When we go to any bank or financial institution to take a loan, we are asked for any guarantee or security. But at present there are many such financial institutions which give no guarantee loan without any guarantee. In this article, we have talked about this topic in detail. which if you also want to know that What is a No Guarantee Loan, and how can I get it? So stay with us –
What is No Guarantee Loan?
Let us tell you that under the Pradhan Mantri Mudra Yojana of the Government of India, businessmen are given loans without any guarantee. In common parlance, people also call it no guarantee loan. If a person wants to start his business or wants to grow his business, then this scheme can be very helpful for him to get loan.
The guarantee loan scheme, which is being run by the Modi government at the center, across the country. Under the scheme, a loan of up to 10 lakh can be obtained without any guarantee. This scheme is working well for the last 7 years in the direction of giving self-employment, encouragement and self-reliance to the youth of the country.
If someone has a good business plan but if it is not able to grow due to financial constraints, then many banks and financial institutions offer loans under the non-guaranteed currency scheme. But for that, the applicant entrepreneur has to understand the details of many important documents and business model very well with the bank.
Read it – 5 lakh interest free loan, 50% subsidy will be available, scheme running in this state
Types of loans under PM Mudra Scheme –
Under the scheme, three types of loans are given according to the need of the applicants. There are three types of loans available in this –
- shishu loan If a business needs 50 thousand, then under this scheme a loan of up to 50 thousand is given.
- kishore loan Under this loan, a loan of 50 thousand to 5 lakh is given to the applicants. In this loan, a loan of up to 5 lakhs is given to the applicant without any guarantee.
- Tarun Loan If an applicant needs a loan from 5 lakh to 10 lakh, then he is given a business of 5 lakh to 10 lakh without any guarantee under this scheme.
Applicants eligible for No Guarantee Loan –
All these small traders can take loan under this loan scheme. As –
- proprietorship firm
- partnership firm
- small manufacturing factory
- Businessmen starting micro and medium scale business
- small service company
- hotel owner
- repair shop
- machine operator
- Small Industries Food Processing (Food Processing Group) Unit
- fruit seller
- truck/car driver
- Other industries in rural and urban areas, etc.
Read it – Loan Scheme on PM Aadhar Card, Apply
Required eligibility for Mudra No Guarantee Loan –
To apply, the applicant must have the following qualifications –
- The benefit of this scheme will be given only to those who want to advance their own business. Apart from this, more than 60 percent women will have a share in it, that is, if there are 100 loan applications in it, then 60 women will be given the benefit.
- The applicant must be at least 18 years of age to take advantage of the scheme.
- The benefit of this scheme will be given to the native of India only.
- The applicant taking the loan should not be a defaulter of the bank in any way.
Documents required for loan approval –
- applicant’s aadhar card Aadhar card of the applicant applying in the scheme is necessary with this application form.
- pan card – PAN card is also necessary to be attached with the form of this scheme. The PAN card should also be of the same application that the applicant wants to take the loan.
- Permanent address of application Apart from this, the applicant’s permanent address and related proofs also have to be attached by the applicant with his application form.
- business address If the applicant is given a business loan under this scheme, then it is necessary that the applicant should put the business address and documents related to it along with it.
- business plan : A perfect business plan also has to be attached by the applicant with the form of this plan. This is very important in this.
Read it – District Industries Center Loan Scheme 2022, avail benefits like this
How to apply for No Guarantee Loan?
You can apply online or offline by following these steps –
- The applicant has to first apply for this scheme. Website But have to come.
- Here you have to click on whatever option you want in Shishu, Kishor or Tarun loan
- Now no guarantee loan Download Application Form or fill online application
- Completely fill the application and submit it to the bank along with the required documents
- After which the bank will check your form and if there is no mistake in your form then your loan gets approved.
Who can take No Guarantee Loan?
This type of loan can be taken by any Indian citizen who wants to do his own business. In this, according to the need of the business, you can get a loan from 50 thousand to 10 lakh rupees.
Read it – Don’t know how to get Mudra loan, these 4 steps will give you loan up to 10 lakhs