To promote employment, the Modi government started the PM Mudra Loan Scheme on 8 April 2015. Its purpose is to provide financial help to those youth who are not able to start their business due to lack of money. The main reason for bringing this scheme is to get people easily loans to start small businesses.
But now some cyber thugs are cheating people in the name of getting low interest and early loan. So it is important that you know where and how the Mudra loan is found and what is its entire process. Come, let’s understand about it in detail.
What is Pradhan Mantri Mudra Loan Scheme
Under the Pradhan Mantri Mudra Loan Scheme, a loan of up to Rs 20 lakh is available to start small business. This includes people such as hawkers, fruit-vegetable sellers, small shopkeepers, truck drivers, food servants and machine operators. The special thing about this loan is that this loan does not require any guarantee. The scheme is applicable since 2015 and under this, small non-corporate and non-agricultural businesses are given financial assistance. To repay this loan, the person taking the loan is given up to 5 years. This loan can be taken from institutions like Commercial Bank, RRB, Small Finance Bank, MFI and NBFC.
Lone divided into four categories
Under the Pradhan Mantri Mudra Yojana, the loan is divided into four categories. A loan of up to Rs 50,000 is available in the infant category. A loan ranging from Rs 50,000 to Rs 5 lakh is given in the teenage category. A loan ranging from Rs 5 lakh to Rs 10 lakh is available in Tarun category, while in Tarun Plus category, a loan of Rs 10 lakh to Rs 20 lakh is available.
Some important conditions of loan
Under this scheme, a loan can be taken to start a new small business or run old business, but some conditions are necessary for this. Applicants should be an Indian citizen and should have an Aadhaar card, PAN card, and bank account. The loan will be given only for non-corporate businesses. Also, the entire plan of the business for which a loan is to be taken should be prepared.
How to apply for loan
Under the Pradhan Mantri Mudra Yojana, you can contact your nearest bank or Non -Banking Financial Institutions (NBFC) branch, or you can also apply online. For this you have to follow these steps
1. First of all go to the official website of Mudra loan www.mudra.org.in, where you will get all the categories options.
2. Click on the loan option according to your need.
3. After this, click on the link of the application form.
4. Download the application form in PDF and take a printout of it.
5. Attach all the necessary documents by filling the form correctly.
6. Finally, submit this form to the nearest bank or microfinance institution branch.
7. After all the documents are verified, your loan will then be approved
How to avoid cheating?
Cyber thugs sometimes lure you to get a loan by calling, but keep in mind that no bank or financial institution for Mudra loan calls you by itself. If you get such a call or message, it can be cheated. A warning is also given on the website of PM Mudra Loan, in which it is written that Mudra loans are not given from Mumbai’s Mudra Limited. These loans are given only by banks, NBFCs and MFIs and no agent or middleman has been appointed by Mudra. If you want to take a loan then stay away from such agents.
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