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How can you take loan under Pradhan Mantri Mudra Yojana?

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The Central Government’s Mudra Scheme has two objectives. First, easy lending for self-employment. Second, creating employment through small enterprises.

The Kovid-19 pandemic has caused havoc all over the world. In view of this, it was feared that there would be a decline in the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) in this financial year compared to the previous financial year. However, the figures released by the government are completely opposite.

The figures released by the Government of India on Mudra loans in the last financial year i.e. 2019-20, are higher than in previous years. In this financial year till March 27, 2020, a total of Rs. 3,23,574 crore Mudra loan was taken. While in the financial year 2018-2019, a total loan of Rs 3,21,723 crore was taken under Mudra loan. At the same time, earlier from April 1, 2017 to March 31, 2018, 2,28,144 crore were taken under Mudra loan.



It is now being estimated that if the corona epidemic had not spread across the world, the total amount of Mudra loan would have reached more than Rs 3.50 lakh crore during this financial year.

What is Mudra Scheme?
The full name of Pradhan Mantri Mudra Yojana (PMMY) is Micro Unit Development Refinance Agency. Any person who wants to start his business can take a loan under the scheme. If you want to expand the current business and need money for that, then you can apply for a loan of up to 10 lakh rupees under the scheme.

What is the objective?
The Central Government’s Mudra Scheme has two objectives. First, easy lending for self-employment. Second, creating employment through small enterprises. If you too are facing the problem of capital to start your business, then you can realize your dream with the PMMY of the Central Government.

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When did the plan start?
The scheme was launched by Prime Minister Narendra Modi in the year 2015. The government’s thinking behind this is that people will be motivated for self-employment on a large scale if they get easy loans. Due to this a large number of employment opportunities will also be created. Before the Mudra Yojana, a lot of formalities had to be completed to get a loan from a bank for a small enterprise. A loan was also required to be guaranteed. Because of this, many people wanted to start an enterprise, but were reluctant to take loans from the bank.

how to apply for reduced interest rate currency loan?
Applying for a Mudra loan is very easy. A total of three types of Mudra loans can be applied. In which category you have to apply, it depends on how much loan you want to take. To apply you have to click on https://www.mudra.org.in/ .

How many types of loans are available?



1. Shishu Mudra Loan
is the first category of Mudra Loan. Start-ups and any person can apply for a loan of up to Rs 50,000 in this category to start their business.

2. Kishore Mudra Loans
Only those who have their own business can apply under Kishore, the second category of Mudra loan, but they have not been established yet. Under this, applications for loans ranging from Rs 50,000 to Rs 5 lakh can be applied. But, you also have to pay 14 to 17 percent interest on the amount taken by you.



3. Tarun Mudra Loan
Tarun is the third and last category under Mudra Loan. In this, a loan can be taken to further the business established. In this, applications for loans up to Rs 10 lakh can be applied. It has to pay interest of up to 16%.

Overall, any person can get a loan under Mudra Loan. But, they should have their own company and business. The special thing of this plan is that it gives more preference to women to move ahead in business than men.

If you are preparing to take a Mudra loan, then you have to choose your category first. After that, the necessary forms will have to be filled by visiting the website of Mudra Loan with its proposal.

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