Pradhan Mantri Mudra Yojana: The Central Government administers a variety of programmes for the citizens of the nation; some of these programmes directly benefit the populace, while others are designed to stimulate economic growth. The most popular programmes are those that allow people to obtain low-interest loans with no guarantee. One such programme allows you to apply for a loan without any security up to Rs 10 lakh. We are going to tell you about this strategy today.
Introduction to Pradhan Mantri Mudra Yojana
This loan is available to you under the Pradhan Mantri Mudra Yojana, which is administered by the central government. Millions of people have benefited from this programme nationwide up to this point. To apply for this scheme, you must, however, adhere to a certain requirements. The most crucial aspect is how simple it is to apply for this programme, and if you meet all the requirements, obtaining the loan shouldn’t present any difficulties.
Loan Categories Under Pradhan Mantri Mudra Yojana
Loans are provided under the Yojana in three stages altogether. For this, various categories have been created. Funds are provided through the Tarun, Kishore, and Shishu loans. You can apply for a loan under Shishu Loan up to Rs 50,000.
Following this, loans between Rs. 50,000 and Rs. 5 lakh are granted under the Kishore Loan, and between Rs. 5 lakh and Rs. 10 lakh under the Tarun Loan. This requires no guarantees at all, and the interest rate can be anything between 9 and 12 percent.
Eligibility Criteria for Pradhan Mantri Mudra Yojana
Small business owners or shopkeepers are eligible to apply for loans under the Yojana. You can apply if you wish to launch your own company. You must describe your business or business plan on the application.
In order to apply, you must visit the closest bank, obtain the necessary paperwork, and complete the application there. Some banks also offer this service online. You can visit www.mudra.org.in to learn more about the scheme.