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Saturday, 27 June 2020

For business, Modi government is not giving guarantee of 50000 loan, subsidy of 2 percent in interest

In the Union Cabinet meeting chaired by Prime Minister Narendra Modi, many major decisions were taken on Wednesday. In this meeting, the Modi government has given a big gift to people who take loans up to 50000 under the Pradhan Mantri Mudra Yojana. The government on Wednesday approved 2 percent interest subvention to the borrowers in the infant loan category under its flagship scheme Pradhan Mantri Mudra Yojana (PMMY). Loans of up to Rs 50,000 are given to the beneficiaries under Shishu category without any guarantee. The Union Cabinet has approved 2 percent interest subsidy to the children in the loan category under the PMMY. Eligible lenders will get interest subsidy for 12 months on the outstanding loan till 31 March 2020. The number of such beneficiaries in the country is around 9.37 crore. PMMY was launched by Prime Minister Narendra Modi on 8 April 2015. Under this, loans up to Rs 10 lakh are given to small and micro enterprises. This loan, known as Mudra Loan, is offered by commercial banks, regional rural banks, small-scale loan lending institutions (MFIs) and non-banking financial companies.



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 Pradhan Mantri Mudra Yojana is one of the ambitious schemes of the Modi government. After this decision of the government, now small entrepreneurs in any part of the country or people who start businesses by hawking can get government help. The biggest benefit of this scheme will be to those who have stopped their business or whose business has reduced during this lockdown. Let us tell you that this loan given by the government up to 50000 is called Shishu Loan. The government has also announced spending of Rs 1,540 crore to provide benefits of interest subsidy. Through this loan, the government aims to provide a big relief to the handlers, street vendors and small shopkeepers who used to take loans from the moneylenders for business at a high interest rate. The Mudra Yojana of Micro Units Development and Refinance Agency ie is the largest small loan program in the world.

 It should be clear to you that the objective of this scheme is to help only those doing small scale business. Therefore, only small traders can get loans under this scheme. Big businessmen cannot take any kind of help under this scheme. However, the Pradhan Mantri Mudra Yojana is divided into three phases. The government is providing loans under this scheme in three phases. The government has divided it into Shishu Loan, Kishore Loan and Tarun Loan. The government can give loans up to ₹ 50000 only under Shishu Loan. Whereas loans ranging from 50 thousand to 5 lakh are given under Kishore Loan. The same Tarun loan can take loans between 5 lakh to 10 lakh rupees. However, at present, the government has said to give relief only on Shishu loan.

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 Let you know how you can take advantage of this scheme. To take a loan under the Mudra scheme, you have to apply to the government or any bank branch. Apart from this, if you want to start your own business, then you may have to provide the ownership of the house or even more important documents including rent documents, work information, Aadhaar number, PAN number. Before giving a loan, the manager of the bank can ask you about the working of the bank. After that he will approve your loan. It should be clear to you that no processing charge is also charged for the loan. Any person who wants to start his business can take a loan. The borrower gets a currency card. For more information about PMMY, you can visit this website:

www.mudra.org.in

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