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  • Category: Government

    Government loan for educated unemployed.


    Want to open your own business? Want to know how to get a government loan? find advice from experts on this page and decide how to start your own business.

    I have just completed my post graduation degree in Mass Communication from Dibrugarh University. I want to open my own business, but I have not enough amount of money. So, I want government loan under pradhan mantri mudra yujona.
    So I want know that, how and where first I need to go, and what is the process?
    How much of maximum amount of money can I get under the loan and what is the interest rate?
  • #151377
    TThis response is marked as DELETED by the admin.

    Pradhan Mantri Mudra Yojana is a new scheme under Micro Units Development and Refinance Agency for developing and refinancing activities that are relating to micro units. This scheme was announced while presenting the budget for the 2016 financial year. The main purpose of this loan is to provide funds to non-corporate small business sectors.

    The micro-units are further classified based on their growth stage, development and funding requirements. The three categories are as follows:

    Shishu (child) Category:
    This category is for the start-ups that have just started out and are looking for a loan. Loan cover offered to this category of micro-units is Rs.50,000.

    Kishor Category:
    This is the category where the business has started but it is yet to be established. The loan cover offered to this category ranges from Rs.50,000 to Rs.5 lakh.

    Tarun Category:
    The business that has started and established themselves fall under this category. The loan might be to expand their business or to buy assets, etc. The loan cover offered to this category ranges from Rs.5 lakh to Rs.10 lakh.

    Eligibility criteria to avail Mudra Loan (Pradhan Mantri Mudra Yojana)
    The borrowers must be from the following Non-corporate Small Business Segment:
    Proprietorship
    Partnership firms
    Small manufacturing units
    Service sector units
    Shopkeepers
    Fruit or vegetable vendors
    Truck operators
    Foodservice units
    Repair shops
    Machine operators
    Small industries
    Food processors
    Other industries in rural and urban areas.
    To apply for Mudra Loan for all the categories, you will have to go through the following process:

    The borrower who wishes to take a loan under the Mudra scheme must visit the closest private or the commercial bank.
    The borrower will have to present the business idea with the loan application form along with the other documents required.
    The borrower will then have to fill up all the formalities as per the bank instructions.
    The loan will be sanctioned and made available after all of the above steps are completed. The folloeing documenys are required
    The Pradhan Mantri Mudra Yojana application form that is duly filled.
    2 passport sized photos of the borrower.
    Photo identity proof and address proof and income proof.
    Last 6 month's bank statement.

    Mudra Loan Interest rates 2018 (Updated)
    Mudra Loan Bank Interest rate Tenure
    HDFC 12.75% to 20% 1-5 years
    HDBFS 15.95% to 18.95% 1-3 years
    Tata Capital 13.49% to 19.50% 1-5 years
    Kotak Mahindra Bank 11.5% to 18% 1-5 years
    Capital First 13% to 20% 1-5 years
    Citibank 12.75% to 15.75% 1-5 years
    IndusInd Bank Ltd 12.99% to 18.25% 1-5 years
    Fullerton 19.50% to 37% 1-4 years
    Standard Chartered Bank 12.50% to 17% 1-5 years

    drrao
    always confident

  • #151383
    The Prandhan Manti MUDRA programmer is specifically for unemployed youth. However, the official articles for eligibility and requirements is vague. It says, zero percent collateral free but on the contrary its not. If you approach a bank, the staff will ask for following documents from the first place which is totally absurd to understand.

    1. Collateral or Guarantors.

    2. The name of your shop along with genuine license and documents.

    3. They will inspect your shop first and offer you a loan.

    4. Zero percent interest rate but in reality it's 11% per annum.

    I had have a bad experience with this loan and I already wrote an email to the nodal officer of the bank but he never reverted back.

    If you're planning to start a business, then don't go for loan. Start a business that your family can afford initially because seeking loans from the bank will end up in bankruptcy. Bank loans nowadays are designed to lure the innocent unemployed youth. They only look for profit not your business.

    Hackers never learns but always wins!

  • #151396
    You have a PG in mass communication and want to start your own buisness. You are looking for a loan. Since April 2015, the Pradhan Mantri Mudar Yojana scheme is offering loans upto 10 lakhs for small micro enterpersise.

