If you want to start a business and you do not have money, then there is no need to worry. Actually, the government provides a loan of up to 10 lakhs as financial help to start a business under the PM Mudra Yojana.
Any citizen of India can apply for this. Actually, the government is encouraging people to do their own business. This loan is given to start non-corporate and non-agricultural business. Let’s know the details.
This scheme was started in 2015
PM Mudra Yojana was started in the year 2015. So if you want to start your own business, then you can apply for a loan through this scheme. Let us tell you that earlier a loan of 10 lakhs was given through this scheme. But in Budget 2024, the loan limit available under this government scheme has been doubled.
So let’s know who will get the loan.
Under the PM Mudra Yojana, the government gives loans in three categories. The first is Shishu loan, the second is Kishor loan and the third is Tarun loan. Through Shishu loan, you can start your business by taking a loan of up to 50 thousand rupees. There is no need for any guarantor for this. Through Kishor loan, you can take a loan of 50 thousand to 5 lakh rupees. Whereas, under Tarun loan, you can start a business by taking a loan of 5 lakh to 20 lakh rupees.
What is the interest rate on the loan?
If you apply for a loan under the PM Shishu Mudra Yojana, then there will be no need for a guarantor. No charge is taken for the processing of this type of loan. But there may be a difference in interest rates in different banks. The interest rate under this scheme is 9 to 12 percent.
For which business can you take loan?
Under PM Mudra Scheme, small shopkeepers can start small businesses like fruit and food processing units.
Who can apply for PM Mudra Loan
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, one must have a bank account. Keep in mind that the business for which you are taking the loan should not be a corporate entity.
Which documents will be required
- Aadhar Card
- PAN Card
- Address proof
- Passport size photograph
- Business plan
- KYC Documents
- Income Proof
Where can you apply for a loan?
You can apply for the Mudra scheme by visiting a nearby bank. Apart from this, you can also apply online. For more information, you will have to visit https://www.mudra.org.in/.
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