Want to start new business? Government will give 10 lakh loan, here are the steps | Jagran Business- Watch Video

The nation is moving towards an entrepreneurial mindset and even the government of India is backing this by offering many schemes to the citizens. If you are also the one who has a business idea but is unable to initiate it due to a financial crunch then PM Mudra Scheme got you covered. 

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by Shri Prime Minister on April 8, 2015 for providing loans upto 10 lakh to the non-corporate, non-farm small/micro enterprises. 

PM Mudra Scheme Benefits and Features

• This initiative, a subsidiary of SIDBI, gives banks and other microfinance organisations the option to refinance loans made to small enterprises with the goal of strengthening the nation's microsized industry.

• This scheme, also known as the Mahila Udyami Yojana, provides loans to women business entrepreneurs at discounts of up to 0.25%.

• As a result, banks are now able to refinance loans of up to INR 10 lakh given to organisations with valid MSME registration.

• Due to this, business owners who use MUDRA Cards are now able to use overdraft capabilities in addition to their regular banking services. This system of cash credit enables easy and rapid capital financing.