News Desk: The government is running many schemes for the common people. The welfare of the people is provided by the government through these schemes. Also, there are many of these schemes that serve different purposes. In this, different amounts are also issued to the people. Mudra loan is one of these schemes. Through this scheme, funds are provided by the government on completion of eligibility under various categories.
There are many people in the country who want to do business but cannot do business due to lack of capital. To help such people, the government has started monetary loans. Mudra loan is a government scheme. Under this scheme, an amount of up to Rs 10 lakh is given to individuals, business owners, industries and self-employed professionals.
Credit funding scheme has been launched by the government to provide business loans and MSME loans. Under this scheme, no collateral / security is required from the borrower by the banks / NBFCs. Apart from this, there are also nominal processing charges and foreclosure charges. It offers repayment tenure ranging from 1 year to 5 years.
The interest rate on the loan under this scheme is decided on the basis of the applicant’s profile and business needs. Mudra Yojana is categorized under 3 loan schemes namely Shishu, Kishore and Tarun. Loan up to Rs 50,000 is available under Shishu Yojana. Loans ranging from Rs 50,001 to Rs 5 lakh are available in Kishore Yojana. Apart from this, loans ranging from Rs 5,00,001 to Rs 10 lakh can be availed under Tarun Yojana.
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