(Kajal Singh intern journalist): Under Shishu Mudra Loan Scheme, any person can take a loan of up to 50 thousand rupees for business. He does not have to give any guarantee for this.
In order to encourage small businessmen in the midst of the Corona crisis, the central government has announced a two percent discount on Shishu Mudra loan. If you are thinking of starting your own business or increasing your business, then you can take advantage of this government scheme. Under the Shishu Mudra Loan Scheme, you can take a loan of up to 50 thousand rupees. Three crore people can take advantage of a two percent discount in an interest rate for 12 months. The government will pay an interest of Rs 1500 crore.
What is the purpose of Mudra loan scheme?
The central government started the Mudra Loan Scheme on 8 April 2015. The objective of this scheme is to provide easy loan facilities to traders. Generally, a merchant has to complete a lot of formalities to get a loan from a bank. A guarantee is also required. Due to this, traders were reluctant to take loans from the bank even if they wanted, but under the government’s Mudra Yojana (PMMY), they can easily take loans without guarantee.
Three types of loans are given in the Mudra scheme. Under this, loans ranging from 50 thousand rupees to 10 lakhs can be found.
Shishu Loan – Up to Rs 50,000
Kishore loans- 50,000 to 5 lakh rupees
Tarun loan – 5 lakh to 10 lakh rupees
There is no fixed interest rate on the Mudra scheme. Different banks may charge different interest rates. Usually, this interest rate is 11-12 percent. Now, a two percent discount will be available on Shishu Mudra Loan.
Who and how can one take advantage of the Mudra scheme?
Any person who wants to start a business or wants to carry on his business can take advantage of the Mudra scheme. A loan up to a maximum of 10 lakh rupees can be easily taken. You can apply for a Mudra loan by going to your nearest bank branch. At the time of application, documents related to business, Aadhaar card, PAN number, etc. have to be given.
The branch manager of the bank takes information about your business. On that basis, PMMY approves the loan. Depending on the nature of the work, the bank manager may ask you to make a project report. For more information, you can visit the official website of Mudra Yojana (https://www.mudra.org.in/).
According to the 2019-20 report, loans worth Rs 323,573 crore have been approved to 5,83,65,823 people under the Mudra scheme. Out of this, 316,099 crore rupees have been given to the people.
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