Infant Mudra Loan : Loan without a Guarantee of up to Rs 50000 for your Child
Under the Pradhan Mantra Mudra policy, banks can provide you a mudra loan of up to 50 thousand rupees if you are planning to establish or expand your business.
This money is obtained through the Infant Loan section. You do not have to pay any bank processing fees, and you do not need to provide a guarantee. If you require such a loan, you must first gather the following documentation…
Documents required for child loan
• You must keep a voter’s identity card, a DL, PAN, or Aadhaar card with a self-certified picture copy for Identity Card. A passport or photo ID card issued by a government authority is also used.
• You’ll need a recent phone bill/electric bill, a property tax bill receipt for more than 2 months, a voter card, Aadhaar card, passport, bank passbook, and the most current account statement to prove your address (certified by bank). Or a proof of residency.
• Two recent images (no more than six months old)
• Name of supplier, description of machinery, value of machinery or commodities you buy • Identity and address proof of a store or office, which may include a licence or registration certificate Alternatively, the store/office address with ownership written on such documents.
• Certificate of Caste: SC/ST/OBC/Minority
Let’s imagine the Pradhan Mantra Mudra scheme allows you to borrow up to Rs 10 lakh in three ways. This comprises Kishore loans, Tarun Mudra loans, and baby loans. A person who establishes a business or starts up with a Rs 50,000 infant seal loan can borrow up to Rs 50,000 under this scheme.
People who own their own business but have not yet established it can borrow between Rs 50,000 and Rs 5 lakh under the Kishore Mudra Loan Scheme. You may have to pay 14 to 17 percent interest, and the Tarun Mudra loan allows you to acquire a loan of Rs 10 lakh for business expansion. It must pay a 16 percent interest rate.
