In this government scheme, you get a loan of up to 20 lakhs, but first you have to fulfill this condition

PM Mudra Yojana: If you need a loan for business, then apply in this scheme of the Central Government. You will get a loan of up to Rs 20 lakh. Know the complete details of the scheme.

In today's era, loans have become a means of fulfilling many needs of people's lives. Whether starting a business, expanding the business or doing some other work. People resort to loans. But it is not easy to take a big loan because for this, guarantee, papers and many conditions have to be fulfilled. For this reason, the government brings different schemes from time to time.

So that youth and small businessmen can get help. Recently, there is a discussion of one such scheme in which a loan of up to Rs 20 lakh can be obtained. However, for this, some important conditions have to be fulfilled first. Only then will you be able to take advantage of it. Let us tell you complete information about the scheme.

PM Mudra Yojana provides loan of Rs 20 lakh

Under PM Mudra Yojana, small businessmen and youth are given the facility to take loan. Three categories have been created in this scheme. The first is Shishu Yojana, in which loan up to Rs 50 thousand is available. The second is Kishor Yojana, under which loan of Rs 50 thousand to 5 lakh is given. The third is Tarun, in which loan of Rs 5 lakh to 10 lakh is available.

Recently, Tarun Pulse category has been created in this scheme. In which the limit has been increased to Rs 20 lakh. However, let us tell you that for a loan of Rs 20 lakh under this scheme, you have to fulfill a condition. Only then will you be able to get a loan of up to Rs 20 lakh.

This condition has to be fulfilled

A special condition has been kept to get a loan of up to Rs 20 lakh under Pradhan Mantri Mudra Yojana. This facility is given only in Tarun Plus category. For this, it is necessary that you have previously repaid the loan of Rs 10 lakh taken under the Tarun category on time. That is, if you have cleared the old loan without any default or delay.

Only then will you be eligible to get a loan of up to Rs 20 lakh. The purpose of this condition is to ensure that the person taking the loan pays responsibly and his credit record is correct. This assures both the government and the bank that the new loan will also be repaid on time.

How to apply for the scheme?

To apply for the Pradhan Mantri Mudra Yojana, first of all you have to contact your nearest bank, government bank or recognized finance institution. Here you have to fill the form of the scheme and give basic information related to your identity, address and business. If you are starting a new business, then a small project report may also have to be attached. The bank approves the loan after checking your documents and application. The entire process can be completed both offline and online.