If you want to start any business up to 10 lakhs, then there is no need to worry about money. Modi government is giving loans to people to start business, so let’s know how to apply for a loan.
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 assistance to start a business under 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 under this government scheme has been doubled.
So let’s know who will get the loan
Under the PM Mudra scheme, 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 Rs 50 thousand. No guarantor is also required for this. Through Kishor loan, you can take a loan of Rs 50 thousand to 5 lakh. At the same time, under Tarun loan, you can start a business by taking a loan of Rs 5 lakh to 20 lakh.
What is the interest rate on the loan?
If you apply for a loan under PM Shishu Mudra Yojana, then no guarantor will be required for this. No charge is taken for the process 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 a loan?
Under the PM Mudra scheme, small shopkeepers can start small businesses like fruit, food processing units.
Who can apply for PM Mudra loan?
Any citizen of India above 18 years of age can apply for this loan. Apart from this, the applicant should not have any bank default history. There should be a bank account to take a loan. Keep in mind that the business for which you are taking a loan should not be a corporate entity.
Which documents will be required?
- Aadhaar Card
- PAN Card
- Residence Certificate
- Passport size photo
- Business plan
- KYC document
- Income proof
Where can you apply for a loan?
You can apply for the Mudra scheme by going to a nearby bank. Apart from this, you can also apply online. For more information you have to visit https://www.mudra.org.in/.
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