Business Loan Government Schemes: Numerous government schemes are being implemented by the central and state governments. Under these schemes, people are being empowered financially. If you are thinking of starting a small business and lack the funds, you no longer need to worry; the government has already launched a business loan scheme.

Under this scheme, people were previously given a business loan of 10 lakh rupees, but now this limit has been increased to 20 lakh rupees. If you want to start a business, you can avail a business loan through this scheme. The special feature of this scheme is that you do not have to face any financial problems.

We are talking about the PM Mudra Scheme. Under this scheme, borrowers have the opportunity to avail loans under four different categories. You can choose from these categories according to your needs.

Read Here: This Post Office Scheme Will Make You Rich, Save Rs 333 Daily and Make a Fund of Rs 17 Lakhs

Learn about the PM Mudra Scheme

The PM Mudra Scheme was launched in 2015. The scheme aims to promote employment and encourage new businesses. Under this scheme, applicants receive a loan of ₹10 lakh. However, the revised loan amount has been capped at ₹20 lakh. This loan is offered in four categories: Shishu, Kishor, Tarun, and Tarun Plus.

Under the Shishu category, applicants receive a loan of ₹50,000. Further, under the Kishor category, applicants can receive a loan of up to ₹5 lakh. Under the Tarun category, a loan of ₹10 lakh is available. Additionally, under the Tarun Plus category, a loan of ₹20 lakh is available.

How to Apply Online

Applying for this scheme is possible both online and offline.

First, you’ll need to visit the bank or financial institution’s website.

After this, download the loan application form.

Fill in all the details requested in the form and submit it.

Keep the reference code provided.

You’ll receive a call from an accountant after some time.

After verification, the loan amount will be credited to your account.

Read Here: Amazon vs. Flipkart- Where can I get the lowest priced iPhone 16. See Details

How to Apply Offline

To apply offline, you’ll need to visit a bank branch where loans are offered under this scheme. Then, obtain the form from the bank accountant and fill in all the required details. Submit the accompanying documents. Verification will then take place, and the loan amount will be transferred to your account.