Government Business Loans

Government is Offering Business Loans Up to Rs 10 Lakh, Here’s How to Take Full Advantage

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Government Business Loans: The central and state governments are running several schemes to benefit the people. These schemes are aimed at strengthening people financially. The central government launched the Pradhan Mantri Mudra Yojana in 2015 to promote small businesses and self-employment in the country. The main objective of this scheme is to provide financial support to those who want to start their own small business or expand their existing business. This scheme strengthens the vision of a self-reliant India.

Funding available on easy terms

Under the Mudra Yojana, the government provides funding through MUDRA, which stands for Micro Units Development and Refinance Agency. It provides not only term loans but also facilities like working capital and overdrafts. This ensures that small business owners do not face financial difficulties in their daily needs.

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Who can apply?

Any Indian citizen above 18 years of age can avail of this scheme. Being employed is not a requirement. Small shopkeepers, artisans, street vendors, startup entrepreneurs, and self-employed individuals are eligible. Women can also benefit from this scheme, provided they have at least a 50% stake in the business.

Which businesses are eligible for loans?

The Pradhan Mantri Mudra Yojana covers several types of businesses. This includes service businesses such as auto and e-rickshaws, taxis, salons, medical stores, tailoring centers, and repair shops. In addition, small-scale manufacturing and trading businesses also fall under this scheme.

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Opportunities for people involved in agriculture and related businesses

This scheme is not limited to cities only. Mudra loans are also available for people in villages and those involved in agriculture. Funding can be obtained under this scheme for activities related to dairy farming, poultry farming, food processing, fisheries, beekeeping, and other agro-businesses.

Types of Loans Available Under the Mudra Yojana

The Mudra Yojana offers loans in three different categories. Shishu loans are for starting small businesses. Kishore loans are for those whose businesses have already progressed somewhat. Tarun loans are provided for large-scale business expansion. This classification ensures that businesses at every stage receive the assistance they need.

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