Pradhan Mantri Mudra Yojana, Loan Up to 20 Lakh Rupees, Know Eligibility, Documents, Application Process.

Did you know that on July 23, 2024, the budget for the financial year 2024-25 was presented, which included several significant changes? One of the key updates pertains to the Prime Minister's Mudra Yojana 2024. Previously, the government provided loans up to 10 lakhs, but now this limit has been increased to 20 lakhs. Let's delve into the details of this scheme and learn how you can benefit from it.

New Loan Limit under the Scheme:

The government has increased the loan limit under this scheme to 20 lakhs. Previously, this limit was 10 lakhs. This change has been made to support young entrepreneurs who wish to start their businesses but lack initial capital.

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Objectives of Mudra Yojana: The Prime Minister's Mudra Yojana (PMMY) aims to promote self-employment. Launched in 2015, its primary objective is to provide financial assistance to small businesses so they can start and expand their operations. The loans given under this scheme are collateral-free and come with lower interest rates.

Types of Loans under Mudra Yojana: This scheme offers three types of loans.

• Shishu Loan
• Kishore Loan
• Tarun Loan

Shishu Loan: Shishu Loan offers a maximum loan amount of up to 50,000 rupees. This loan is intended for individuals looking to start new businesses, such as small shopkeepers and artisans.

Kishore Loan: Kishore Loan: Providing Loans from 50,000 to 5 Lakhs Rupees. This loan is for businesses that want to expand their operations. It helps entrepreneurs grow their businesses.

Tarun Loan: Tarun Loan Offering Loans from 5 Lakhs to 20 Lakhs Rupees. Previously, this limit was 10 lakhs, which has now been increased to 20 lakhs. This loan is for established businesses that need capital for expansion.

Overview of PM Mudra Loan Yojana 2024:

Eligibility Criteria: To avail the benefits of the Prime Minister's Mudra Yojana, applicants must meet the following criteria.

• The applicant must hold Indian citizenship.
• The applicant must be at least 18 years of age.
• The applicant must not be declared a defaulter by any bank.
• The applicant must have adequate knowledge about the business.

Required Documents:

• Aadhaar Card
• Voter ID Card
• Ration Card
• PAN Card
• Caste Certificate
• Business-related Certificates

Online Application Process: If you wish to apply for the Prime Minister's Mudra Yojana online, follow these steps.

• Visit the Official Website: First, go to the official website of the Prime Minister's Mudra Yojana (https://www.mudra.org.in/).
• Choose the Loan Option: On the homepage, you will see options for Shishu, Kishore, and Tarun loans. Select the type of loan you need.
• Download the Application Form: After selecting the option, a link to the application form will open. Download and print the form.
• Fill Out the Form: Carefully fill in all the required information and attach the necessary documents.
• Submit to the Bank: Submit the completed form to your nearest bank. After the bank approves your application, the loan amount will be transferred to your account.

By following these steps, you can successfully apply for the Prime Minister's Mudra Yojana 2024 and take advantage of the increased loan limit to support and grow your business.

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