Pradhan Mantri Mudra Yojana: Want to start a business? This scheme provides loans of up to 20 lakhs. Less educated people also benefit. Do you know about this loan?
In the first Pradhan Mantri Mudra Yojana, loans of up to 10 lakh rupees were available. But now the limit has been increased to 20 lakh rupees. This means that now not only small shops, but also large works like service centers and manufacturing units can be started.
Mudra Yojana is divided into four categories. Loans of up to 50 thousand rupees are available in the children’s category, 50 thousand to 5 lakh rupees in the youth category, 5 to 10 lakh rupees in the youth plus category and 10 to 20 lakh rupees in the youth plus category. You can choose the category according to your business needs.
If you are an Indian citizen and do not want to do any illegal work, then you are eligible for this scheme. A high degree of education is not necessary. The bank focuses more on your idea, work experience and whether you have the ability to repay the loan.
The application requires Aadhaar card, PAN card, address proof, photograph and a preliminary business plan. In some cases, the bank may also ask for income-related documents. If you are already doing any work, then the related bills or account statements strengthen your file.
You can apply for a Mudra loan directly by visiting your nearest government or private bank branch. If you want, the form can also be filled through the online portal. The bank will check your documents, talk to you and if everything is in order, the loan can be approved within some time.
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The most important thing after getting a loan is to use it properly and pay the installments on time. Invest the money for the purpose for which it was taken. Gradually establish an income from the business. Increase the income and keep a clean record. By doing this, it becomes easier to take a big loan in the future.
