Many people in the country want to start their own businesses. However, starting a business is not an easy task. It costs a lot. Apart from this, many risk factors are also involved in it. In such a situation, due to a lack of resources and money, many people are not able to start their new business. Given this problem of the country, the Government of India is running a very great scheme. The name of this scheme is Pradhan Mantri Mudra Yojana. Under the PM Mudra Yojana, a loan of up to Rs 10 lakh was given to start a business without any collateral. However, in the budget 2024, the government has increased the loan limit from Rs 10 lakh to Rs 20 lakh. Due to this, now under the PM Mudra Yojana, people can take a loan of up to Rs 20 lakh to start their own business. In this episode, let us know about Pradhan Mantri Mudra Yojana in detail -
Loans are given in three categories under the Pradhan Mantri Mudra Yojana. This includes the Shishu, Kishor, and Tarun categories. Corporate or agriculture-related loans are not given under PM Mudra Yojana.
To avail of the loan under this scheme, you must be above 18 years of age. While taking a loan, you have to submit your business plan and project report to the bank. If the applicant has a default history in the bank. In this situation, he will not get the benefit of the scheme.
If you want to take a loan for a corporate entity. In this situation also you will not get the benefit of the scheme. To avail of the benefits of Pradhan Mantri Mudra Yojana, you must have a business plan, project report, copy of filed ITR, copy of self-tax return, Aadhaar card, identity card, PAN card, and proof and documents of permanent and business office address.
You can apply online in this scheme. To apply online, you have to visit the official website of PM Mudra Yojana. After this, you can apply for a loan under the Mudra scheme by following all the necessary steps. After the application, the bank will verify you. Your loan will be processed within 1 month.
(PC: ISTOCK)
