PM Mudra Loan Yojana- Through this government scheme, you will get a loan of up to Rs 10 lakh without any guarantee, know its complete details.
Central and state governments start various types of schemes to help economically weak people, through which they get financial help. One such notable scheme is the Pradhan Mantri Mudra Yojana, which offers loans up to Rs 10 lakh without any guarantee. Today we will provide you with complete information about this scheme through this article-
Reach and Scope: Pradhan Mantri Mudra Yojana, a flagship initiative of the Central Government, provides accessible loans which have benefited millions of people across the country. However, to avail the benefits of this scheme, certain conditions have to be fulfilled.
Loan Stages and Categories: The scheme operates through three different stages, each stage catering to different loan requirements. Loans are categorized into Shishu, Kishore, and Tarun, with loan amounts ranging from Rs 50 thousand to Rs 10 lakh.
No Collateral Requirement: One of the most attractive aspects of the Pradhan Mantri Mudra Yojana is the absence of collateral requirements. This facility reduces the barriers to access credit to a great extent for small business owners and entrepreneurs.
Interest Rates: The interest rates on loans under this scheme generally range between 9 to 12 percent, ensuring affordability for borrowers.
Eligibility and Application Process: Small shopkeepers and entrepreneurs looking to start or expand their business are eligible to apply for loans under this scheme. The application process is streamlined and can be completed at the nearest bank branch or through online channels provided by some banks.
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