PM Mudra Loan- Do you want to take a PM Mudra Loan, then you have to do this small work and know the full details.
As we told you in our earlier article the Indian government runs various types of schemes for the advancement and help of the economically weaker people of their country, one such scheme has been run for those people who want to start their own business, but are unable to do so due to lack of money, Pradhan Mantri Mudra Loan Yojana has been run for these people, which was launched in 2015 to facilitate access to capital for ambitious business owners. Let's know its complete information-
Overview of PM Mudra Loan Scheme
Shishu Loan: Provides financial assistance up to ₹ 50,000. It is for new businesses or those in their early stages.
Kishor Loan: Provides loans ranging from ₹ 50,000 to ₹ 5 lakh. It is designed for businesses that have moved beyond the startup stage and need additional funds.
Tarun Loan: This loan limit ranged from ₹5 lahks to ₹10 lakh, but has now been increased to ₹20 lakh. This category is available to businesses that have a proven track record of timely repayment on previous loans.
Eligibility Criteria
Age: The applicant must be 18 years of age or older.
Credit Worthiness: The applicant must not be listed as a defaulter by any bank or financial institution, and must have a good credit report.
Experience: Applicants must have knowledge and experience related to the business for which they wish to take the loan.
Use: The loan must be used for business purposes only.
Application Process
Visit Official Website: Visit the official PM Mudra Yojana website www.mudra.org.in.
Select loan type: On the homepage, you will find the options of Shishu, Kishor, and Tarun loans. Choose the option that best suits your needs.
Download and fill out the application form: Click on the respective loan type to download the application form. Print and complete the form, providing all the required details.
Submit the form: Attach the required supporting documents and submit the completed form to your nearest bank branch.
Loan approval: Upon approval, the loan amount will be disbursed to you.
