In our country, the government offers various schemes to help people in need. One such scheme, the Mudra Scheme, aims to support both budding entrepreneurs and existing businesses. Let’s explore how even common individuals can secure a loan of 10 lakhs under this scheme.
Getting a 10 Lakh Loan:
Under the Mudra Scheme initiated by the Central Government, aspiring entrepreneurs or business owners can obtain loans without much hassle. This financial aid is designed to kickstart new ventures or expand existing ones.
Eligibility and Loan Benefits:
People seeking to start a new business or expand their current one can avail loans ranging from Rs. 50,000 to Rs. 10 lakhs under the PM Mudra Scheme. The best part? There are no processing fees, and you don’t need to provide any collateral. The repayment period extends from 12 months to five years, providing flexibility to borrowers.
Mudra Card Benefits:
When you enroll in the Mudra Scheme, you receive a Mudra card. This card acts like a credit card, allowing you to borrow and pay interest only on the amount used. It offers great flexibility and convenience to borrowers.
Different Loan Categories:
The Mudra Scheme caters to various loan needs. There are child loans up to Rs. 50,000, Kishore loans up to Rs. 5 lakhs, and Tarun loans up to Rs. 10 lakhs. This categorization ensures that individuals can find the right loan amount suited to their business requirements.
Application Process:
Getting a Mudra loan is straightforward. People aged between 24 to 70 years can apply by providing necessary documents such as Aadhaar Card, Passport, PAN Card, KYC Certificate, or Voter ID. These documents help the banks guide applicants through the Mudra loan details.
Conclusion:
With the Mudra Scheme, the Central Government aims to empower individuals to fulfill their business aspirations. Whether you are starting anew or expanding your existing venture, this scheme offers a risk-free and low-interest loan option. Visit your nearest Government Bank, Private Bank, Grameen Banks, Small Finance Banks, or Non-Financial Companies to explore the Mudra Scheme and turn your business dreams into reality.