Central Government offers Rs 10 lakh Business Loan without any document

Central Government of India has introduced a wonderful scheme for people like you. It provides loans at low interest rates to start small businesses. That too without any collateral, processing charges. The name of this central government scheme is Pradhan Mantri Mudra Yojana.

Applicants can get loan facility up to Rs. 50,000 to Rs. 10 lakhs Let’s see the complete details of this project. The central government continues to formulate various schemes for different communities. One of them is Pradhan Mantri Mudra Yojana.

Through this scheme, you can get a loan up to Rs 10 lakh without any collateral. If you are also thinking of starting your own business, you can apply for this scheme. The scheme was launched by the central government in 2015. Under this scheme, the government provides loans from Rs 50,000 to Rs 10 lakh without any collateral.

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You don’t have to pay any processing fee in this loan. Apart from public sector banks, these individuals can avail this loan from cooperative banks, regional rural banks (RRBs), small finance banks and NBFCs. However, the interest rate on this loan varies from bank to bank. Generally, banks charge an interest rate of 10 to 12 percent on this loan.

Mudra loans Types:

There are three types of Prime Minister Mudra loans. First one is the child loan – Under this scheme, when you start your business for the first time, the government will give you Rs 50,000 without any guarantee for 5 years. People who are already doing business are also given loans to expand their business.

Under Kishore loan Scheme you will get loan up to Rs 5 lakh. In the Tarun Loan Scheme, the government provides loans ranging from Rs 5 lakh to Rs 10 lakh for business expansion.

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How to Apply for Mudra Loan:

Under this scheme, any Indian citizen between the age of 24 to 70 years can apply. Aadhaar, PAN Card, Passport, Address Proof etc are required along with the loan application. To apply for the this loan scheme, one needs to go to the official website mudra.org.in and download the form, and then fill the entire form. You have to submit it to your nearest government or private bank and after verifying all the documents the bank approves your loan.