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You can now easily start your own business from the comfort of your home by taking a loan under the Pradhan Mantri Mudra Yojana. Let's find out how to apply and what documents are required.

PM Mudra Loan Yojana: If you're looking to start a new business but have been holding yourself back due to a lack of funds, there's no need to do so now. The Government of India's PM Mudra Yojana will help you fulfill your dream. You don't need to take a loan from a relative or a moneylender. You just need to fill out the PM Mudra Yojana form. Once the form is accepted, the loan amount will be credited directly to your bank account. Let's find out how much money you'll receive under the PM Mudra Yojana and what are the necessary steps.

Who gets a Mudra Loan?

Mudra Loan was launched in 2015. The objective of this scheme is to provide loans to small businesses and startups on easy terms, so that more people can start their own businesses. Three types of loans are offered under this scheme: Shishu Loan, Kishor Loan, and Tarun Loan. Anyone 18 years of age or older who wants to start a small business can apply for this loan.

What documents are required, and how to apply?

To obtain a Mudra Loan, you need your Aadhaar card, PAN card, bank account details, and a passport-size photo. If you are running a business, you will also need to provide proof of that. Sometimes, the bank may also ask for your business plan. To apply for this scheme, first visit the website Udyamimitra.in and select the "Apply for Mudra Loan" option. A form will appear. Fill in your personal details and the loan amount. Then, upload the required documents and submit the form. If you prefer, you can also apply for it offline.

How to get a quick loan?

If you also need a quick loan under the Mudra scheme, be sure to complete your KYC, as you won't receive one without it. RBI regulations require any bank or financial institution to verify the identity of every customer. To avoid any problems with getting a loan, complete the KYC process in advance.