The government has special plans for everyone in society. They want to help people in their businesses and give them support.
One such plan is called PM Mudra Yojana. It’s a plan from the Central Government to help small traders by giving them loans.
PM Mudra Yojana started in April 2015. Its goal is to offer loans up to Rs 10 lakh to small businesses that are not big companies or farms.
This helps small business owners with their finances and to grow their businesses.
There are three types of loans available under this scheme: Shishu, Kishor, and Tarun.
Shishu offers loans up to Rs 50,000, Kishor offers loans from Rs 50,000 to Rs 5 lakh,
and Tarun offers loans from Rs 5 lakh to Rs 10 lakh. These categories are made to suit different businesses and their needs.
To apply for this scheme, you need to visit a bank, fill out a form, and provide some documents.
If everything is okay, you can get the loan. The interest rates are low, so many people are benefiting from this scheme.
In the budget speech, the Finance Minister mentioned that so far, 43 crore loans have been approved under this scheme, totaling Rs 22.5 lakh crore.
It shows how helpful this scheme has been for small business owners.