    A. First see whether you meet the criteria for a Mudar loan
    1.Indian citizen
    2.A good business plan(exlcuding farming) in the processing, trading, sercice or manufactuing sector. This would include foos service, truck operators, small shopkeepers, vegetable or fruit vendors, cottage artisans, small food processing units.
    3. Mandatory documents needed for applying
    4. If you satifsy the first three, then you can apporach the banks and finance organisations who are partners in the PMMY programs
    5. Once you submit the application process, then your loan would be processed.
    6. The final step would be the sanctioning of the loan and also getting the MUDRA debit cum ATM card, for your buisness use.

    B.Documents to be familiar with
    The MUDRA loan form would be like this (file:///C:/Users/Dell/Desktop/SBI-SME-MUDRA_APPLICATION_FORMS.pdf).
    Your Proof of Identity documents (PAN,Aadhaar Card, DL,Passport)
    Your proof of residence (telephone,electricity bill, property tax)
    Your recent photograph (within last 6 months)
    An estimate or a quotation of the equipment you wish to use in your buisness.
    The supplier details (from whom you would purchase the equipment for your new venture)
    If you belong to a reservation cateogry, then the doucments for the same.

    C. Once you have the above, then you need to apporach the MUDRA loan provider. The Government of India has authorised many banks in public sector (SBI,BOI,PNB,BOB,CBI,Canara etc), private sector (HDFC,ICICI,Yes bank, Axis bank) and also the rural banks (Baroda and Allahabad UP Gramin Bank, various Gramin banks in the states).

    So, I would suggest, first make a robust buisness plan and the extent of money you need,then get the documents in order, then visit your local bank and seek assistance. You can also check from this list of nodal Mudra officers of India and contact them (file:///C:/Users/Dell/Desktop/Nodal-Officers-MUDRA.pdf).
    You can also check the website and get the toll free numbers for all the states (https://www.mudra.org.in/ContactUs).

    Please remember that there is NO collateral to be given and NO processing fee to be paid. It is easier if you have registered your own business and have a TIN number or license for the premises.

  • #151400
    Well, since the other Members have already given you enough information on your eligibility for the loan and the procedures and so on, I do not want to add anything in that respect.

    That said, I really wonder whether you have done your homework. Your Post Graduate Degree is fine, and you seem to be a fresher. Do you understand what you are trying to get into? Am afraid you have an inadequate understanding of anything even remotely connected to the real world of business, in mass communication.

    Please do understand that this real world is all about advertising, flex banners, journalism, event management, marketing of new concepts like thematic wedding, and even businesses that are totally new. You need to first become an expert in any of these fields. Since you have not indicated what kind of business you want to get in, I can guide you on the general terms. Please try to figure out what suits your natural talent, and your natural abilities.

    Even then, my suggestion and advise to you would be to immerse yourself in a job, in say, event management, for a minimum period of five years. Throughout India, the A to Z marketing jobs are so easy to find. For example, the weddings. Since the parents of even middle class families do not have any time or the inclination to do all the running around to get everything in order, the first thing that they do is to entrust everything to an agency. So, please do go over to Kolkatta or Mumbai or even Bangalore and join any agency providing these services. For example, there are photographers too, who are totally subcontracted. Those who provide the various things that go to making the marriage or the marriage reception a huge success, such as stage decoration, is also sub contracted. You can even act as a mediator between these suppliers and at least five agencies, who take up the total job.

    Please remember, the job itself if a 24X7 job, which is very highly competitive. Even a single mistake will simply blow up into a huge crisis. The operations at the ground level, are so difficult to understand. There is a huge amount of co-ordination, communication, and managerial skills of a very tall order. Contingency planning is a huge task. You always need Plan B or Plan C or even Plan D to make up. Given logistics nightmares in cities, the job itself is very challenging.

    Even if you immerse yourself for around three years, you can gather too much experience. The flex banners, in connection with the wedding, is a booming business too, in the small towns. Of course, the tricks are best learned only in a metro. The scope is so high,that it is becoming very difficult to find the right persons. If you are the right person, then, you can learn everything and then start your own business in five years time. Please do note, the advertising field is monopolized by the IIM MBAs and by professionals from institutes such as the Mudra Institute of Communications, at Ahmedabad. You require guts and a lot of skills to compete with these guys, who will know everything, as they are from superb institutions.

