PMMY: Do you want to quit your job and start your own business? The government is showering money…

Nowadays many people are bored of working for a long time and want to leave it and start their own business. But the problem of funds comes up. If you too are not able to start a business due to fund problems, then now leave this worry because the government itself is giving money to start a business.

Under the Pradhan Mantri Mudra Yojana (PMMY), the government gives collateral-free loans. This loan is given for non-corporate and non-agricultural work. You can arrange money by taking advantage of this scheme of the government. Earlier a loan of Rs 10 lakh was given under this scheme, but in the last general budget, Finance Minister Nirmala Sitharaman has increased this limit from 10 lakh to 20 lakh. For this, a new category of Tarun Plus has been added to the scheme. Know important things related to the scheme.

The loan is available in 4 categories.

If you want to take a loan through Pradhan Mantri Mudra Yojana, then you can apply for a loan in any government-private bank along with the regional rural bank, small finance bank, or non-financial company. The loan amount limit has been made according to the category-

Shishu Loan - In this, financial assistance of up to 50 thousand rupees is given.

Kishor Loan - In this, a loan of up to 5 lakhs is given.

Tarun Loan - In this, an amount of up to 10 lakh rupees is given as a loan.

Tarun Plus - In this new category, a loan of up to 20 lakhs is given to those people who have taken a loan under the Tarun category and have also repaid it completely.

Benefits of PMMY

- Through Pradhan Mantri Mudra Yojana, you can take a loan from 50 thousand rupees to 20 lakhs according to your need. The loan is collateral-free and there is no processing fee charged on it.

- The total repayment period for the loan under this scheme is from 12 months to 5 years. But if you are unable to repay it in 5 years, then you can extend its period by 5 years.

- The good thing about this loan is that you do not have to pay interest on the entire amount of the approved loan. Interest is charged only on the amount that you have withdrawn and spent through the Mudra card.

- If you are doing any business in partnership, then also you can take a loan through the Mudra scheme. In this, you get loans in three categories. The interest rate is different according to the category.

What is the eligibility?

Any person who wants to start his own business can apply for a loan under this scheme. On the other hand, if you want to expand your existing business, then you can also apply for it. But there are some important conditions for this, which need to be fulfilled-

The person applying for the loan should be a citizen of India.

The applicant should not have a bank default history.

The business for which the Mudra loan is to be taken should not be a corporate entity.

The applicant for the loan must have a bank account.

The applicant for the loan should be above 18 years of age.

How to apply

First of all, go to the official website of Mudra Yojana mudra.org.in.

The home page will open on which three types of loans Shishu, Kishor, and Tarun will be written, you choose the category according to your choice.

A new page will open, from here you have to download the application form and take a print of this application form.
Fill out the application form correctly. The form will ask for photocopies of some documents like an Aadhaar card, PAN card, proof of permanent and business address, copy of income tax return and self-tax return, and passport size photo, etc.

Submit this application form to your nearest bank. The bank will verify your application and the loan will be given within 1 month.

To apply online, you will have to create a username and password. With its help, you will log in to the Mudra loan website. You can apply online here.

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