new Delhi. To deal with the coronavirus crisis, the Prime Minister announced an economic package of Rs 20 lakh crore under the Self-Reliant India Scheme. So that financial assistance can be provided to all sectors, laborers, businessmen and salaried people to avoid the crisis of Corona in the country. In the announcement of this package, Finance Minister Nirmala Sitharaman announced an automatic collateral free loan of Rs 3 lakh crore for Small Businesses (MSME). Collateral free loan means that now businessmen can take loan for their business without any guarantee. The loan will have a term of four years. Businessmen will be able to take loans for business on the guarantee of the government. Also, under the Mudra scheme, it has been announced that if anyone wants to take Shishu Mudra Loan, then he will get 2% interest rebate.
The Finance Minister has announced a relief package for MSMEs under the Self-Reliant India Scheme, but there are still many people who want to start their own small business after leaving their jobs, but they need the right medium and the Government Prime Minister Mudra Yojana ( How to take advantage of PMMY) is not known. So if you also want to take information about the Government Mudra Yojana (PMMY), then read our special report.
What is Pradhan Mantri Mudra Yojana (PMMY)?
Mudra Yojana was launched by the government in the year 2015
The objective of the scheme is to provide loan facility for small-scale businessmen to street vendors to start their own businesses.
Loans can be taken to start business under Mudra scheme without guarantee
Government loan up to Rs 10 lakh
Mudra loans can be taken in 3 categories:
Shishu Loan – Loan up to Rs. 50,000
Kishore Loan – Loan from Rs 50,000 to Rs 5 lakh
A loan of Rs 10 lakh can be taken from Tarun loan-5
The bank decides the interest according to its accounts and rules. Every bank has a different interest.
Mudra loans usually attract interest of 10 to 12 per cent.
The interest rate also depends on the risk and nature of the business
How to avail a Mudra loan (PMMY)?
After deciding the business, go to the government or bank branch and submit a loan application
If you want to do business yourself, you have to submit the documents of the house, PAN number and other necessary documents
To take a loan, you can go to the Mudra website and get information about all the banks that are giving Mudra loans.
Loans are offered by commercial banks, RRBs, small finance banks, MFIs and NBFCs. You can also go to these institutions and talk about loans. Also, you can apply online by visiting the websites of startups giving information about government schemes.
After selection of the bank, the application has to be downloaded by filling the form. Keep in mind that separate forms have to be filled for Shishu Loan and same form for Tarun and Kishore categories.
All business related information has to be given in the form. Where do you want to do business? Which business do you want to fill?
The bank manager also takes all this information from you before giving a loan and decides the loan approval.
You can take Mudra loan for business like self proprietor, partnership, micro industry, service sector companies, repair shop, micro manufacturing business, food related business, fruit vegetable business, truck work
The government has also prepared a project report by estimating the expenses and savings for some businesses so that people can get an estimate of the profit loss from the business before taking a loan.
What are the benefits of taking Pradhan Mantri Mudra YojanaThe
Loan is provided without any guarantee
There is no processing fee by the bank.
The loan repayment period can be extended up to five years.
The government has given a discount of 2 percent on the Shishu Mudra loan, which means that now the government will give 2 percent amount.
Government has given a discount of 2 percent on Shishu Mudra Loan for 12 months
Shishu loan is up to Rs 50,000 and will benefit many small businessmen.
According to the government, 3 crore people will get the benefit of 2 percent rebate and saving up to 1500 crore rupees will also be given to the borrowers.
Any person who wants to start his own business can take a loan under the Mudra scheme.
If someone wants to expand his existing business further, he can also loan through this Mudra Loan scheme.
The borrowers get a Mudra card, through which the businessman can use it for his upcoming expenses when needed.
Before starting any type of loan or business, make sure to get all the information from the financial advisor and start a business only in view of your profit and loss.