PM Mudra Loan Scheme: Get a loan of up to Rs 20 lakh without guarantee, know the complete process here
PM Mudra Loan Scheme: Ordinary individuals in small towns, cities, and rural regions must put in a lot of effort to launch their businesses, but many still fall short of that goal. This is due to a lack of financial stability. The main problem for businesses is that they can’t get any financial assistance. However, with the launch of the Pradhan Mantri Mudra Loan Yojana by the Indian government, this is no longer the case.
Many rural residents have profited greatly from this programme in terms of launching their businesses. Businesses and small company owners may get a loan without a guarantee under this programme. The government and its affiliated organisations provide small company owners and entrepreneurs financial assistance under the Mudra initiative. Tell us in this post how you may get a business loan without a guarantee as well.
Who would get Rs 20 lakh in Mudra Scheme assistance?
Those entrepreneurs who have taken out the first Mudra loan under the ‘Tarun’ category and paid it back on time would be eligible for a loan of up to Rs 20 lakh under the Central Government’s Mudra Scheme. In the same manner, this strategy has separated the lending facility category into three sections: Tarun lending, Kishor loans, and Shishu loans.
Information obtained indicates that the Pradhan Mantri Mudra Loan Yojana (PMMY) has now reached the end of its ten-year period. Over 52 crore individuals have received loans under this plan during this time, with over Rs 32.61 lakh crore in sanctioned loans. The fact that women make up around 68–70% of the program’s overall beneficiaries is a significant feature since they are the ones who benefit from it the most. The women in the hamlet are becoming independent and self-sufficient as a result of this government effort.
Pradhan Mantri Mudra Loan Yojana’s advantages
- Shishu, Kishor, Tarun, and Tarun Plus are the four categories into which loans are separated.
- Small company owners can greatly benefit from the set loan ceiling, which is between Rs 50,000 and Rs 20 lakh.
- The nation’s small enterprises received financial support, perks, and the development of thousands of employment opportunities in urban, semi-urban, and rural regions.
Categories of loans under the Mudra Yojana
- Shishu loan: Up to Rs 50,000 in loans
- Kishor loan: Rs 50,000 to Rs 5 lakh in loans
- Loan amount: Rs 5 lakh to Rs 20 lakh for Tarun
For Mudra Yojana, how can I apply?
Do not hesitate to apply or visit the closest bank office if you would want to benefit from this programme as well. You can get all the information you need about the plan on its official website, https://www.mudra.org.in/.
