20 Lakh Mudra Loan? Who Is Eligible for it? Check Now

Are you an aspiring entrepreneur looking for financial support to kickstart your business? Do you often wonder where to secure funding for your startup? Loans play a crucial role in turning your business dreams into reality, but finding the right loan can be challenging. Did you know the Government of India has raised the loan limit under the Mudra Yojana? But are you aware of the eligibility criteria and how to apply for this scheme? Let’s explore the details and find out how you can benefit from the PM Mudra Yojana with TICE.News.

20 Lakh Mudra Loan

In the recent budget announcement, Finance Minister Nirmala Sitharaman revealed an increase in the loan limit under the Mudra Loan Scheme from Rs 10 lakh to Rs 20 lakh. This move aims to provide greater financial support to aspiring entrepreneurs. Let's delve into the details of who can benefit from the Mudra scheme and the common pitfalls to avoid.

Types of Loans under Mudra Yojana

The Pradhan Mantri Mudra Loan Yojana offers three distinct types of loans:

1. Shishu Loan: Provides a loan of up to Rs 50,000, catering to the initial stages of small business ventures.
2. Kishor Loan: Offers a loan of up to Rs 5 lakh, supporting slightly more established businesses in their growth phase.
3. Tarun Loan: The largest of the three, now offers a loan of up to Rs 20 lakh (previously Rs 10 lakh). This loan is available to those who have successfully repaid a previous Tarun loan.

Eligibility Criteria for Mudra Yojana

To qualify for the Pradhan Mantri Mudra Loan Yojana, applicants must meet the following conditions:

• Must be a citizen of India.
• Should not have a history of defaulting on previous bank loans.
• The business for which the loan is sought should not be a corporate organization.
• Applicants must have a bank account and be at least 18 years old.

Failure to meet any of these criteria will result in the loan application being rejected.

Application Process for Mudra Yojana

Step-by-Step Guide to Applying for a Loan

• Visit the Official Website: Start by visiting the official website of the Mudra Yojana at [mudra.org.in](https://www.mudra.org.in).
• Select Loan Type: Choose from Shishu, Kishor, or Tarun loans based on your business needs.
• Download Application Form: Fill out the application form available on the website.
• Attach Required Documents: Include necessary documents such as PAN card, Aadhaar card, address proof, ITR, and a passport-size photo.
• Submit to Nearest Bank: Submit the completed application form and documents to your nearest bank for verification.

Mudra Loan Approval Timeline

Once the bank verifies your application, the loan will be processed and disbursed within a month.

By following these steps and understanding the eligibility criteria, aspiring entrepreneurs can leverage the Mudra Loan Scheme to build and grow their businesses, contributing to a self-reliant India.

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