PM Mudra Yojana: Under the Pradhan Mantri Mudra Yojana, the government provides loans of up to ₹20 lakhs to start a business. By choosing the right category and applying at a nearby bank, you can get a loan on easy terms.

Millions of people in the country want to start their own business. However, a lack of proper information and funds becomes the biggest obstacle. Understanding this need, the Government of India launched the Pradhan Mantri Mudra Yojana. This scheme promotes self-employment by providing loans.

Under the Pradhan Mantri Mudra Yojana, the government provides business loans of up to ₹20 lakhs. This scheme was launched in 2015 and is now one of the largest loan schemes in the country. People are widely benefiting from it for small businesses such as tea stalls, boutiques, service centers, or manufacturing units.

Loans under the Mudra Yojana are provided in four categories. The Shishu category provides loans up to ₹50,000, which is for starting new businesses. The Kishore category provides loans from ₹50,000 to ₹5 lakhs, which is for expanding existing businesses.

The Tarun category provides loans from ₹5 lakhs to ₹10 lakhs. Additionally, the Tarun Plus category provides loans from ₹10 lakhs to ₹20 lakhs. This is for those whose businesses are already running and who want to take them to a larger scale.

To apply for the Pradhan Mantri Mudra Yojana, you need to visit your nearest government or private bank. You can obtain the PM Mudra Yojana application form there. Bank officials will also guide you in choosing the category and loan amount.

You need to carefully fill in all the information requested in the application form. Along with this, you need to attach identity proof, address proof, a business plan, and other necessary documents related to the bank. After submitting the filled form to the bank, your application goes into processing.

After the form is submitted, the bank verifies your application. If the documents are found to be correct and the business plan seems viable, the loan is approved. The loan amount is deposited directly into your account. You can then use that money to start or expand your own business.