The first budget of the third term of the Modi government was presented by Finance Minister Nirmala Sitharaman on 23 July. In this budget, a big announcement was made regarding the PM Mudra Loan Scheme.
Under the Pradhan Mantri MUDRA Yojana, the limit of loan without guarantee has been increased from Rs 10 lakh to Rs 20 lakh. If you want to apply in this scheme, then here we are going to tell you what is Mudra Loan Scheme? And how can you apply online for Mudra Loan? So let’s know ….
Start your own business through Pradhan Mantri Mudra Yojana
The government launched the Pradhan Mantri Mudra Yojana (PMMY) in 2015. This scheme is especially beneficial for those people who are unable to start their own business due to financial constraints. Loans are given to people under this scheme. Through the PM Mudra Yojana, the government wants to promote employment opportunities in the country. Every person in India can take advantage of this loan, but some conditions have to be followed for this.
Now you will get a loan of 20 lakh rupees under PM Mudra Yojana
There are three categories of loans under PM Mudra Loan Yojana, Shishu, Kishor and Tarun. Loans up to Rs 50,000 are given under Shishu Loan. Loans ranging from Rs 50,000 to Rs 5 lakh were given under Kishor Loan and loans ranging from Rs 5 lakh to Rs 10 lakh were given under Tarun Loan, which has now been increased to Rs 20 lakh.
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Eligibility Conditions
The applicant should be 18 years of age or above. The applicant should not be a defaulter of any bank or financial institution and should have a good credit track record. The applicant may need the necessary skills/experience/knowledge to carry out the proposed activity. Educational qualifications may vary depending on the nature of the proposed activity and its requirement. This loan should be used for business purposes only.
How to apply online for PM Mudra Loan Scheme?
To apply online under PM Mudra Loan Scheme, follow the steps given below.
1. First of all go to the official website www.mudra.org.in.
2. On the home page you will find three options of Shishu, Tarun and Kishor. Choose any one option according to your need.
3. After this click on the link of the related application loan.
4. Download the application form and take its printout.
5. Fill all the necessary information asked in the form carefully.
6. Attach a copy of the necessary document with the application form.
7. After filling it completely, submit this application form to your bank.
8. After the approval of the bank, you will be given the benefit of Mudra loan.
PM Mudra Loan Interest Rates
The interest rates on the loan given under PM Mudra Yojana may vary from bank to bank. The interest rate also depends on the business of the loan taker and the risk associated with it.
