The government gives Rs. Want to take a loan of Rs 50,000 to Rs 10 lakh? Learn full details
Provision for loans to micro units by banks or financial institutions for income generation and non-agricultural activities up to Rs. 10 lakhs. This scheme has been launched by Hon'ble Prime Minister
The Prime Minister's Mudra Yojana has been inaugurated by the Hon'ble Prime Minister on to provide loans to small business activities under production, service, small business and trade. Loans under this scheme are available in three categories as under.
1 Benefits of Mudra Yojana:
- સામા General according to this scheme
- અનુસાર Under this scheme common man can apply for loan without guarantee.
- યોજના There is no process fee for this loan.
- The repayment period in this scheme is extended to 3 years.
- Working This Working Capital Loan can be given through Mudra Card.
Who can apply for this type of loan?
Any Indian citizen or firm (excluding agriculture) who wants to start a new business or expand an existing business and has a financial requirement of Rs 10 lakh can apply for a loan under this scheme.
2 .Types of Currency Loans:
Keeping in view the different occupations, the Mudra loan has been divided into 3 parts which are as under. Loan up to Rs. Youth Loan: This ranges from Rs. 200,000 / - to Rs. 10,000,000 / -.
There is no fixed interest rate in this scheme. Interest rates may vary from bank to bank. It also depends on the business and its risk. Usually the interest rate is around 15%.
According to the currency loan, no subsidy is given by the government. If an applicant has applied for a government subsidized scheme in which the government provides a capital subsidy, the subsidy is linked to a currency loan.
Gather information and choose the right bank
There is no set procedure for applying for a loan as per Mudra Yojana. For this, the applicant has to collect complete information about the loan process as well as interest rate in the nearby bank. In addition to applying for a loan, one has to submit an application form as well as certain documents.
For this loan the bank can ask for different types of Kagalua which are as follows. Al separate documents such as Balance Sheet, Income Tax Returns and information about your current business. From all these papers the bank wants to guess whether you are able to repay the loan or not! They will also try to find out how much risk there is in your business so that they know if their money will be safe or not.
The bank will also try to get complete information about your Business Plan, Project Report, Future Income Estimates so that the people can know how to use their loan and how to take profit from it. It will also try to find out what the business will do next.