PM mudra yojana
If you understand this PMMY, then you will understand how you will get a loan without collateral. The PMYY scheme was started on 8 April 2015 and since then it has distributed Rs 15 lakh crore. Meaning the people got 15 lakh crores in actuality. Micro Unit Development and Refinance Agency, It started here with the agency and if you want to take a Mudra loan now, from where you will get it, you can get it from anywhere. Go to any bank. You go to a small finance bank. Any bank that is around you. You will get a Mudra loan, but you can also file its applications online from home. I will explain to you step by step.
Now Mudra loans are in 3 ways:
> Shishu: covering loans upto 50,000/-
> Kishor: covering loans above 50,000/- and upto 5 lakh
` > Tarun: covering loans above 5 lakh and upto 10 lakh
First Shishu Mudra loans, The second category is Kishor and the third category is Tarun. Now let's understand what is the difference between these three categories.
Shishu Mudra Loan
Look, if you are a new entrepreneur, starting a business today. You have never done business before and you need a loan then this category has very little documentation involved. You get a loan of up to ₹ 50000 in Shishu Mudra Yojana. For this, you have to give your business plan which tells you What you are going to buy with that money. You are about to buy from which supplier. You have to give that information, that I will buy these things from this company. Suppose you buy a machine then you will buy from which company. You have to represent your business plan. If you can do this, then complete your KYC and you get the loan very easily.
Kishor mudra loan
Under Kishore Mudra Yojana, you get loans ranging from 50000 to 5 lakhs.
Now let's understand some tips too. For example, I want ₹ 85000, then what will they show that I’m getting 85 percent loans. Our project is only ₹ 100000, we will put in 15000 and need a loan of 85000. Practically you can get it. You can get up to 85% of the loan but Not everyone gets it. Cases get rejected. If you show here that my project is worth ₹ 200000. I will also put money but it is falling short, I want 85000 more, then you will get it. If you will show that I wanted ₹ 100000 and if I put in 15000 only, then the bank also sees the Person who is doing business, how confident he is about his own project.
Tarun mudra loan
You get loans ranging from Rs 500000 to Rs 10 lakh. Without any collateral, now also understand what is the difference between Kishore and Tarun. Here you have to give your bank statement. You have to give your balance sheet and bank statement which also includes your income statement of at least 3 years. THis shows You have been doing business for 3 years. They Will ask for one more thing besides this. They will ask you to prepare from CA a provisional balance sheet that it is going to profit in the next 1 year. If you give these documents, Income is shown, if you show ITR, then under Kishore and Tarun Mudra Yojana, you get loans ranging from 50000 to 500000 and 500000 to 10 lakh. You can get this loan anywhere now if you are doing business individually then you can open a proprietorship firm. Its interest starts from 9.75, there is an amazing thing in it. What is amazing, because the covid is going on, the government is also giving subsidies. If you take a Shishu Mudra loan, you will get a two percent subsidy. Meaning your loan here will start at 7.75%. Apart from this, there are other benefits. If you come in SC and ST category or else you are a woman then the loan is processed easily for the SC-ST category and women in today's date.