PM Mudra Loan Yojana: Loan will be available without guarantee under PM Mudra Loan Yojana, apply now. PM Mudra Loan Yojana was launched by the Honorable Prime Minister of the country, Shri Narendra Modi, on 8 April 2015 to provide financial assistance to entrepreneurs. Under this scheme, loan assistance of Rs 10 lakh is provided for small scale industries, cottage industries and non-government businesses and any related work. But now according to the new information, the limit of 10 lakhs will be increased to 20 lakhs. This loan is provided without any guarantee.
On 15 April 2024, during the Lok Sabha election speech by Prime Minister Narendra Modi, it was announced to increase the limit of Rs 10 lakh under the Pradhan Mantri Mudra Yojana to Rs 20 lakh. In this post, we will know how to get a loan without guarantee under PM Mudra Yojana.
Pradhan Mantri Mudra Loan
The Central Government has started an initiative which has started the Pradhan Mantri Mudra Loan Yojana to promote businesses and promote their growth. Under this scheme, traders are provided loans up to Rs 10 lakh for a maximum period of 5 years till the age of graduation. Under the Pradhan Mantri Mudra Loan Yojana, the government provides three types of loans – Shishu Mudra Loan, Kishor Mudra Loan, and Tarun Mudra Loan.
About Shishu Mudra Loan
Under this scheme, we easily get an amount of up to Rs 50 thousand without any collateral (without any guarantee). You can apply for a loan under the Pradhan Mantri Mudra Loan Yojana to start your business or expand your already running small business. In this, you are provided the loan amount for 60 months. Under the Shishu Mudra Loan Scheme, application can be made to start a new business or expand a small business.
About Kishor Mudra Loan
Under the Kishor Mudra Loan Scheme, an amount of Rs 50,000 to Rs 5 lakh is made available for 5 years without any collateral for the expansion of middle class businesses. You can easily get a loan by applying in the Kishor Mudra Loan Scheme for expanding your business.
About Tarun Mudra Loan
Under the Tarun Mudra Loan Scheme, loans up to Rs 10 lakh are provided to big businessmen and entrepreneurs to expand their business. If you also have a big business and want to expand it further and in this situation you need more money, then you can apply under the Tarun category and get a Mudra loan.
Subsidy is provided on the runs of all three categories of Shishu Mudra, Kishor Mudra and Tarun Mudra given by the government. You can apply in any of these three categories as per your requirement.
PM Mudra Loan Interest Rate
Many types of banks are providing loans under the Pradhan Mantri Mudra Loan Yojana. And the interest rate of all these banks can be different. If we talk about the uniform interest rate, then PM Mudra Loan is provided at an interest rate of 10% to 12%. This interest can also vary depending on the loan amount.
Pradhan Mantri Mudra Yojana Required Documents
Aadhaar Card
PAN Card
Bank Passbook
Residence Certificate
Age Certificate
Income Certificate
Passport Size Photo
Website Related Documents
Mobile Number
How To Apply PM Mudra Loan Yojana?
- To take a loan under PM Mudra Yojana, you have to go to your nearest bank branch or private institution where loan is available.
- Now you have to get the application form from the officer related to this scheme.
- Now the information sought in the application form like name of the applicant, address, Aadhaar number, business related information etc. has to be entered.
- Now you have to attach the required documents along with it.
- Now you have to submit this application form along with the documents to the concerned loan officer.
- All your documents will be checked by the concerned loan officer and the application form will be verified.
- In this way you can apply under PM Mudra Yojana.
- For more information related to this scheme, you can also visit the official website of PM Mudra Yojana https://www.mudra.org.in/.