Pradhan Mantri Mudra Yojana (PMMY) is run to make the youth self-reliant. Under this scheme, a collateral-free loan of up to 10 lakhs was given, but during the budget, the government doubled this limit. Now, a collateral-free loan of up to 20 lakh rupees will be available under this scheme. The Modi government started this scheme in the year 2015. Under this scheme, loans are given for non-corporate and non-agricultural purposes. Youths who are unemployed and want to start their own business or small businessmen who want to expand their business further, but do not have the money for it or have less money, such people can take advantage of this scheme.
Loans are available in 3 categories.
At present, a loan of up to 10 lakh rupees is given under this scheme in 3 categories-
Shishu Loan - In this, financial assistance of up to 50 thousand rupees is given.
Kishore Loan- In this, a loan of up to 5 lakhs is given.
Tarun Loan- In this, an amount of up to 10 lakh rupees is given as a loan.
It is necessary to fulfill these conditions to get a loan.
To get a loan under the Mudra scheme, the applicant will first have to prepare a business plan and give all the necessary documents to the bank. The bank will ask you for a business plan, project report, and other necessary documents. Apart from this, it is necessary to fulfill some conditions like-
The person applying for the loan should be a citizen of India.
The person applying should not have a bank default history.
The business for which the Mudra loan is to be taken should not be a corporate entity.
The applicant for the loan must have a bank account.
The applicant for the loan should be more than 18 years of age.
What are its benefits?
- The loan is collateral-free, as well as there is no processing fee on it.
- The total period of loan repayment under this scheme ranges from 12 months to 5 years. But if you are unable to repay it in 5 years, then you can extend its period by 5 years.
- The good thing about this loan is that you do not have to pay interest on the entire amount of the approved loan. Interest is charged only on the amount that you have withdrawn and spent through the Mudra card.
- If you are doing any business in partnership, then also you can take a loan through Mudra Yojana. In this, you get loans in three categories. The interest rate is different according to the 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 three types of loans will be written about Shishu, Kishor, and Tarun, you choose the category according to your choice.
A new page will open, from here you have to download the application form and take a print of this application form.
Fill out the application form correctly. The form will ask for photocopies of some documents like an Aadhaar card, PAN card, proof of permanent and business address, income tax return and self-tax return copy, and passport size photo, etc.
Submit this application form to your nearest bank. The bank will verify your application and the loan will be given within 1 month.
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