Cheap Loan: Nowadays, people choose the option of a loan when they need money. On taking a loan from the bank (government loan scheme), apart from pledging valuables, the customer also has to pay many types of charges. Due to this, it is very expensive. Now you do not have to pay any processing fee for the loan (loan without processing fees) and can easily take a loan of 10 lakhs. The process to take this loan is also very easy.
Loan available under this scheme -
Under the Pradhan Mantri Mudra Yojana (PMMY Loan Scheme), you can take a loan of up to Rs 10 lakh. Under this loan scheme (Cheap Loan Scheme), a loan is given to start a business. This scheme (the center government loan scheme) can prove to be very beneficial for those who start their own business instead of a job or farming. It was started by the central government in 2015 to promote enterprise.
There is a facility to get category-wise loan -
If you take a loan under Pradhan Mantri Mudra Yojana (PMMY loan amount limit), then you will also get the facility of getting a loan according to the category. You can get as much loan as you need for the business you want to start. Under this scheme, the amount is given under the Shishu loan (PMMY shishu loan), Kishor loan, and Tarun loan (PMMY tarun loan) categories. This is Rs 50 thousand, 5 lakh, and 10 lakh respectively.
You can easily pay the EMI of the loan -
You do not have to pay the processing fee when taking a loan under Pradhan Mantri Mudra Yojana. You can also easily repay the EMI of this loan (PMMY Loan EMI rules). You do not need to mortgage anything to take this loan.
There is also a facility of overdraft -
If you take a loan under PMMY, then you will also have to pay interest on a collateral-free loan when you withdraw money from the account through the Mudra card. There is no interest (PMMY loan interest rates) on the entire loan amount. There is also a facility for overdraft in this scheme. You can take a loan under this scheme from a government-private, regional rural bank, small finance bank, or a non-financial company.
This is also the rule for the loan period -
You can take this loan amount for a period of 1 to 5 years. If there is any problem in repaying the loan on time, then you can extend the loan period (PMYY loan tenure). Interest has to be paid on withdrawing this loan amount through the Mudra card (mudra card kaise banwaye).
How to apply-
To take a loan through Pradhan Mantri Mudra Yojana, you will have to provide a permanent address and a business address along with an Aadhar card a PAN card. To apply for this, you will have to attach a copy of your income tax return, sales tax return, and a passport size photo. After filling out the complete form and submitting it to the bank, verification will be done. After this, the loan (PMMY loan amount) will be available in 30 days.
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