Shishu Mudra Loan: Take Loan Up To Rs 50 Thousand, Know What Is The Scheme

During the Corona pandemic period, a large number of people lost their jobs. Modi government started providing financial help to encourage people to get the wheels of the economy moving again. Here we are mentioning one such scheme of the government, Pradhan Mantri Mudra Yojana (PM MUDRA Yojana). To start a small scale business or expand your old work, the government is giving up to Rs 10 lakh under PM Mudra Yojana. Under Pradhan Mantri Mudra Yojana (PMMY), every person who has a cottage industry in his name or who has partnership documents can take loan. Three types of loans are given under Pradhan Mantri Mudra Yojana (PMMY). PMMY is divided into Shishu Loan, Kishore Loan and Tarun Loan Scheme. Here we are discussing Shishu Mudra Loan scheme in detail.

Who can take Shishu Mudra Loan?

The aim of the government was to help those doing small scale business. Therefore, only small traders can get loans under Shishu Mudra Loan Scheme. Big businesses will not get help under this scheme. Under Mudra Yojana, the government is giving loans in three phases. The Central Government has divided it into Shishu Loan, Kishore Loan and Tarun Loan Scheme.

Shishu Mudra Loan

Under Shishu Mudra Loan Scheme, if you are going to start a shop or any small scale work or start-up, then you can get a loan of up to Rs 50,000 from the bank under Pradhan Mantri Mudra Yojana. This loan will be available under Shishu Mudra Yojana.

The best thing is that to take a loan under this scheme, you will not have to pay any processing fee to the bank nor will you need any guarantor. Yes, you will have to study a little about the interest rate, because different banks charge different rates of interest on this scheme.

You will need your identity card, address document, two photographs, and quotation for the goods or machinery you wish to purchase to start your business. By collecting some such important documents, you can apply for Shishu Mudra loan in the bank.

You can get information about Shishu Mudra Loan by visiting your nearest bank branch. Apart from this, you can get information by visiting the online port www.udyamimitra.in and can also apply for loan online. For more information about Pradhan Mantri Mudra Yojana, complete detailed information is available on the official website mudra.org.in.

Interest rates on Shishu Mudra Loan

There is no fixed interest rate for Shishu Mudra Loan Scheme. Different banks charge different interest rates on Mudra Loan. The interest rate is also decided on the basis of the nature of the business and the risk associated with it. Generally, 9-12 percent annual interest has to be paid on Shishu Mudra loan.