Business Idea: Now banks will give money to start your business, know what is the great plan of the government
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Mudra Yojana Loan: If you are thinking of starting your own business and are not able to start the work due to lack of money, then the government will now help you. You will be given money by the central government to start your work. The ambitious Mudra Yojana was launched in the year 2018 by Prime Minister Narendra Modi with the aim of making the youth of the country financially self-reliant. Under the scheme, loans up to Rs 10 lakh are being made available at very low interest rates to start one’s own business. This scheme is very popular among the youth. These loans are given by commercial banks, RRBs, small finance banks, MFIs and NBFCs. In the financial year 2022-23, Rs 456537.98 crore was given as loan by the Central Government to 6.23 crore people. Whereas, in the financial year 2021-22, the government had made 5.37 crore people self-reliant by giving loans. Information about the scheme can also be obtained from the government.
what is mudra scheme
Mudra Scheme (MUDRA Yojana) is a government scheme launched by the Government of India to provide financial assistance to small and medium entrepreneurs. Mudra stands for Micro Units Development Refinance and Refinance, the objective of which is to provide financial support to small businessmen and entrepreneurs to increase self-reliance. Loans given under Mudra Yojana are generally suitable for business loans, business loans, and promoting entrepreneurship. Its objective is to promote self-reliance, employment creation, and economic development. The scheme functions under the Ministry of Entrepreneurship of the Government of India and strives to ensure the growth of small and medium entrepreneurs by providing them economic support.
Under the Mudra Scheme, loans are provided in various categories through various banks and financial institutions. There are three major categories:
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baby (Baby): In this category, loans up to Rs 50,000 are provided to small entrepreneurs.
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teen (Kishor): In this category, loans above Rs 50,000 and up to Rs 5 lakh are provided to entrepreneurs.
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Tarun (Tarun): In this category, loans above Rs 5 lakh and up to Rs 10 lakh are provided to entrepreneurs.
How to get loan under Mudra Yojana
To take a loan under Mudra Yojana, first decide what work you have to do. After that, decide the estimated expenses to start your business. You can take the help of a financial advisor or CA to decide the expenses. After this, the bank or financial institution has to be selected which is registered to provide loans under the Mudra Scheme. To take a loan, you will need some documents, these include Aadhar Card, PAN Card, Trade Certificate, Bank Statement, etc. You have to fill the application form of the selected bank or financial institution and submit it along with all the required documents. You have to select the loan category, such as Shishu, Kishor, or Tarun, which suits your business needs. The bank or financial institution will evaluate your needs and look at your plan’s return or entrepreneurial potential. Then if the bank or financial institution approves your plan, the loan will be contracted and the loan amount allotted to you will be credited to your account. You will get clear information about the interest rate and repayment of the loan, and you will have to take full care of the terms and conditions of the loan. The loans available under Mudra Scheme have lowest interest rates, convenient terms, and easy process, which can help in providing financial support to small and medium entrepreneurs.
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