Prime Minister Money Scheme is a currency loan undertaking which has been formulated to meet the financing needs of the non-corporate small business units of the country. This scheme is to provide financial assistance to small businesses which are very helpful in taking the lives of Indians towards development. Under this scheme, any small business can start a business by taking a loan.
This monetary scheme has been introduced by the government in accordance with the size of the business for Indians as well as three steps. Different steps have been made in phases, that is, you can call it a three-level plan.
- Shishu loan provides financial support of up to Rs 50,000 to Indians.
- Kishore Loan provides financial support of Rs 50,000 and Rs 5 lakh.
- Tarun lone provides financial support of Rs 5 lakh to Rs 10 lakh.
shishu loan has been introduced for the beginning, while the loan loan has been introduced for those businesses which have already started and those who need financial help to establish themselves. Tarun Lone has been introduced for those businesses that are already established, but more financial assistance is required for business expansion.
Eligibility Criteria for Pradhan Mantri Mudra Loan
Bank participating in the Pradhan Mantri Mudra Loan scheme
- They have a profit record for 3 years.
- They have NPAs below 3% or 3%
- They have a CRAR (Capital to Risky Asset Ratio) of at least 9%.
- They have a net worth of at least 100 crores.
The method for taking Pradhan Mantri Mudra Loan
Currency loan is a government scheme that is the Prime Minister’s money scheme, under which applicants can apply for loans for their small and micro enterprises.
Currency lone will only provide financial support to those enterprises, which are non-corporate small business segments. Under these sections, only owners, partnership firms, producers, machinery businesses and many more can be considered.
Eligibility of Mudra Loans
The applicant should be an Indian citizen over 18 years old and must have a business plan to show him. The business plan should include structures, investment plans, nature of the product, marketing and future outcomes.
Nature of Industry The amount related to non-farm earning activity should not be more than 10 Lac and
And all the rules will be similar to the RBI guidelines and PMMY rules.
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