What is Prime Minister Currency Bank Plan and How to Use this plan

How to get benefit of Prime Minister Currency Bank Plan
how-to-get-benefit-of-prime-minister-currency-bank-plan-jobisearchMeaning of currency plan is Micro Units Development Refinance Agency. Commonly it is called Mudra Yojana. It is also known as Pradhan Mantri Mudra Yojana. Prime minister launched this scheme because they want to help poor people, common man or a needy people who want to start their own business or help in to become their business more powerful and capable.

When a common people want to take loan from bank then firstly they thought that he can pay their loan later or not, they pay loan installment or not. This is very common problem that common people cannot take loan from bank and never get this facility from bank because they cannot afford to pay loan installment. Firstly people have to give guarantee for taking loan that he can pay loan installment on time or they can give their property for mortgage to taking loan from bank.

In Prime Minister Currency Bank Plan common man did not want to give any guarantee to take loan. In this plan people get 10 lakh loans without any guarantee.

How Much Loan will be Get in Prime Minister Currency Bank Plan

In Prime Minister Currency Bank Plan common people get facility of three types of loan plans which name was Infant loan scheme, teenager loan and young loan scheme.

Under infant loan you will get 50 thousand rupees loan, in teenager loan you will get 50 thousand to 5 lakh rupees loan and in young loan you will get 5 lakh to 10 lakh rupees loan.

Features of Prime Minister Currency Bank Plan

  • In Currency Bank Plan small entrepreneurs or merchants takes loan 50 thousand to 10 lakh rupees in low interest rate.
  • SC / ST people or entrepreneurs take loan in this plan. They will get priority for taking loan.
  • The Central government will set up 20 thousand crore rupees in this plan as well as the credit guarantee of this scheme is 3 thousand crore.
  • Currency bank refinances micro finance institution for giving loan to small entrepreneurs in this plan.
  • For increasing the network of Currency Bank Plan they can use post offices also.

How to Take Loan under Prime Minister Currency Bank Plan

Step 1-

Firstly ready all your documents like- Identity Proof, Residence Proof, cast certificate, evidence of industry or business proof, bank account details, income certificate, two passport size color photographs, current and last year business sales reports.

Step 2-

People have to go their nearest bank and ensure that that bank is connected to Prime Minister Currency Bank Plan or not. If bank is connected to this plan than take appointment to officer of bank and show all your documents by placing it in a file.

If bank officer is satisfied with your document they he start your loan process like – he can send you approval letter and prepare your agreement according to banks rules.

If your loan get pass then bank give you disbursement amount of cheque. This cheque is deposit in your account because according to your needs you can take out money for your business.

Question Answer Related to Prime Minister Currency Bank Plan

Question 1- What documents should be required for taking loan from Prime Minister Currency Bank Plan?

Answer- People want to have their Identity Proof, Residence Proof, cast certificate, evidence of industry or business proof, bank account details, income certificate, two passport size color photographs, current and last year business sales reports.

Question 2- How many types of loan plan in Prime Minister Currency Bank Plan?

Answer- There are three types of loan in Prime Minister Currency Bank Plan, their names are Infant loan scheme, teenager loan scheme and young loan scheme.

Question 3- How much loan will be gets in Prime Minister Currency Bank Plan?

Answer- Under infant loan you will get 50 thousand rupees loan, in teenager loan you will get 50 thousand to 5 lakh rupees loan and in young loan you will get 5 lakh to 10 lakh rupees loan.

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