Shahdol beneficiaries thrive with easy loans through PM Modi's Mudra scheme

Shahdo , April 16 : The Pradhan Mantri Mudra Yojana (PMMY) is changing lives across Shahdol district of Madhya Pradesh by providing easy, collateral-free loans to people from economically weaker and middle-income groups. This initiative is helping individuals not only start their own businesses but also turn their dreams into reality.

Under this scheme, approximately Rs 25 crore worth of loans have been disbursed to nearly 600 beneficiaries in Shahdol alone. The scheme’s most notable feature is that banks do not require any collateral or property documents. With a simple online application through the Jan Samarth portal and submission of necessary documents, loans are sanctioned within seven days.

Pawan Gupta, a resident of Shahdol and the owner of a book depot, shared his experience as a beneficiary of the scheme:

“I received a loan of Rs 15 lakh under the Mudra Yojana to expand my existing business. I came to know about the scheme through social media, newspapers, and friends. The process was smooth, and I received all the necessary information at the bank. This is a fantastic initiative by the government, especially for the poor and middle class. I hope more people across the country take advantage of it. I thank Prime Minister Narendra Modi for launching such a beneficial scheme for all sections of society,” Gupta told IANS.

R.K. Mishra, Chief Manager of the Central Bank, Regional Office, Shahdol, told IANS: “So far, nearly 52 crore people have benefitted from the Pradhan Mantri Mudra Yojana, with loan sanctions reaching Rs 33 lakh crore across the country. The process is extremely simple, and the biggest advantage is that there is no requirement for collateral. Earlier, banks used to ask for security like mortgages, gold, fixed deposits, or LIC policies. Now, just filling an online form and submitting documents is enough to get the loan approved within a week.”

He further explained that the scheme offers loans under several categories: 'Shishu' - covering loans up to Rs 50,000; 'Kishor' - covering loans above 50,000 and up to 5 lakh; 'Tarun' - covering loans above 5 lakh and up to 10 lakh and 'Tarun Plus' - covering loans above 10 lakh and up to 20 lakh.

The goal is to support anyone looking to start small businesses in sectors such as MSMEs, barber shops, hotels, retail stores, etc.

The Pradhan Mantri Mudra Yojana continues to empower individuals by providing the financial support needed to achieve self-reliance and entrepreneurial success.

Reader Comments

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Rahul K.

This is truly life-changing for small entrepreneurs! My cousin in Shahdol got a loan last year to start a tea stall and now he's employing 2 people. More power to such schemes 👏

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Priya M.

While I appreciate the initiative, I hope there's proper follow-up on how these loans are being utilized. Some monitoring would ensure the money isn't misused and actually helps businesses grow.

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Anil S.

No collateral loans in just 7 days? That's amazing! Banks would never approve this normally. My brother-in-law is planning to apply after reading this article.

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Sunita R.

The categories (Shishu, Kishor etc.) make so much sense! Different amounts for different needs. I used the Shishu loan to buy sewing machines for my tailoring business. Forever grateful 🙏

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Vikram J.

Great to see success stories from smaller cities! Hope the banks maintain this efficiency as more people apply. The online process sounds promising but hope it works smoothly in rural areas too.

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