    Still, event management is the best, given the scope. You can get into advertising and work you way up. But that is a lot more trickier than even event management.

    There are other areas like marketing of tourism services, but even that requires field experience. Please remember, only field experience can help you set up your own business.

    All the very best.

  • #151414
    Earlier responses have given elaborate details on Mudra loan scheme.

    The first thing one ned to have is entrepreneurship for starting a business. That is you should have the concrete aim and will to start a business. You should first have a clear knowledge of what you are going to do. You should have done the necessary home work about that business and ensured that the business will be feasible and economically viable.
    You should have full idea of all the needed infrastructures, inputs, marketing and other factors.
    Once that is done, you have to make a project report systematically putting all the above points so that those whom you approach will also know about the proposed business and can get convinced that it will make profit for you.
    Then, you can approach your bank, or the nearest bank branch to the place of you residence place where you intent to start the business. You can ask for MUDRA loan.If the bank is convinced about your capability to start and run the business profitably, the bank may give you the most suitable loan based on your real financial needs and other factors.
    My suggestion to you is, don't be casual,do not fall under someone's prodding or temptation to get a loan without security. But decide after taking all pros and cons of a business venture and after complying the points given in above paras,and only with a definite plan.. Getting a loan is easy. But if the loan money is not properly utilised and business not run properly, then the result will be disastrous.

  • #151416
    TThis response is marked as DELETED by the admin.

    MUDRA stands for Micro Units Development & Refinance Agency Ltd. It is setup by Government of India to impart funding the non-corporate, non-farm sector income provoking action of small and micro enterprises of whose credit needs are below ?10 Lakh.

    Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has created three products i.e. 'Shishu', 'Kishore' and 'Tarun' as per the stage of growth and funding needs of the beneficiary micro unit. These schemes cover loan amounts as below:
    Shishu: covering loans up to ?50,000
    Kishore: covering loans above ?50,000 and up to ?5,00,000
    Tarun: covering loans above ?5,00,000 and up to ?10,00,000

    All Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas, are eligible for assistance under Mudra. Bank branches would facilitate loans under Mudra scheme as per customer needs. Loans under this scheme are accessory free loans.

    You need to submit required documents with application form of MUDRA. If you wants to take a loan of Rs 50000 then there is not need to provide balance sheet and income tax return. So documents required to apply for MUDRA is :

    1. Proof of Residence – Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), Voter's ID card, Aadhar Card & Passport of Proprietor/Partners.
    2. A person who applied for this scheme should not be defaulter in any Bank/Financial institution.
    3. Proof of Identity/Address of the Business Enterprise – Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity and address of business unit.
    4. Proof of identity – Self certified copy of Voter's ID card / Driving License / PAN Card / Aadhar Card/Passport.
    5. Photos (two copies) of Proprietor/ Partners.
    6. Statement of accounts (for the last six months), from the existing banker, if any.
    7. Download the application form the website.

    Hope it helps!

  • #151428
    You can apply for MUDRA loan. Full form of MUDRA is Micro Units Development & Refinance Agency Ltd. It is given by Government of India for funding the non-corporate sector for small and micro enterprises of whose income are below 10 Lakh.

  • #151575
    There are three types of loans offer under PMMY. They are Shishu, Kishor and Tarun. You will apply for the loan as per your requires and business size. The Shishu loan offers 50000 Rupees and is available for small business owners. The Shishu loan is for small business start up.

    Kishor loans offers 500000 Rupees to start a medium business or to expand your current business. This is the best option if you already have a set up and running business.

    Tarun category is for people who wants to expands their business in other locations or to improve the current business. In these category, applicants can get a loan up to 10Lakhs.

    The interest rates might be very high since it stars from 11% to 18% depending on different banks. The eligibity is simple. You'll need a proof of your business or license in case you already have business. You can go here http://www.mudraloanyojana.com/apply-pradhan-mantri-mudra-yojana-online/ and apply.. Please read the instruction before you rush to apply for that loans.

    Hackers never learns but always wins!


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