Only these people will get a loan of 20 lakhs in PM Mudra Yojana, this mistake will cost heavily.

PM Mudra Yojana: Many different types of schemes are run by the Government of India for the citizens of the country. Different types of schemes are brought by the government keeping in mind the needs of people of different sections. Various schemes have been brought by the central government for some time to promote self-reliant India. In this, the Mudra Loan Scheme was started in the year 2015 to promote youth towards self-reliant India.

Under this scheme, a loan of up to Rs 10 lakh is given by the government for business. In the recently presented budget, Finance Minister Nirmala Sitharaman has announced to increase the loan amount from Rs 10 lakh to Rs 20 lakh in the Mudra Loan Scheme. Who can get the benefit under the Mudra scheme and what mistakes should be avoided? Let us tell you.

Three types of loans are given under the Mudra scheme.

Three types of loans are given under the Pradhan Mantri Mudra Loan Yojana run by the Government of India. The first loan is the Shishu Loan in which a loan of up to Rs 50 thousand is given. The second loan is the Kishor Loan in which a loan of up to Rs 5 lakh is provided. The third and biggest loan is the Tarun Loan in which an amount of up to Rs 10 lakh is given. Which has now been increased to Rs 20 lakh. Let us tell you that a loan of 20 lakh can be given only to those people. Who have repaid the Tarun loan taken earlier on time.

These people get loan under Mudra Yojana

The applicant applying for the Pradhan Mantri Mudra Loan Yojana must be a citizen of India. The applicant should not have any bank default history beforehand. Whatever kind of business for which the Mudra loan is being taken should not be a corporate organization. The applicant applying for the loan must have a bank account and his age should be more than 18 years. If any of these conditions are not fulfilled for the loan, then the loan will not be given.

How to apply for a loan?

To take a loan under the Pradhan Mantri Mudra Yojana, the applicant must first go to the official website of the scheme, mudra.org.in. After this, the loan page will open where all three types of loans, Shishu, Kishor and Tarun, will appear. You have to choose the category according to you. After this, an application form will appear in front of you, after downloading which you will have to fill the form completely.

After filling the form, you will have to attach some related documents with it, which will include things like PAN card, Aadhar card, address proof, ITR and passport size photo. After this, you have to submit the application to the nearest bank. Your application will be verified by the bank. After that you will be given the loan within a month.