Embark on Your Entrepreneurial Journey with a ₹10 Lakh Loan Under this Government Scheme

If you dream of starting your business, the Indian Government's unique scheme, the Pradhan Mantri Mudra Yojana (PMMY), might be your ticket to entrepreneurial success. This scheme offers up to ₹10 lakh loans without requiring any collateral or guarantee, making it a substantial boost for aspiring business owners.

Celebrating the PMMY Initiative

The PMMY was initiated by the Modi Government in 2015 to strengthen small businesses and foster self-reliance among the youth. This scheme, however, is specific to non-corporate and non-agricultural activities. Let's delve into the benefits of PMMY and how one can apply to this scheme.

Understanding the Loan Categories Under PMMY

This scheme offers loans under three categories. The first, known as 'Shishu,' provides financial assistance of up to ₹50,000. The second category, 'Kishore,' offers a loan of up to ₹5 lakh. Lastly, the 'Tarun' category offers a loan amount of up to ₹10 lakh. Depending on the category you apply for, the interest rate varies.

How to Apply for the PMMY Scheme?

Applying for this scheme is quite simple. Visit mudra.org.in and select the relevant category. Download the application form from the newly opened page and take a printout. Submit the form along with proof of your residential and business addresses, a copy of your Aadhar card, PAN card, Income tax return, Sales tax return, and a passport-sized photo to the nearest bank. The bank will then verify your application, and if approved, the loan will be disbursed within a month.

Online applications are also welcomed. For this, you need to create a username and password and log in to the Mudra Loan website.

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