PMMY: The government is giving a loan of Rs 10 lakh at 9 percent interest without any guarantee...

The central government is running many schemes to promote self-employment. Especially to encourage the youth and help them to start their own business. One such government scheme is Pradhan Mantri Mudra Yojana, in which the central government gives a loan of up to Rs 10 lakh without guarantee and it is very easy to apply for it. The number of beneficiaries under this scheme has now crossed the figure of 40 crores.

Loan is divided into three categories
Under the Pradhan Mantri Mudra Yojana, the Central Government provides loans for starting or expanding non-corporate small enterprises in rural areas. That means, if you are thinking of starting your own business, then your work will become very easy through this scheme. Let us tell you that the loan available under PM Mudra Yojana has been divided into three categories. These include the Shishu Loan, Kishore Loan, and Tarun Loan. Mudra Yojana has completed eight years, and under this scheme, the government has distributed loans worth Rs 23.2 lakh crore.

This scheme was started in 2015
If we look at the three categories of this scheme, which was started in the year 2015, then under the Shishu Loan, a loan up to Rs 50 thousand is given, whereas, under the Kishore Loan, a loan ranging from Rs 50 thousand to Rs 5 lakh is given. Whereas, under Tarun Loan, loans ranging from Rs 5 lakh to Rs 10 lakh are available.
No guarantor is required to apply for a loan under PM Shishu Mudra Loan Scheme, nor is any fee required to be paid for it. However, there may be a difference in loan interest rates in different banks. It depends on the banks. The interest rate under this scheme is 9 to 12 percent per annum.

The process of applying is very easy
The process of PM Mudra Loan loan is also very easy, for this you just have to visit your nearest bank. One can apply for this government scheme even sitting at home. Many banks have also provided online facilities to apply. You can get more information by visiting https://www.mudra.org.in/.

Under the PM Mudra Scheme, loan facilities can be available for small shopkeepers, and small industries like fruits, and food processing units. To avail of the benefits of this scheme, you need an Aadhaar Card, PAN Card, Residential Proof, Passport Size Photo, and Business Certificate.

These documents are necessary for the Mudra Loan
business plan
application form
passport size photo
KYC documents
proof of identification
Proof of residence
income proof

Any Indian citizen having a business plan for a non-farm income-generating activity like manufacturing, trading, or service sector with a loan requirement of up to Rs.10 lakh. He can approach the bank or NBFC to get MUDRA Loan under PMMY. If we look at the government figures, 51 percent of the beneficiaries of this scheme are tribals, Dalits, and backward-class people. At the same time, 68 percent of loan accounts are opened in the name of women. This scheme, which was started with the aim of generating employment, has provided employment to 1.12 crore people directly and indirectly. Of the total beneficiaries, eight crores i.e. 21 percent are first-generation entrepreneurs.

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