In order to increase the business of skilled youth and small businessmen of the country, the Modi government launched the Prime Minister Money Scheme (PMMY). This scheme is more useful for those who are unable to meet the rules of the bank due to failure of the loan. Under the Prime Minister’s Money Scheme, every person can take a loan, whose name is a cottage industry or has documents of partnership.

Under the Prime Minister’s Mudra Yojana, the facility of loan has been provided in three phases to small traders and shopkeepers.

  • Child Loan Scheme: Under this scheme, loan up to Rs. 50,000 can be taken under Loan Scheme.
  • Kishore Loan Scheme: In this scheme, the loan amount ranges between Rs 50,001 and Rs 5 lakh.
  • Tarun Lone Scheme: Under this, loan up to Rs. 10 lakhs is given from Rs. 5,00,001 lakhs.
    Who can take loan under the Prime Minister’s Money Scheme

This scheme is only for small traders and businessmen. If you do business on a large scale, you are not eligible for a loan under this scheme. Loans can not be taken for the purchase of education or home under the Prime Minister’s Money Scheme. Non-incorporated small business component (NCSBS) located in rural and urban areas, which include millions of proprietorships / partnership firms, small manufacturing units, service sector units, shopkeepers, fruit / vegetable vendors, truck operators, food service units, Repair shops, machine operators, small scale industries, artisans, food processing units and businesses run them as part of the money scheme You can get a loan.

What is the eligibility of taking money loan?

Any citizen of India who has a non-agricultural sector income-generating activity, such as a business plan with manufacturing, processing, business or service sector, and which requires loans up to Rs 10 lakh, is the currency under the Prime Minister Money Scheme (PMMY) To get a loan, a bank, small financial institution or non-banking financial company can contact. Under the PMMY, borrowers may have to follow general terms and conditions of the loan agency. The rates of loan are fixed by the Reserve Bank of India as per the guidelines issued from time to time in this regard.

Where will you get loan under the Prime Minister’s Money Scheme?

PMMY will be available through public sector banks like PSU banks, regional rural banks and cooperative banks, private sector banks, foreign banks, small financial institutions and non-banking financial companies. Since April 8, 2015, all the loans up to Rs 10 lakh provided for income-earning activities in non-farm sector will be considered in the Prime Minister’s Money Scheme.

Accordingto the margin money SBI website, there is no need for any margin money for the currency loan up to Rs 50,000. For loans up to Rs 50,000 and up to Rs 10 lakh, there should be 10 percent margin money.

 

Source:- zeebiz