PM Mudra Loan Yojana: The number of educated youth in the country is increasing day by day but the best arrangement of government employment is not being made for them. For this reason, the interest of the youth is increasing in the field of business but they do not have any fixed income to set up a business.
At present, most of the youth want to open their own business and bring their life to a higher level. Keeping this theme in mind, PM Mudra Loan Scheme has been started by the Central Government to encourage the youth in the field of business.
PM Mudra Loan Yojana
In this scheme launched by the Prime Minister, importance is being given mainly to educated persons. If you have also completed your basic education and want to start a business at a good level, then you must take a loan under this scheme.
This scheme is a national level scheme under which loans are being arranged for the people of all the states of the country on the basis of their merit. If you get a loan under this scheme, then a fixed period will also be given for you to pay.
Eligibility Criteria for PM Mudra Loan Scheme
Like every government scheme, the eligibility criteria for the youth under the PM Mudra Loan Scheme has been determined and only if you meet all the eligibility of this scheme, then only you can get a loan from this scheme. The eligibility criteria for PM Mudra Loan Scheme are as follows.
- This scheme is being operated only for Indian people and your citizenship must be Indian to get a loan.
- If you want to start a business and are thinking of joining this scheme, you must be above 18 years of age.
- To get a loan, you need to complete basic education.
- You must also have all the important documents to apply for PM Mudra Loan Scheme.
Documents required for PM Mudra Loan Scheme
PM Mudra Loan Scheme is a government scheme and you will be required to submit all your important documents along with the application to get a loan, only after that your loan will be passed. This document is necessary to apply for a loan in the scheme.
- Aadhar Card
- PAN Card
- Income residence certificate
- Educational Certificate
- Age certificate
- Certificate of Business
- Email ID
- Employment Registration
- Mobile Number
- Passport size photograph etc.
Loan arrangement under PM Mudra Loan Scheme
The loan given under the PM Mudra Loan Scheme is mainly based on your business, that is, the type of business you want to start will be given a loan accordingly. Three types of loans such as infant, youth, teenager etc. have been included in this scheme.
In this scheme, loans ranging from 50000 to 5 lakhs will be arranged for you. Under Shishu Loan, you will be given a loan of 50000 to 1 lakh and under Telegraph Loan up to 2 lakh and under Kishore Loan, up to 5 lakh.
Loan repayment period in PM Mudra Loan Scheme
Under the PM Mudra Loan Scheme, the candidates who get a loan to start the system are given a fixed time by the government to pay the loan and during this time it is mandatory for all the individuals to deposit on loan installments.
Different payment periods are given for all three types of loans and if you want to know the tenure in detail, then you will need to visit the official website of the scheme. If you do not pay the loan within the due date, then you can also be prosecuted.
How to apply for PM Mudra Loan Scheme
- To apply for PM Mudra Loan Scheme, you will need to visit the online website.
- On the official website, you have to click on the link to apply for PM Mudra Loan Scheme.
- Now the application form of the scheme will be displayed in front of you, which will have to be printed out.
- Now the important information has to be filled in the printout of the application form.
- After filling the application form, you have to attach your required documents with the application form.
- Now you have to go to the nearest bank branch with your application form.
- With the help of employees, you have to submit your application form to the branch.
- Your application form and documents will be verified.
- On successful verification, a loan will be arranged for you after a few days.