PM Mudra Yojana: Under the Pradhan Mantri Mudra Yojana (PMMY), the government offers business loans up to Rs 20 lakh. Launched in 2015, this scheme is now one of the largest loan schemes in the country. People are benefiting from this scheme extensively for small businesses like tea shops, boutiques, service centers, or manufacturing.Under the Mudra scheme, loans are offered in four categories. The Shishu category offers loans up to Rs 50,000 for starting a new business.
The Kishor category offers loans ranging from Rs 50,000 to Rs 5 lakh for expanding existing businesses.The Tarun category offers loans ranging from Rs 5 lakh to Rs 10 lakh. The Tarun Plus category offers loans ranging from Rs 10 lakh to Rs 20 lakh. This is for those who already have a business and want to expand it to a larger scale.To apply for the Pradhan Mantri Mudra Yojana, you need to visit your nearest government or private bank.
You can obtain the PM Mudra Yojana application form from there. The bank official will also guide you in choosing the category and loan amount.You must carefully fill in all the required information on the application form. Attach your identity proof, address proof, business plan, and other relevant bank documents. Once you submit the completed form to the bank, your application will be processed.
After submitting the form, the bank reviews your application. If the documents and business plan are found to be correct, the loan is approved. The loan amount is credited directly to your account. You can then use the funds to start or expand your own business.