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20 lakh loan to start business, know what is this scheme?

20 lakh loan to start business

Now the government wants to bring one after another schemes for the people who want to start business-employment in which one loan is up to 20 lakhs so let’s know about it.

20 lakh loan to start business If you are planning to start your own business then there is good news for you. The Modi government will now give a loan of 20 lakh rupees without guarantee to start a business under Mudra Yojana. Before this, a loan of 10 lakh rupees was available under this. Union Road Transport and Highways Minister Nitin Gadkari has given this information.

In fact, a committee of experts of the Reserve Bank on Micro, Small and Medium Enterprises (MSME) made this recommendation. RBI constituted an eight-member committee for economic and financial stability of MSMEs.

Special point related to Mudra Loan:

This committee has given its report to the Reserve Bank. 20 lakh loan to start business While the report recommended a loan of Rs 20 lakh for MSMEs and self-help groups, the committee recommended increasing the Mudra loan limit by Rs 10 lakh to Rs 20 lakh.

What is Mudra Loan Scheme?

Launched in the year 2015, the objective of this scheme is to provide loans to small traders to small enterprises without any guarantee. Under this scheme any person can take loan to start his own business.

– The best thing about this scheme is that under it you get a loan without guarantee. Also, no processing charges are charged for the loan.

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– The loan beneficiary gets a Mudra card, with the help of which the merchant can make the payment of expenses incurred as per the need through this card.

These loans can be obtained by applying to commercial banks, regional rural banks, small finance banks, cooperative banks, microfinance institutions and non-banking financial companies.

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How much loan can one get?

So far 3 types of loans are available under Mudra Yojana. Under first child loan Rs. 50,000 is given. Loans ranging from 50,000 to 5 lakh rupees are given under the second Kishore loan. So under the latest youth loan, loans ranging from 5 lakh to 10 lakh rupees are given. But now this limit has been increased to 20 lakh rupees.

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