Want to start your own business? Get upto Rs 10 lakh loan under Modi govt's Mudra scheme --Know details

New Delhi: Prime Minister Narendra Modi on Thursday said loans worth Rs 20 lakh crore have been disbursed so far under the Centre's MUDRA scheme to provide self-employment opportunities to the youth. In a video message aired during an event here to distribute appointment letters as part of the Maharashtra government's aim to provide employment to 75,000 people, Modi said his government was providing assistance to start-ups and micro industries as well.

Pradhan Mantri MUDRA Yojana

The Pradhan Mantri MUDRA Yojana (PMMY) scheme was launched by the Modi government in April 2015 to provide loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.

If you are looking to start your own business, this the Modi government’s Mudra loan scheme could be your ‘go to’ option. Mudra loan is extended for a variety of purposes which result in income generation and employment creation like loan for vendors, traders, shopkeepers and other service sector activities.

From where can you get MUDRA loan?

PMMY loans are extended by Member Lending Institutions viz. Scheduled Commercial Banks, Non Banking Finance Companies and Micro Financial Institutions, registered with Mudra Ltd.

Get loan upto Rs 10 lakh for your business under Mudra loan

Under the Pradhan Mantri Mudra Yojana (PMMY), Scheme by banks and Micro Finance Institutions (MFIs) Loans are extended in three categories:

Shishu (loans upto Rs. 50,000);

Kishore (loans from Rs. 50002 to Rs. 5 lakh);

Tarun (loans from Rs.5 lakh to Rs. 10 lakh)