A lot of folks in the country are eager to kick off their own businesses. But let’s be real, starting a business isn’t a walk in the park. There are all sorts of risks involved. One of the biggest hurdles is funding. Because of this, many people find it tough to get their business ideas off the ground due to financial constraints. To tackle this issue, the Government of India has launched a fantastic initiative called the Pradhan Mantri Mudra Yojana.
With the PM Mudra Yojana, the Government of India is offering loans of up to Rs 20 lakh to help people start their businesses. This scheme has gained a lot of traction across the country, and many are seizing the opportunity to become entrepreneurs. Let’s dive into the details of this program.
If you’re thinking about taking advantage of the PM Mudra Yojana, keep in mind that this scheme doesn’t cover corporate or agricultural loans. It’s specifically designed to help you kickstart your own business.
Three distinct categories have been established for loan disbursement under the PM Mudra Yojana: Shishu, Kishor, and Tarun. The Shishu category offers loans of up to Rs 50,000, while the Kishor category provides loans of up to Rs 10 lakh. In the Tarun category, borrowers can receive loans of up to Rs 20 lakh.
To benefit from the Pradhan Mantri Mudra Yojana, applicants must be at least 18 years old. If you intend to secure a loan for starting your own business, you will need to visit a bank and present a comprehensive business plan along with a project report.
To successfully access the benefits of the PM Mudra Yojana, it is essential to provide various documents, including a business plan, project report, a copy of your filed Income Tax Return (ITR), a self-tax return, Aadhaar card, identity card, PAN card, and proof of both permanent and business office addresses. Failure to submit these documents may result in the rejection of your application.
