New Delhi. If you are dreaming of starting your own business or want to expand an already running small business, then the Central Government's Pradhan Mantri Mudra Yojana (PMMY) can be beneficial for you. Under this scheme, eligible businessmen can get a loan up to Rs 20 lakh without guarantee.
Earlier, under the Mudra Scheme, a maximum loan of up to Rs 10 lakh was given. Now the government has increased its limit to Rs 20 lakh. However, amounts up to Rs 20 lakh fall under the 'Tarun Plus' category and have certain eligibility conditions.
Loan is available in four categories
Under Mudra Yojana, four types of loans are given according to the needs of the business. Loan can be availed up to Rs 50 thousand in Shishu category, Rs 50 thousand to Rs 5 lakh in Kishore category and Rs 5 to Rs 10 lakh in Tarun category. At the same time, under Tarun Plus, there is a provision of financial assistance ranging from Rs 10 to 20 lakh.
Who will get loan up to Rs 20 lakh?
The benefit of Tarun Plus loan up to Rs 20 lakh will be available mainly to those entrepreneurs who have previously taken Tarun category loan under Mudra Yojana and have successfully repaid it on time. Small shopkeepers, manufacturers, service sector and other eligible non-agricultural small businesses are also covered under the scheme.
The special thing about this loan is that in eligible cases there is no need to mortgage property like house, land or shop. The application can be made through JanSamarth Portal or the concerned bank branch. Before applying, keep Aadhaar, PAN, photo and important business related documents ready.