The government is offering the opportunity to start a business; learn how to get a loan of lakhs of rupees.

PM Mudra Yojana: This government scheme is a great opportunity for small business owners. You can easily start your own business by taking a loan of up to lakhs of rupees without collateral. Learn about the process.

PM Mudra Yojana: Many people around us aspire to start their own business. However, the problem arises with capital. Not everyone can raise a large sum of money for investment, and this leaves many good ideas unfulfilled. To address this problem, the government has launched the Pradhan Mantri Mudra Yojana.

Its purpose is to provide financial assistance to small businesses, startups, and self-employed individuals. Under this scheme, loans can be obtained without any significant collateral, enabling you to establish your business. Let us explain who can apply for this scheme and how much loan you can get. Learn about the complete process.

How much loan is available under the PM Mudra Yojana?

The Pradhan Mantri Mudra Yojana was launched in 2015. This scheme allows small businesses to easily access loans from banks. Loans are offered under three categories: Shishu, Kishor, and Tarun. Loans up to ₹5,000 are available under the Shishu category, up to ₹5 lakh under the Kishor category, and up to ₹10 lakh under the Tarun category. These loans can be obtained from any bank, NBFC, or microfinance institution.

No guarantee is required for this loan, and interest rates are moderate. The loan can be used to open a shop, start a service business, or set up a small-scale manufacturing unit. This can also help expand your existing business. If a person repays a loan under the Tarun category, they can receive a loan of up to ₹20 lakh under the Tarun Plus category.

How to apply for the PM Mudra Yojana?

To apply for this scheme, first visit your nearest bank branch or online portal. There, you'll need to fill out an application form, detailing your business, estimated costs, and the amount needed. Identification, address proof, passport-size photos, and business-related information are required. After verifying the application, the bank approves the loan.

Many banks are now completing this process online to save time. Upon loan approval, the amount is deposited directly into your account. If you've been dreaming of starting a business, this scheme could be a great opportunity for you.