PM Mudra Yojana: How You Can Get Loan up to Rs. 10 Lakh to Start Various Businesses; Details Inside

Under the Pradhan Mantri Mudra Yojana, loans are provided to those who want to start small enterprises. The scheme was launched in April 2015 by Central government. Under the PM Mudra Yojana, loan is provided to people want to who start their own business but are short of money. Generally, loans are given to vendors, traders, shopkeepers and other small enterprises through this scheme.

Abha Toppo Updated 14 August, 2021 12:04 PM IST

Under PMMY, loans can be taken for self-proprietors, partnerships, service sector companies and micro industries. Apart from this, loans can be taken for doing business related to food, business related to fruits and vegetables and business related to micro manufacturing firms.

Under PM Mudra Yojana, the government gives loans up to Rs. 50000 to Rs. 10 lakh to those who want to start their own business. The loan is available without guarantee and the repayment period can be extended up to 5 years. You can apply for the loan by going to any government or private bank.

Documents needed for PMMY loan

You will need two photographs, proof of identity, voter ID, driving license, PAN card, Aadhaar card, passport etc. Apart from these documents, the applicant also has to submit his business plan. He/she will have to provide information about project report, income source etc. for how you will repay the loan in future. This means that you have to prepare your business plan before applying for a loan.