visiting the official website, on its homepage you will see the types of Mudra Loan Scheme – Shishu, Kishore, Tarun.
- From these you will have to select your loan type.
- Now a new page will open in front of you from where you will have to download the application form.
- Now all the information will have to be filled in this application form.
- After this, all related documents will have to be attached with the application form.
- After this you will have to go to your nearest bank and submit your application form.
- After this the bank officials will verify your application form and after that you will get the loan.
- In this way, you can avail the benefits of the scheme by applying under the Pradhan Mantri Mudra Loan Scheme.
