Pradhanmantri Mudra Loan Yojana: You can avail a loan of up to Rs 20 lakh under Pradhanmantri Mudra Loan Yojana

Pradhanmantri Mudra Loan Yojana: Many people dream of starting their own business. Many people do not like to work under someone and want to start their own business. But a big problem faced by such people is money. People who do not have enough money to start their businesses are not able to fulfill their dream. But now you can fulfill your dream. The government is helping you with this.

You can avail the benefits of Pradhan Mantri Mudra Loan Yojana.

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’s scheme, its name is Pradhan Mantri Mudra Loan Yojana.

You can take a maximum loan of up to 20 lakhs.

Under the Pradhan Mantri Mudra Yojana (PMMY), the Micro Units Development and Refinance Agency (MUDRA) Loan Scheme is an initiative of the Government of India that provides loans to individuals, SMEs, and MSMEs. 3 loan schemes are offered under MUDRA, which includes Shishu, Kishor, and Tarun. Under the Mudra Loan Scheme, a maximum loan amount of up to Rs 20 lakh is provided. To take a Mudra loan, the applicant is not required to deposit any security to banks or loan institutions. The payment period of this loan is up to 5 years, that is, you get up to 5 years to repay the loan.

Who can take a loan under the Mudra Loan Scheme

  • Individuals, non-working professionals, and startups
  • MSME
  • Shopkeepers, hawkers, retailers, traders, small manufacturers and artisans
  • Sole proprietorship, partnership firms, limited liability partnerships (LLP), and other business entities.

Various Benefits of the Mudra Loan Scheme

  • This is a collateral-free loan. There is no need to submit any collateral or security to banks/NBFCs to avail this.
  • There is zero or nominal processing fee and a low interest rate.
  • There is a concessional interest rate for women entrepreneurs.
  • Loans are covered under credit guarantee schemes from the Government of India.
  • It can be used as term loans, working capital loans, and overdraft facilities.
  • All non-farm enterprises, i.e. small or micro firms can avail of Mudra loans.
  • People from the SC/ST/minority category can avail of Mudra loans at special interest rates.

Documents required to get a loan

  • Passport size photo
  • Filled application form
  • KYC documents of applicant and co-applicants Passport, Voter ID card, Aadhaar card, Driving license, PAN card, Utility bill (water/electricity bill)
  • Proof if the applicant belongs to any special category i.e. SC/ST/OBC/Minority (if applicable)
  • Bank statement for the last 6 months
  • Proof of business address and years of operation, if applicable
  • Any other required document from the bank or NBFC

How to apply for Pradhan Mantri Mudra Loan Yojana

  • To apply for Pradhan Mantri Mudra Loan Yojana, first of all, you have to go to the official website.
  • After visiting the official website, on its homepage, you will see the types of Mudra Loan Yojana Shishu, Kishor, and Tarun.
  • Out of these, you have to select your loan type.
  • Now a new page will open in front of you from where you have to download the application form.
  • Now all the information has to be filled in this application form.
  • After this, all the related documents have to be attached to the application form.
  • After this, you have to submit your application form to your nearest bank.
  • After this, the bank officials will verify your application form and after that, you will get the loan.
  • In this way, you can take advantage of the scheme by applying under Pradhan Mantri Mudra Loan Yojana.

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