Now money worries are over! Get loan worth lakhs without guarantee and at low interest, government has brought these 5 amazing schemes

Government loan schemes: Do you also want to start some small business of your own, or want to improve your farming, but lack of money is coming in the way? When you go to the bank, they ask for guarantee and your credit score is also not good?

If yes, then this news is for you only. You probably don’t know that 70% of the people in India are not able to take loan only because of this reason. To overcome this problem, the government is running some special loan schemes, which have been specially designed for small traders, farmers and women. These neither require much paper nor have any huge interest burden.

Come, let us know about these schemes in simple language.

1. Biggest support for small business: Pradhan Mantri Mudra Yojana

If you want to start any small business (shop, stall, service center), then this scheme is for you only.

• Shishu Loan: Loan up to ₹ 50,000 is available without any guarantee.
• Kishore Loan: To expand your business a little, you can get a loan ranging from ₹ 50,000 to ₹ 5 lakh.
• Tarun Loan: Loan ranging from ₹5 lakh to ₹10 lakh is available to further expand the business.

How to apply?: You can ask for Mudra loan by visiting any bank near you or get information on mudra.org.in website.

2. For women and SC/ST category: Stand-up India Scheme

This scheme especially gives courage to Scheduled Caste (SC), Scheduled Tribe (ST) and women entrepreneurs to start their new business.

• How much loan will you get?: Loans ranging from ₹ 10 lakh to ₹ 1 crore are available.
• This loan is available only for any new work or ‘greenfield’ project.
• In this, the government also gives substantial rebate in interest.

How to apply?: For this you can go to standupmitra.in portal or contact your bank.

3. Zero interest loan for women (in specific states)

Many state governments also provide interest-free loans to women for small tasks through ‘Self-Help Groups’ (SHG).

• This loan is for domestic industry or small business.
• This scheme is very successful in states like Tamil Nadu, Telangana and Andhra Pradesh.
• In this, the government gives subsidy, due to which your interest becomes almost zero.

How to apply?: For this you will have to join the women’s self-help group of your village or city.

4. Real power of farmers: Kisan Credit Card (KCC)

This scheme is no less than a boon for the farmers. Loan is available for every small and big expenditure related to farming.

• How much loan is available?: Loan up to ₹ 5 lakh is available at very low interest.
• The government gives subsidy on this, due to which you have to pay only 4% interest.
• You can buy seeds, fertilizers, machines or any farming related item with this money.
• If you repay the money on time, you get further discount in interest.

How to apply?: You can get KCC made from your nearest bank or co-operative bank.

For these schemes, mostly you have to show only Aadhar card, PAN card and a small plan of your business. There is no need to run around too much. Now don’t stop your dreams because of money!