PM Mudra Loan- Only these people will get 20 lakhs in PM Mudra Loan, know who is included in the list

The Indian central government has started various types of schemes for the diverse needs of the people of its country and the economically weaker people, with the help of which these people can be helped and their standard of living can be improved, one such initiative is the Mudra Loan Scheme, which was launched in 2015 to encourage entrepreneurship and self-employment among the youth. Let's know about this scheme.

1. Increased loan limits:

Earlier, the Mudra Loan Scheme offered a maximum loan amount of Rs 10 lakh. The recent update made in the latest budget by Finance Minister Nirmala Sitharaman has increased this limit to Rs 20 lakh.

2. Loan Categories:

Child Loan: Provides up to Rs 50,000, designed for beginners, and small-scale enterprises.

Kishor Loan: Loan up to Rs 5 lakh, suitable for expanding business operations.

Yuva Loan: Initially had a limit of Rs 10 lakh, now increased to Rs 20 lakh, targeting more significant business plans and projects.

3. Eligibility Criteria:

Must be an Indian citizen.

Should not have a history of defaulting on previous bank loans.

The loan should be for non-corporate business ventures.

Must have a valid bank account and be above 18 years of age.

4. Application Process:

Visit the official Mudra website: mudra.org.in.

Go to the loan application page, where you will find three loan categories.

Select the appropriate category and download the application form.

Complete the form and attach the required documents such as a PAN card, Aadhaar card, address proof, Income Tax Return (ITR), and passport size photo.

Submit the completed form and documents to the nearest bank branch.

After submission, the bank will verify your application. Once approved, the loan amount will be disbursed within about a month.