PM Mudra Yojana: Nowadays, most people consider starting their own business instead of a job, but starting a business requires capital. Business plans are often rejected. But now you don’t need to worry. The government will help you with this. The government has launched the PM Mudra Yojana.
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How much loan is available?
Under this government scheme, financial assistance is provided to those starting a business. The government is offering guaranteed loans to individuals under certain categories: the Shishu, Kishor, and Tarun categories. Those in the Shishu category receive loans up to 5,000 rupees. The Kishor category has a cap of 5 lakh rupees. Those in the Tarun category can avail loans up to 10 lakh rupees.
The special feature of this loan is that it requires no guarantee of any kind. The interest rate is also moderate. With this loan amount, you can easily start any business. If you’re starting a business on a larger scale, you can avail a loan of up to ₹20 lakh under the Tarun Plus category.
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How to Apply
To apply, you’ll need to visit your nearest bank branch or online portal and fill out the application form. For more information about your business, enter the cost and required amount. You’ll also need to provide an identity card, address proof, a passport-sized photo, and other business-related details. Once your application is verified, the loan will be approved.
Many banks are currently conducting this process online to save time. Once the loan is approved, the funds are deposited into your account. If you’re considering starting a business, this scheme could be a great fit.