The new financial budget of 2024-25 is focusing on the self employment and encouraging youths for entrepreneurship. There are many updates and changes in policies related to the investment and entrepreneurship in India including increasing the payment for mudra loan. PM mudra loan is very useful and famous loan among small and medium enterprises where they can get up to 10 lakh mudra loan from the bank.
Now Finance minister have announced to double the loan of mudra loan from Rs 10 lakhs to 20 lakh in her budget speech of 2024-25. So if you are also a businessman or want to get financial support from the government then you can check all the details of PM mudra loan 20 lakh loan in the article including Mudra Loan eligibility criteria, How to Apply for Mudra Loan Online, application procedure, new conditions to get Rs 20 lakh mudra loan etc.
PM Mudra loan Limit Increased to 20 lakh
Pm mudra loan was earlier famous to get business loan between 50000 rupees to 10 lakh, now upgraded till 20 lakh in the new financial budget of 2024. Any individual who is fulfilling all the eligibility criteria and have separation documents can apply for mudra loan in any participating Bank including Punjab National Bank, Canara Bank, State Bank of India etc.
mudra loan is very flexible loan scheme for businessman and small business units where they can get instant loan of 50000 to 20 lakh with minimum eligibility criteria and minimum documentation. Banks will also charge reduced EMI under the PM mudra loan.
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New announcement of 20,00,000 mudra loan
According to the speech of Finance minister of India Nirmala sitaraman, all the individuals who have already applied for Tarun mudra loan and have paid all the EMI of the loan can take 20 lakh mudra loan.
Tarun mudra loan is the highest category of mudra loan where individuals can apply for 10 lakh rupees loan amount. So anyone who have already applied and paid the loan amount to the bank under the deadline can again apply for maximum 20 lakh under the mudra loan.
Features of mudra loan
Mudra loan scheme is firstly divided into 3 categories including Shishu mudra loan, Kishore and Tarun mudra loan. Where individual can apply for 50000, 5 lakh and 10 lakh accordingly. Now Government have added the fourth category of mudra loan for 20 lakh which have already discussed above section.
Most of the banks are offering online mudra loan for Shishu and Kishor mudra loan where you can apply for loan ranged between 50000 to 5 lakh rupees. However if you are willing to get Rs 10 lakh mudra loan then have to visit the branch and contact to the manager accordingly. However it is Government sponsored loan program, so there are flexibilities in the terms and conditions such as female entrepreneurs, SC ST businessman and other specific categories will get relaxation for approving the loan application.
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Mudra Loan Eligibility criteria
- All Indian childrens are eligible to apply for mudra loan whose age is more than 18 years old. The maximum age for mudra loan will be divided by the bank accordingly.
- All the business under micro small and medium enterprises- MSME will able to get mudra loans. It will include service sectors, vegetable vendors, tractor operator, fruit vendor, taxi driver, farming allied business including husbandry etc.
- The business of the individual should be registered with the udyam portal of Government of India. You can easily register or business through your mobile phone without paying any fees
- You should have sufficient experience and skills related to your business which will be helpful for getting approval of your loan application
- Applicant should have submitted at least 1 year GST and other tax to showcase the stability of the business.
Important documents required for 20 lakh rs Mudra loan
Either if you are applying through offline or online mode you should carry the following documents while submitting mudra loan application form:
- Aadhar card of the candidate
- Passport size photograph.
- PAN card
- Business registration documents
- GST document
- Balance sheet of last year
- ITR submitting document
- If you belongs to reserve categories then then also include such documents
Mudra loan application procedure 2024
If you want to get mudra loan for maximum 20 lakh then can follow the following procedure to submit your mudra loan application form:
- First of all you have to visit to the nearest branch of your bank which is participating in mudra loan scheme and ask for mudra loan application form
- After that you have to provide all the details in this application form and attach photocopy of the documents
- Now you have to submit pm mudra loan application form and show your original documents for verification which will be returned at the same time by the bank.
- Now bank will evaluate your application and business information and after that approve all this approve the pm mudra loan application form.
However if you are interested to get a little amount between Rs 50000 to 5 lakh rupees under the mudra loan then can also apply through online mode by visiting to the official website of the bank.
