Some of the most significant Government loan schemes for small businesses in India are:
- MUDRA Loan under Pradhan Mantri Mudra Yojana – Shopkeepers, traders, artisans, fruit/ vegetable vendors, small industries are eligible to avail a MUDRA loan ranging from Rs. 50,000 to Rs. 10 lakhs.
- MSME Loan in 59 Minutes– Shopkeepers, traders, artisans, fruit/ vegetable vendors, small industries are eligible to avail a MUDRA loan ranging from Rs. 50,000 to Rs. 10 lakhs.
- Kisan Credit Card (KCC) Scheme provides instant and short-term credit to farmers to meet their crop production as well as post-harvest expenses.
Few of the other Important Schemes are:
- Pradhan Mantri Jan Dhan Yojana (PMJDY)- Under this scheme a person not having a savings account can open an account without any minimum balance.
- From Jan Dhan to Jan Suraksha – For creating a universal social security system for Indian Citizens in the Insurance and Pension sectors, the Hon’ble Prime Minister launched this scheme especially for the poor and the under-privileged citizens.
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)- is for the age group of 18 to 50 years having a bank account. This scheme is offered by the Life Insurance Corporation.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)- is for the age group of age group 18 to 70 years with a bank account. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company.
- Atal Pension Yojana (APY)- is for all saving bank or post office saving bank account holders in the age group of 18 to 40 years and the contribution is based on pension amount chosen.
- Pradhan Mantri Mudra Yojana- These schemes are for increasing the confidence of young, educated, or skilled workers. This scheme offers a loan of Rs. 50,000 given under sub-scheme ‘Shishu’ to 5.0 Lakhs under sub-scheme ‘Kishore’.
- Stand Up India Scheme- Under this Scheme bank loans between Rs.10 lakh and Rs.1 crore is given to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one-Woman borrower per bank branch for setting up greenfield enterprises.
- Pradhan Mantri Vaya Vandana Yojana- This Yojana is to protect elderly persons aged 60 years and above to provide social security during old age due to uncertain conditions.
