PM Modi Loan Scheme 2024: Any youth who wants to start their own employment but does not have sufficient amount available can take advantage of the government’s PM Modi Loan Scheme. This scheme has been started by the Central Government. Under this scheme, opportunities are provided to unemployed youth to connect them with employment. In such a situation, those who want to start their own business can Prime Minister Modi Loan Scheme You can take advantage of this and get a loan up to Rs 10 lakh under this scheme. After getting a lawn, you will be able to start your business easily.
No processing fee has to be paid on the loan
There is no processing fee of any kind on this loan being given by the government. You can apply for this loan by going to the nearest bank. Under the PM Loan Scheme, the interest on the loan has to be paid on the basis of the amount, in which 10% to 12% interest has to be paid by the applicants. This scheme is an effective scheme for the youth who want to start their own business.
Necessary eligibility to avail the benefits of the scheme
- To avail the benefit of PM Modi Loan Scheme, it is mandatory to be an Indian citizen when applying.
- The benefit of this scheme will be available to those people whose age is above 18 years.
- If the applicant has been declared a defaulter by any bank then he will not get benefits under the scheme.
- Whatever business a person wants to get a loan for, he should have complete knowledge about the business.
- The applicant should have documents like Aadhar Card, Voter Card, Ration Card, PAN Card, Caste Certificate, Business Related Certificate as documents.
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How to apply for PM Loan Scheme
- To apply for PM Loan Scheme, first of all you have to official website will go on.
- After this you will see 3 types of loan options – Shishu, Tarun and Kishor.
- Out of these, you have to click on the loan you want.
- After this you will see the link of the application form.
- You have to click on this link.
- After this you will have to download the application form in PDF form and take a printout of it.
- After this you will have to fill this application form carefully.
- After this, all the necessary documents will have to be attached with the form.
- After this, this form will have to be submitted by going to the nearest bank branch.
- After this your application will be examined.
- After verification of your application by the authorities, the loan amount will be sent to your bank account.
How many types of loans are available under the scheme?
Under PM Loan Scheme, 3 types of loans are provided by the government. These include Shishu, Kishor and Tarun loans. Under the PM Loan Scheme, the government provides a loan of up to ₹ 50,000 in Shishu Loan. Whereas under Kishore Loan, loan ranging from ₹ 50,000 to ₹ 5 lakh can be given and under Tarun Loan, loan ranging from ₹ 5 lakh to ₹ 10 lakh is offered.