Loans ranging from 50 thousand to 10 lakh can be obtained without any guarantee.
If you are also planning to start your own business these days then you can get cheap loan for it. Under the Mudra scheme run by the government, you can take a loan of up to Rs 10 lakh to start your own business. Today we are going to give you some information about this scheme. Which may be useful to you in future. To take a loan under the Mudra Yojana, take special care of the following things.
no need to guarantee :- The purpose of this scheme started in 2012 is to provide loans without guarantee to small traders starting from Lari Gallawala. Anyone who wants to start his own business can take a loan under this scheme. With this, if someone wants to expand his business, he can still get a loan through this scheme.
How much loan will be given :- Mudra loan is divided into 3 categories. Shishu loan with a maximum limit of Rs 50,000. Kishor loan range from Rs 50,000 to Rs 5 lakh and Yuva loan maximum limit is Rs 10 lakh. That is, you will be given a loan according to your work.
You need to show a business plan to get a loan :- First of all the applicant has to prepare the business plan. Along with this, necessary documents also have to be prepared for taking the loan. Apart from the usual documents, the bank will also ask for documents related to your business plan, project report, estimation of future income. So that the bank is aware of your need, as well as can predict how you will benefit or how profits will increase.
how much interest will have to be paid The special thing about currency loan is that it does not have any fixed interest rate. Different banks may charge different rates of interest on loans. Interest rates are determined based on the type of business and the risk involved. The interest rate is usually 10 to 15% per annum.
How to Apply for Mudra Loan :-
- First of all, decide from which bank / institution you want to take a loan. Applicant can choose more than one bank. The bank has to submit the loan application form along with the documents.
- You need to submit the following documents along with the application form for Mudra loan. Mudra Loan Application, Business Plan or Project Report, Identity Documents like Aadhar Card, PAN Card, Voter (Voter) Identity Card etc.
- In case of more than one applicant, documents relating to partnership (DD), tax registration, business license etc. The number of documents may be more or less depending on the loan amount, type of business, bank rules etc. For example, documents related to proof of residence such as telephone bill / electricity bill etc. At least 3 months old photograph of the applicant, quotation of the machine or other material which he intends to purchase along with the supplier/shop from where he will buy, category (SC/ST/CBC/Minority), balance sheet and about the project Balance amount of last two years (on loan above Rs.2 lakh) along with details if applicable.
- For Mudra loan, one has to apply to the government or any other bank or financial institution that provides Mudra loan. You will need to submit other required documents including complete business information/scheme for the application.
- If the application is found correct, the bank or financial institution will pass the Mudra loan and a Mudra card (debit card) will be provided to the applicant. You can spend it at your own cost.
Requirements related to the scheme:-
- Loans can be taken under this scheme without any guarantee.
- There is no processing fee for this.
- The loan repayment period can be extended up to 3 years.
- The borrower is given a Mudra card, which can be used by the merchant for expenses as and when required.