Outlook Money
The Centre provides all kinds of help to all types of industries - small, medium and big - under the Aatmanirbhar Bharat Mission. A loan up to Rs 10 lakh can be taken under the scheme by small businesses.
The aim of the scheme is to help small scale businesses.
Only small traders can get loans under Shishu Mudra Loan scheme. Big businesses will not get help under this scheme.
Under this scheme, one does not have to pay any processing fee to the bank nor does one need any guarantor.
To apply under the scheme, one needs to have an identity card, address document, two photographs, and quotation for the goods or machinery that one wishes to purchase to start a business.
There is no fixed interest rate for Shishu Mudra Loan scheme. Different banks charge different rates of interest on the Mudra Loan. The interest rate is also decided on the basis of the nature of the business and the risk associated with it.
One can get information about Shishu Mudra loan by visiting the nearest bank branch. Apart from this, one can get information by visiting the online portal udaymitra and apply online for the loan.
Compiled by Syed Muskan