Do you need funds? Are you looking to start your own small business? If so, don’t worry—various government schemes and banking services are now available to assist you. Applying for personal and business loans using just your Aadhaar details has become incredibly simple.
You can now start your own small business by availing a loan of up to ₹6 lakh through the Prime Minister’s Employment Generation Programme (PMEGP Loan Scheme). Additionally, you will benefit from government subsidies under this scheme.
In this digital age, you can now apply for a loan from the comfort of your home by completing your KYC verification using just your Aadhaar number, mobile number, and bank details.
How much amount is available under the PMEGP loan?
Under the PMEGP scheme, distinct loan limits have been established for various business projects. Loans of up to ₹25 lakh are available for the manufacturing sector, whereas loans of up to ₹10 lakh are available for the service sector.
Some individuals avail business loans ranging from ₹1 lakh to ₹6 lakh to launch small business startups. Furthermore, under the PMEGP scheme, the government also provides a subsidy ranging from 15% to 35%.
Benefits of a Loan Using an Aadhaar Card
- The online application process is simple.
- Loan applications can be submitted with minimal documentation.
- Loan approval is fast.
- In many cases, collateral-free loans are available.
- Funds are transferred directly to your bank account immediately upon loan approval.
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How to Apply for a PMEGP Loan Using an Aadhaar Card?
If you wish to apply online for a PMEGP loan, please follow the steps given below:
- Open the official PMEGP website.
- Select the ‘Online Application Form’ option.
- Enter your Aadhaar card details and mobile number.
- Fill in your personal and business information.
- Upload the project reports and documents.
- Submit the application.
Documents Required For Loan
- Passport-sized photo
- Aadhaar Card
- PAN Card
- Business plan or business-related information
- Bank account details
PMEGP Loan Eligibility
If you wish to apply for an Mudra Loan, you must fulfill certain conditions:
- The applicant must be a resident of India.
- The applicant’s age must be over 18 years.
- The applicant must have passed at least the 8th grade.
- The application must be for starting a new business.
- Individual entrepreneurs, Self-Help Groups, and Cooperative Societies are eligible to apply.
- The applicant must not have availed the benefits of any other government subsidy scheme.
- The applicant must hold an active bank account
Hi, I’m Ronak, a news writer covering the latest updates in automobiles, education, smartphones, and trending topics. I focus on delivering simple, clear, and timely news to keep readers informed about what’s happening around the world.