The government is constantly implementing new programs from time to time. The people benefit from these government schemes. We will discuss a particular scheme from the Modi government and how you can benefit from which you can get started with your job. The name of the scheme is Pradhan Mantri Mudra Loan Scheme, which is able to be accessed by small-sized business owners in the country. With the scheme, you can get the opportunity to borrow as much as 10 lakhs. You have to repay it over the course of three or five years.
What exactly is Mudra Loan Scheme?
The government initiated this scheme to ensure that loan assistance could be offered to citizens as well as loans made available to them based on their requirements. You can avail of loans up to 10 lakh in the Mudra loan scheme. The loans are provided to entrepreneurs from commercial banking institutions, RRBs as well as small financial cooperative banks, banks, MFIs, and NBFCs.
Application process
Go to the nearest bank and fill out the application form that is associated with the loan program. In addition, you should also provide all the required documents. You may also apply online to apply for this scheme.
1. To avail of the benefits of Pradhan Mantri Mudra Yojana firstly go to the official website udyamimitra.in.
2. On the home page, click the Apply for Mudra Loan hyperlink.
3. Sign up here, your login numbers and passwords will be delivered via SMS to your mobile Make sure you have all the necessary documents.
4. Then, fill in the application fill in form completely.
5. Scan and upload all documents that you are looking for.
6. Then enter the captcha code and then click submit.
The application form you submit will be considered.
Documents that are required for this loan
To get this loan, you need to have a comprehensive business plan. In addition, Aadhaar Card, Passport Voter Identification Card, Aadhaar Card, Driving License, and PAN Card as well as any other utility bills should be present. In addition, when you belong to either the SC-ST category or OBC category, you’ll also need to present your caste certificate. Additionally, six months of bank statements as well as an income certificate are required to be submitted to get the loan. In addition, you must also give the address of your company as well as any other proof that relates to your business.
What is the rate of interest on Mudra credit?
There is no set interest rate for this. In general, the minimum rate is 12.5%. It is easy to get a loan to help you start your own business. The money you get from this scheme may only be used to run your business purposes. In the Mudra program, you can avail of a loan limit of up to 10 lakh. Under the Mudra scheme government also offers subsidies to citizens.
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