PMMY Update: The government is giving a loan of Rs 10 lakh without a guarantee to start a business...

If you want to start your own business and have done complete planning in your mind, but the matter is stuck due to funds, then you do not need to worry. In such a situation, a government scheme can be helpful for you. In this scheme, you get a collateral free loan facility from the government. That means you get a loan in which no security is required.

The name of this scheme of the government is Pradhan Mantri Mudra Yojana (PMMY). To make the youth self-reliant and strengthen small businesses, the Modi government started this scheme in the year 2015. In this scheme, loans are given for non-corporate and non-agricultural purposes. Under this scheme of government, a loan of up to Rs 10 lakh can be taken.

Three categories of loan
If you want to take a loan through Pradhan Mantri Mudra Yojana, then you can apply for a loan in any government-private bank, Regional Rural Bank, Small Finance Bank, or Non-Financial Company. The limit of the loan amount has been made according to the category-
Shishu Loan- In this, financial assistance up to Rs 50 thousand is given.
Kishore Loan- In this, a loan up to Rs 5 lakh is given.
Tarun Loan- In this, an amount of up to Rs 10 lakh is given as a loan.

What is eligibility?
Any person who wants to start his own business can apply for a loan under this scheme. At the same time, if you want to take your existing business forward, you can also apply for it. But for this there are some important conditions that need to be fulfilled-

The person applying for the loan must be a citizen of India.
The person applying should not have any bank default history.
Any business for which a Mudra loan is to be taken should not be a corporate institution.
The person applying for the loan must have a bank account.
The age of the person applying for a loan should be more than 18 years.

Benefits of Pradhan Mantri Mudra Yojana
Through PMMY, you can take a loan ranging from Rs 50 thousand to Rs 10 lakh as per your need. The loan is collateral and there is no processing fee on it.
The total repayment period of the loan available under this scheme ranges from 12 months to 5 years. But if you are not able to repay it in 5 years, then your tenure can be extended by 5 more years.
The good thing about this loan is that you do not have to pay interest on the entire amount of the loan sanctioned. Interest is charged only on the amount that you have withdrawn and spent through Mudra Card.
Even if you are doing any business in partnership, you can take a loan through Mudra Yojana. In this, you get loans in three categories. Interest rates vary according to category.

Apply like this
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, Kishore, and Tarun – will be written, choose the category as per your choice.
A new page will open, you will have to download the application form from here and take a printout of this application form.
Fill out the application form correctly. In the form, photocopies of some documents will be asked like Aadhar cards, PAN cards, proof of permanent and business address, copies of income tax returns and self-tax returns, and attach 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 be able to log in to the Mudra Loan website. You can apply online here only.

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