Do you run a small business and want to grow your business. Then the Mudra Loan Scheme is the perfect option for you.
This is an important scheme of the Central Government, which provides financial assistance to small businesses.
Under this great scheme, you will get a loan at a very low interest rate, which will definitely help in growing your business.
Benefits of Mudra Loan Scheme
Low interest rate- Under this scheme, you get a loan at a low interest rate, which is beneficial for your business.
Maximum loan amount- Under the Mudra Loan Scheme, you can get a maximum loan of ₹ 20 lakh.
No need to mortgage any property- You do not need to mortgage any property for the Mudra Loan Scheme.
Will get approval quickly– The loan approval process is fast under the Mudra Loan Scheme.
Flexible repayment- Flexible repayment choices are easily available under the Mudra Loan Scheme.
Who can avail of the Mudra Loan Scheme
Must be a citizen of India
Must be above 18 years of age
Must be running a small business
Necessary documents have to be submitted to prove the business
How to Apply for the Mudra Loan Scheme
You can apply for the Mudra Loan Scheme by visiting any authorized bank or non-banking financial company (NBFC). You will need to have these documents given below
Aadhaar Card
PAN Card
Business Registration Certificate
Income Certificate
Bank Account Statement
Repayment for Mudra Loan Scheme
The repayment period for the Mudra Loan Scheme can be up to a maximum of 5 years. Repayment installments can also be on a monthly or three-month basis.
Important information related to the scheme
Three types of loans are available under the Mudra Loan Scheme Shishu, Kishor, and Tarun. Under the Shishu loan category, you will get a loan of up to ₹ 50,000.
Loans ranging from ₹50,000 to ₹5 lakh are available under the Kishore category. Loans ranging from ₹5 lakh to ₹10 lakh are available under the Tarun category. However, now the loan limit has been increased to ₹20 lakh.
To avail of the Mudra Loan Scheme, you need to submit your business plan. You can also apply for the Mudra Loan Scheme online.
If you want to avail of this scheme, complete the application process and submit the required documents.
The Mudra Loan Scheme is a great opportunity to grow your small business. Through this scheme, you can get a loan at a low interest rate and take your business to new heights.