These days, a viral message is going viral on social media. The Govt Giving ₹3 Lakh Mudra Loan, The widely circulated letter also states that the applicant must pay a legal insurance fee of 36,500 rupees in order to be eligible for this loan. However, PIB Fact Check has declared this letter to be wholly fraudulent and highlighted that Finance Minister Nirmala Sitharaman has not issued any such letter.

PIB Fact Check told the truth

This widely shared letter on social media was thoroughly examined by PIB Fact Check. It was discovered that this document is not authentic. The government has not created a system that would allow someone to obtain a three-lakh rupee MUDRA loan directly by paying just the legal insurance fee. Such communications are actually a component of the scam to defraud the general public of their money. The government and financial institutions have cautioned the public on multiple times not to believe any such phony email, letter, or message. Only banks and official government websites have the actual information.

What is Pradhan Mantri MUDRA Yojana

In April 2015, the Pradhan Mantri MUDRA Yojana was introduced by the Narendra Modi administration. This program’s goal is to offer low-interest loans to startups, small business owners, and the MSME sector. Under the plan, three categories have been established. The first category, known as Shishu, offers loans up to fifty thousand rupees. The second group is Kishore, where loans ranging from 51k to 5k rupees are provided. Previously, a loan of up to ten lakh rupees was provided for the third category, Tarun. The Finance Minister raised the Tarun category cap to twenty lakh rupees in the Budget 2024. Millions of small business owners will gain from this ruling.

How to get Mudra Loan

Any scheduled commercial bank, non-banking finance company, or microfinance institution may offer loans under the Pradhan Mantri MUDRA Yojana. Aadhar cards, PAN cards, and other business-related paperwork must be supplied for this. The key is that obtaining a ₹3 Lakh Mudra Loan does not need paying a processing fee or a legal charge up front. Because of this, the government has labeled the widely shared letter as fraudulent and recommended people to only use legitimate banking channels.

SME and MSME sector will get benefit

With the Govt Giving ₹3 Lakh Mudra Loan, millions of small companies in India are expanding. For the MSME sector, raising the credit cap in Budget 2024 is regarded as a significant step. This will assist small business owners in expanding their operations, acquiring new equipment, and raising operating capital. According to economists, the Mudra Yojana is significantly boosting investment and job creation in the nation’s economy. This is the rationale behind the government’s continuous emphasis on strengthening this program.

Facts worth noting

The government has made it clear that banks and NBFCs are the sole way to complete all Mudra Loan-related procedures. It is unquestionably a scam if an agent or individual requests payment in advance. People should stay away from such false claims and only use the official website to obtain information.

Disclaimer: This article has been prepared for informational purposes only. The information given in it is based on various news reports and government sources. Readers are advised to confirm with the official government website or the concerned bank before making any financial decision. Our website will not be responsible for any kind of fraud or forgery.

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