Today i.e. on 21st August 'World Entrepreneur Day' is being celebrated all over the world. If you are also planning to start your own business these days, then you can get a cheap loan for it. You can take a loan of up to Rs 10 lakh to start your own business under the Pradhan Mantri MUDRA Yojana (PMMY) run by the government. Today we are telling you about this plan.
The purpose of this scheme which started in 2015, is to provide loans without any guarantee (collateral) to the street vendors to the small businessmen. Any person who wants to start his own business can take a loan under this scheme. Along with this, if someone wants to carry forward his existing business, then he can also get a loan through this scheme.
PMMY loans are categorized into 3 categories- Shishu loans, with a maximum limit of Rs 50,000. Kishor loan, which has a limit of Rs 50,000 to Rs 5 lakh and Tarun loan, with a maximum limit of Rs 10 lakh. That is, you will be given a loan according to your work.
First of all, the applicant has to prepare a business plan. Along with this, all the necessary documents are also to be prepared for the loan. Along with the usual documents, the bank will also ask you for documents related to your business plan, project report, estimation of future income. So that he knows about your need, as well as can get an idea of how you will benefit or how the profit will increase.
The special thing about the MUDRA loan is that there is no fixed interest rate in it. Different banks may charge different rates of interest on the loan. The interest rate is determined based on the nature of the business and the risk involved. By the way, the interest rate usually remains 10 to 12% per annum.
For example, documents related to proof of residence, such as telephone bill/electricity bill etc. Photographs of the applicant less than 6 months old, quotation of the machine or other material that you wish to purchase, as well as information about the supplier/shopkeeper from where you will buy, categories (SC / ST / OBC / Minority), if applicable, last Balance sheet and projected balance sheet for two years (on loan above Rs.2 lakh).
Like and Follow us on :