 |
| Advertisement |
NEW DELHI: The Modi government has started the PMMY scheme (PMMY) so that the skilled youth and small businessmen of the country can increase their business. This plan will be useful to those people who can not meet the rules of the bank, without getting a loan to start their business. Under the PMMY scheme, these people can take loans under the name of cottage industries or those with documentary documents.
Under the PMMY, the loan facility for small businesses and shopkeepers is given in three tabs.
Infant Loan Scheme: Under this scheme loans are given up to 50 thousand rupees.
Teenage Loan Scheme: The amount of loan in this scheme ranges from Rs.50 to 5 lakh rupees.
Taruna Loan Scheme: Loan up to Rs. 5 lakhs to 10 lakhs is given in this scheme.
Who can get loan under PMMY
This scheme is only for small merchants and businesses. If you do a large-scale business then you are not eligible for a loan under this plan. Loans are also not provided for purchase of education or a home under Prime Minister's Plan. Non-Corporate Small Business Owners (NCSBS) located in rural and urban areas, which include millions of proprietary / partnership fame. Loans can be made under the Money Encouragement Scheme for small business units, service units, shopkeepers, vegetable-fruit sellers, truck drivers, khadi service units, repair shops, machine operators, small scale industries, craftsmen, food processing units.
What should be the qualification for taking money loan?
Any citizen of India whose non-agricultural sector has a business plan with income-generating activities such as a manufacturing, processing, business or service sector sector, and who have less than 10 lakh loans, they can take a loan under PMMY. This person can contact any bank, small financial institution or non-banking financial companies to receive currency loans. Under the PMMY, loans may be required to comply with the general conditions of the lending agency. Loan rates are determined by the Reserve Bank of India (RBI) from time to time in accordance with these guidelines.