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If your employment has also been lost
and you want to start your own business but you do not have money for this,
then the Pradhan Mantri Mudra Yojana (PMMY) of the government can make your
work easier. Under this scheme, you can take a loan of up to 10 lakh rupees
from the government to start your own business. We are telling you about this
plan.
A Mudra Loan is provided without
guarantee. The scheme started in 2015, aims to provide loans from the street
vendors to small businesses without any guarantee or collateral. Any person who
wants to start his own business can take a loan under this scheme. With this,
if one wants to expand his existing business, he can still get a loan through
this scheme.
In this, up to 10 lakhs will be
provided. Mudra loans are classified into 3 categories - Shishu loan, which has
a maximum limit of Rs 50 thousand, Kishore loan, which has a range from Rs 50
thousand to Rs 5 lakh and Tarun loan, which has a maximum limit of Rs 10 lakh.
is. That is, you will be given a loan according to your work.
According to the official website of
Mudra Loan, so far this year, 51 thousand crore loan has been given to loan of
51 thousand crore to 79 lakh more people in the financial year 2020-21 till now.
In the financial year 2019-20, more than 6.22 crore people were given a loan of
Rs 3.29 lakh crore.
Under this scheme, you get a loan on
your business plan, therefore the applicant has to prepare a business plan
first. Also, all the necessary documents for the loan have to be prepared.
Along with general documents, the bank will also ask for documents related to
your business plan, project report, future income, so that it can know your
requirement, as well as get an idea of how you will benefit or how the profit
will increase. No processing fee is required to be paid for this. The loan
repayment period can be extended up to 5 years. The borrower is given a Mudra
card, which can be used for the expenses incurred by the business need.
How much interest will you pay? The
special thing about Mudra loan is that there is no fixed interest rate in it.
Different banks may charge interest at different rates on the loan. The rate is
determined by the nature of the business and the risk associated with it.
Generally, the interest rate is 10 to 12 per cent per annum. Finance Minister
Nirmala Sitharaman made a big announcement about the currency scheme under the
economic package of 20 lakh crore rupees. Under this, the Finance Minister
announced a two per cent interest rebate on Shishu Mudra Loans. This rebate will
be given by the government for 12 months.
How to apply for Mudra Loans? First
of all, you have to download the loan application form from the official
website www.mudra.org.in. There are three types of loan options on the website.
Download the form by clicking on any loan you want. After this, fill all the
information in the loan application form. Apart from general information in
this form, you will also have to tell you about the place of starting a business.
Mudra loan application, business plan or project report, identity-related
documents like PAN card, Aadhaar card, voter ID card etc. Partnership
documents, tax registration, business license, etc. in case of multiple
applicants. After the process of filling the form, go to your bank or any bank and
submit all the documents. During this time, the branch manager of the bank can
take information about your business and work from you. Within a few days of
applying for Mudra loan, you will get a Mudra Debit Card and your loan amount
will be deposited in this card. Which you will be able to use to start your
business.
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